R2D Tax and Accounting Services

FYI 🥺

Yung kala mo nakasave ka pero di pala talaga. Take note: May Compromise Penalties pa yan. 😂

Need assistance on encoding BIR compliances such as:

*Summary Alphalist of Withholding Taxes (SAWT)
*Quarterly Alphalist of Payees (QAP)
*Summary List of Sales and Purchases (SLSP)
*1604E Alphalist Attachment
*1604C Alphalist Attachment

In just one excel file, you can now generate your DAT File in a minute and validate the generated file. Just message us to inquire or email us at [email protected]

In R2D, we make things easier for you!

Watch tayo para matuto din 😊

It's time to find the Philippines' Brightest Buwis Masters!

Join us via Facebook Live for the championship round of the Search for the Philippines' Brightest Buwis Masters, to be held on July 28, 2023 at 1:30 PM at the BIR National Training Center Auditorium.

See you there!

Attention to all BS Accountancy college students ‼️‼️ It's now your time to shine to be called as one of the Philippines' Brightest Buwis Masters to be recognized by our country. Please refer to the RMC provided below:

YOUR WORK MATTERS.

Everyday that you show up.
even when it's hard and when you don't feel like it,
you are making a difference.

so, even on the hard days -

even on the days where you'd like to hang
back and not show up -

your work matters.
your consistency matters.
your ideas matters.
your presence matters.

We're proud of you.

HAPPY LABOR DAY! 💛

This is a reminder that nothing good comes easy. Have patience 💛

Sunday is for !

A taxpayer is not qualified to avail of the substituted filing of income tax return if...

A. Receiving purely compensation income.
B. Working for only one employer in the Philippines and he has no other income for the calendar year.
C. The tax has been withheld correctly by the employer (tax due equals tax withheld)
D. The spouse is not qualified to avail of the substituted filing and they are filing jointly.

Comment your answer below 👇
📌Answer will be revealed tomorrow

The Bureau of Internal Revenue Philippines (BIR) recently issued Revenue Regulations No. 1 - 2023 providing the guidelines for the implementation of the ten (10) percent discount and VAT exemption under the Expanded Solo Parents Welfare Act.

Solo parents that are qualified are those with children aged six and below and are earning less than PhP250,000.00 annually. The discount and exemption would apply to the purchase of various goods in drug stores, pharmacies, grocery stores, and similar establishments.

These products include baby’s milk, food, and micronutrient supplements, sanitary diapers, medicines, vaccines, and other medical supplements. The solo parent is required to present his or her solo parent identification card and booklet to avail of the discount and VAT exemption.

WAR AGAINST GHOST RECEIPTS

See the latest update on the priority enforcement activity of the Bureau of Internal Revenue: https://bit.ly/WarOnGhostReceipts

The Run After Fake Transactions (RAFT) program is created by Commissioner Romeo D. Lumagui, Jr. It is the first of its kind in BIR history.

Its base of operations is the Office of the Commissioner as stated in Revenue Memorandum Circular No. 38-2023.

Sunday is for !

The following is a zero-rated sale of services:

A. Transport of passengers by Cebu Pacific from the Philippines to Singapore.
B. Transport of passengers by Cathay Pacific from the Philippines to Singapore.
C. Transport of cargo by Singapore Airlines from the Philippines to Singapore.
D. Transport of passengers by Singapore Airlines from Hongkong to Singapore.

Comment your answer below 👇
📌Answer will be revealed tomorrow

Stay updated every Friday for new learnings
and every Sunday for Quiz time 🧐

Monday affirmation: "I love what I am doing"

Sunday is for !

A minimum wage earner is not exempt from:

A. Basic statutory minimum wage.
B. Holiday pay and hazard pay.
C. Overtime and night shift differential pay.
D. Rest day pay

Comment your answer below 👇
📌Answer will be revealed tomorrow

Start your week with a right mindset 💛

Let's embrace whatever this week in store for us 💛

Say goodbye to monthly filing of VAT Returns for transactions starting January 1, 2023.

To simplify RMC-5-2023, calendar year basis entities which, its 4th quarter, ended December 31, 2022 are not required to file 2550M or Monthly VAT Returns starting January 1, 2023.

On the other hand, fiscal year entities which will end its quarter on January 31 and February 28, year 2023, shall still file its return as if they are not affected by this memorandum. The rule of no monthly VAT Return will only commence on the month following the end of said quarters.

For more tax updates and questions, feel free to message the page.

Reminder

BIR Tax Deadline

13 Friday
e-FILING of BIR Form 1601-C (Monthly Remittance Return of Income Taxes Withheld on Compensation) – eFPS Filers under Group C — Month of December 2022

BIR is waving again. 👋

Congratulations to newly Certified Public Accountants! Welcome to our profession.

RESULTS ARE OUT!
Congratulations to the new CPAs!
Full Results here: https://www.prcboard.com/cpale-results-october-2022-certified-public-accountant-board-exam-passers/

For your easy reference

Taxpayer Awareness Program

Update: Emphasis on Income Tax treatment for Equity-based Compensation given to employees.

As stated, once the share-based compensations are being realized or exercised (this is based on ability to pay theory) the corresponding withholding taxes must be withheld. The basis thereof will be the fair market value of the equity compensation being given to the employee or, if not being determined, the price of the service/s rendered will be the alternative basis of FMV at the date these Stock Options, Share Appreciation Rights (SARS), Restricted Share Awards and Restricted Stock Units were exercised or realized.

To encourage more foreign currency denominated transactions, HMO plans provided to the employees of a Registered Export Enterprise (REE) are now being subjected to Zero-rate Value-Added Tax (0% VAT). This is to help maintain employees' productivity by providing less costly Health Maintenance Organization (HMO) plans on them.

Take note: Zero-rating is only available for employees engaging directly to registered activity of an enterprise. Also, not applicable to their dependents as stated by RMC-137-2022.

Additional note: Zero-rating will benefit not only REEs but also HMO plan providers by refunding their Input VAT or claiming additional Input Taxes against other 12% VAT revenues.

R2D Tax and Accounting Services provides you our best and competent professional individuals to assist on your business problems.

As we put ourselves as owners, managers or even shareholders of our own business/es, we always have the fear of non-compliance, later on will be subjected to corresponding fines and penalties on those periods of omissions and thereafter. Moreover, hiring qualified accountants will reduce the risks of non-compliance but the only possible drawback we'll encounter since we aren't like those big companies are the cost.

For instance, the average salary of hiring one (1) accountant will cost you Php. 14,000-16,000 as a starting compensation. Whereas, looking for a best and competent accounting firm will only cost you Php. 5,000 (based on industry average). Applying the same scope of works, the latter one will save you lots of resources comparing to the former.

If you choose not to hire, a very stressful business environment will cost you. Monthly filing of returns, bookkeeping, renewal requirements, payment of necessary fees, etc. will give you a lot of headaches and sleepless nights.

We, R2D Tax and Accounting Services, will help you in the most efficient and effective manner.

Feel free to ask by contacting 09637807112 or our page. We are always ready to help you.

Reminder!

BIR Tax Deadline

16 Sunday
SUBMISSION of Consolidated Return of All Transactions based on the Reconciled Data of Stockbrokers – October 1-15, 2022

"Deadlines which fall on Weekends, Holidays and Non-Working days shall automatically be moved to the next working day."