TAX FILING MADE EASY
by JOP
The Philippine Statistics Authority (PSA) identified the self-employed (Professionals and/ or Sole Proprietors) sector as the 2nd largest class of workers in the Philippines (26.6% as of October 2018). There are 2 types of taxpayers in the Philippines: Corporate and Self-Employed. Sole Proprietors also considered as self-employed, refers to the individual business owner providing goods and services to another business or persons. Professionals are considered sole proprietors when they set-up own business or practice.
The Self-employed are required to register with BIR for tax filing just like everyone else. But this process is a bit more tedious since it requires some extra documents aside from the usual requirements. Under the TRAIN Law or RA No. 10963, self-employed and professionals with the annual gross sales or income receipts not exceeding the VAT threshold of P3 Million have the option to choose between these two tax rates:
Eight percent (8%) of gross sales or receipts in excess of Php 250,000 instead of the graduated income tax rates and percentage tax.
Graduated income tax rates of 0% to 35% on net taxable income, plus 3% percentage tax
The following income payments to Self-employed individuals or Professionals shall be subject to 8% tax:
Professionals fees, talent fees, commissions, or any other service rendered
Income distribution to beneficiaries of estates and trusts
Income payment to certain broker or agents
Income payments to partners of general professional partnership
Professional fees paid to medical practitioners
Commission of independent and/or exclusive sales representative, and marketing agents of companies.
With this in mind, the next step would be to file your Income Tax Return (ITR) but you need to make sure that all necessary documents and bookkeeping has been consistently complied before you to do the filing.
The good news has finally arrived. There is now a fast, easy, convenient, and simple way of doing tax filing and payment for Sole Proprietors and Professionals. Introducing Professionals.ph- a product proudly made by Filipino IT and Accounting professionals. Professionals.ph is an online platform designed to cater all professionals who availed the 8% income tax rate.
Now tax filing and payment is made faster, easier, convenient, and simpler by using Professionals.ph. It has extraordinary features such as Bill and Collect in which you can easily process billing and collection, send bills via email, and manage account receivables. It is also very efficient and convenient since you can file and pay income tax the easiest way, you can also access it anytime and anywhere, it also has the highest security available in the market, so all of your data is safe and secured. It is also user friendly, especially for professionals who is not into accounting practice. What’s good about Professionals.ph is that it is also TRAIN Las updated so tax filing is also in compliance with the current trends. And the most important feature of this software is that it would increase your efficiency while spending less.
For a more detailed features and benefits you may visit their site at http://professionalsph.com/
Contact us at:
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linkedin: https://www.linkedin.com/company/professionalsph
