Paying the right amount of tax is one of the serious issues concerning most income earners in the Philippines. Most taxpayers hesitate to pay the right amount of tax because many taxpayers want to as much as possible reduce the amount of tax they will have to pay to the BIR.
The following are your benefits when you pay the right taxes:
- Minimize BIR Audit – BIR usually send letter of notice to the business because of failure to file and pay tax return or the BIR is questioning the amount of tax paid.
- Easy Income Tax Return preparation – Taxpayers who do not file the correct amount encounters problem when they need to generate an ITR for purposes of VISA and Loan applications.
- Good Credit Rating – Paying the right amount of tax provides good credit rating to financial institutions. The higher the income and tax you declare, the higher the credit rating.
- Good Investor Value – Maintaining a truthful and accurate accounting and tax records will increase confidence of investors.
- Peace of Mind – If you pay the right amount of tax, you can eliminate stress and anxieties.
