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Year-end Tax Reminders

ATTY. RHENEIR P. MORA, CPA


Managing Partner
R. P. Mora & Co., CPAs

Topic Outline
Registration
Invoicing Requirements
Bookkeeping
Requirements

REGISTRATION
REQUIREMENT
S

On Registration
Register your business
On or before the commencement of
business
Before payment of any tax due
Upon filing of a return, statement or
declaration as required by the NIRC.

On Registration
Register your employee/s
within 10 days from date of

employment

On Registration
Secure Taxpayer
Identification Number
Multiple TIN is punishable by
law.

Registration Procedures
PRIMARY
REGISTRATION
STAGE 1

Application &
Issuance of TIN

SECONDARY
REGISTRATION

STAGE 2
Registration of
Business/Practice of
Profession/Employment

Registration of books,
Issuance of ATP, CAS
and Loose-leaf

On Invoicing Requirements

Apply for Authority to Print (ATP)


After printing, register ORs/Invoices thru
Printers Certificate of Delivery (PCD)

Invoicing Requirements
Issue sequentially an OR for fees
received or Sales Invoice for sale of
goods.
Each SI shall show the name, address
of client, date of transaction, qty,
selling price per unit, description of
merchandise sold and total amount.

Invoicing Requirements
The OR/SI shall be accomplished in
duplicate, the duplicate retained &
preserved in place of business for 10
years from close of taxable year.

Proper Invoicing and Receipting


of Output Tax
Revenue Regulations 18-2011
Reiterates Sec. 237 of the Tax Code that
VAT-registered
taxpayers
should
separately bill the VAT.
The amount shall be shown as a
separate item in the invoice or receipt

All persons subject to internal


revenue tax shall:
For each sale of P25 or more;
Issue duly registered receipts or
sales or commercial invoices;
Prepared at least in duplicate.

Disposition of the receipts/invoices


Original -> purchaser
Duplicate -> retained by issuer
Copies of receipts/invoices should be
preserved in the place of business for a
period of 10 years, if engaged in business.

Centralized issuance of ATPs


At the RDO of the HO
Separate application and permit
for each establishment to be
filed at RDO of the HO
Signed by official of the HO
Register the receipts with RDO of
the user (HO or branch).

Principal Receipt/Invoice
(RR 18-2012)
A written account evidencing
the sale of goods and/or
services issued to customers in
an ordinary course of business

18

Sales Invoice
Sales Invoice
A written account evidencing the
sale of goods and/or properties
Includes Cash Sales Invoices &
Charge Sales Invoices

Sales Invoice
VAT SALES INVOICE
o Basis of the output tax liability of the
seller and the input tax claim of the
buyer
Non-VAT Sales Invoices
o Basis of the Percentage Tax liability of
the seller
20

Official Receipt
A proof of sale of service and/or leasing of
properties

oVAT Official Receipt


Basis of the output tax liability of the seller
and the input tax claim of the buyer

oNon-VAT Official Receipt


Basis of the Percentage Tax liability of
the seller
21

Supplementary
Receipts/Invoices
Also known as Commercial
Invoices
Documents evidencing delivery,
agreement to sell or transfer of
goods and services

22

Supplementary
Receipts/Invoices

Delivery Receipts
Order Slips
Debit and/or Credit Memo
Purchase Order
Job Order
Provisional/Temporary Receipt
Acknowledgement Receipt

23

Supplementary
Receipts/Invoices
Collection Receipt
Cash Receipt
Bill of Lading
Billing Statement
Statement of Account
24

Supplementary
Receipts/Invoices
Includes any other documents, by
whatever name it is known or
called
whether prepared manually or
pre-printed/pre-numbered looseleaf or computerized, issued to
customers
25

Supplementary
Receipts/Invoices
Not valid to support the
claim of Input Taxes by
buyers of goods and/or
services
26

Salient Features
One application shall be filed for ATP per
establishment (HO or branch)
Filed with RDO/LT Office where the HO is
registered
Each application shall be issued a
separate ATP
Independent series of serial number for all
receipts/invoices (principal &
supplementary)
27

Salient Features
The approved ATP shall be valid
only upon
o full usage of the inclusive serial
numbers or
o five (5) years from issuance of the
ATP, whichever comes first.
28

Salient Features
ONLY BIR ACCREDITED
PRINTERS shall have the
exclusive authority to print
principal and supplementary
receipts/invoices.
29

Transitory Provision
Expiring ATP for invoices/receipts
(principal and supplementary) shall
apply for a new ATP not later than 60
days prior to actual expiry date

30

Invoicing Requirements
Issuance of receipts/invoices after
its validity constitute a violation of
Sec. 264 of the NIRC of 1997
It is considered as if no
receipt/invoice was issued

Invoicing Requirements
No deduction from gross income shall be
allowed using these invoices/receipts as
they are not valid proof of substantiation
In case of VAT-registered persons, no
input tax may be claimed using these
receipts/invoices

On issuance of tax
clearance (RMC 522013)
To fully
implement the requirements
under RR 18-2012, a certified true copy
of the ATP shall be included as
attachment
No ATP shall be a ground for nonissuance of tax clearance for whatever
purposes

BOOKKEEPING
REQUIREMENT
S

ON BOOKKEEPING
REQUIREMENTS

Apply for registration of books of accounts, basically


a Journal, Ledger, and applicable subsidiary books
The BIR records your latest volume in our
registration database.

All of the above to be done within 30 days from date of


registration

ON BOOKKEEPING REQUIREMENTS
Preserved within the prescriptive period
of 10 yrs (RR 17-2013).
Gross receipts exceeding P150k in any
given quarter must be audited by a CPA
If using Computerized Accounting
System
Must be approved by the BIR before
its use

ON BOOKKEEPING REQUIREMENTS
Transactions for the day must be
entered in books on or before 12nn the
following day. Balances transferred to
the Ledger on day following the end of
month
Its not required to register new set of
books every year; only before the pages
of current book is almost used up.

Display Ask For Receipt


Poster which shall be
issued upon release of
COR

Display
Certificate of
Registration
(COR) at the
establishment
(BIR Form 2303)

At the place of business in an area


conspicuous to the public at all
times.
Penalty: P1,000 and/or
imprisonment
of not more than 6 months.

REGISTRATION
FEES

On Registration
Pay Annual Registration Fee of P500.00

upon registration and every year


thereafter on or before Jan. 31
for every separate or distinct
establishment or place of business,
including facility types where sales
transactions occur

INCOME TAX

Individual (5% - 32%)


Corporation
Normal Income Tax 30%
Minimum Corporate

Income Tax 2%
Improperly Accumulated

Earnings Tax 10%

Income Tax Due Dates


Income Tax Period

Due Date
Individual

1st Quarter

April 15

2nd Quarter

Aug. 15

3rd Quarter

Nov. 15

Annual Return

April 15

Due Date
Corporation
60 days after the end of the quarter

15th day of the 4th month after the


end of the accounting period

Minimum Corporate Income Tax of 2% of


Gross Income

Same as Annual ITR (imposed


beginning on the 4th taxable year
after the start of business operation.

Improperly Accumulated Earnings Tax

15th day after the end of the year


following the close of the taxable
year

Tax Strategy for SMEs

Computation of Tax Due

Taxable Revenue
Less: Deductible Expenses
Taxable Income
Multiplied by the Tax Rate
Income tax due

P XXX
XXX
PXXX
30%
PXXX

Computation of
Accounting Net Income

Sales
Less: Cost of Sales
Gross profit
Less: Operating expenses
Income before tax

P XXX
XXX
PXXX
XXX
PXXX

Optional Standard
Deduction

40% of Gross Revenue


40% of Gross Income

Requirement for the


deductibility of Expense

Ordinary and necessary


Reasonable
Supported by OR or other documents
Appropriate taxes are withheld

Expenses
Interest expense
Depreciation expense
Salaries and allowances
Employee benefits
Representation expenses
Donations
Organizational costs
Rent expense

Depreciation
Requisites for deductibility
Must be reasonable
Used in trade or business

Interest expense
Interest incurred to acquire property
used in trade or business may be
allowed as a deduction or treated as
a capital expenditure.
A portion of interest expense is
considered non-deductible if an
entity has interest income subject to
final tax

Salaries expense
A reasonable allowance for salaries,
wages and other forms of
compensation for services actually
rendered by employees can be
claimed as deduction.
Minimum wage earners shall be
exempt from the payment of income
tax.

Retirement benefits
The amount of deductible expense
depends on whether the plan is
registered with the BIR or not.
Registered- Actual contribution normal
cost while contribution for past service
cost is amortized over 10 years
Not registered- Actual retirement
benefits paid

Limit on Representation
Expense

1% of Net Revenue for sale of


services
of 1% of Net Sales for sale of
goods

Organizational costs and


R&D Costs

Organizational costs are amortized


over 60 months and are not
deductible in full in the year incurred.
Research and development costs can
be recognized as expense
immediately or amortized over a
period of not less than 60 months

Rent expense
Lessee may deduct only the amount of
rent actually due, under the lease
agreement, during the year.
Costs related to the leased property that
are the responsibility of the lessor but
paid by the lessee are deemed
additional lease expense.

Charitable contribution
Donations to government, certain
foreign organizations and accredited
NGOs are deductible in full.
For Corporation- 5% of the taxable
income before contribution
For Individual- 10% of the taxable
income before contribution

Revenue of real estate


developer

Revenue is classified either


Installment sale; or
Cash sale

Minimum Corporate
Income Tax

A Minimum Corporate Income Tax


equal to 2% of the Gross Income is
imposed to corporation beginning on
the fourth taxable year.
Any excess MCIT over the regular
income tax shall be carried forward
to the next three taxable year.

Improperly accumulated
earnings tax

A tax equal to 10% of the improperly


accumulated taxable income of the
corporations.

Modes to fill up BIR Forms, Filing and


Payment of Returns
Electronic Filing &
Payment System
Electronic BIR
Forms System
For BIR Use
Only

BCS/
Item

170006/13ENCSP1

Republika ng Pilipinas
Kagawaran ng Pananalapi
Kawanihan ng Rentas
Internas

1 For the
Year

Annual Income Tax Return

BIR Form No.

1700

For Individuals Earning Purely Compensation Income

(Including Non-Business/Non-Profession Income)


Enter all required information in CAPITAL LETTERS using BLACK Ink. Mark applicable June 2013 (ENCS)
Page 1
boxes with an X. Two copies MUST be filed with the BIR and one held by the Tax Filer.
3 Joint
4 Source of
Compensation
Other
Yes
No
Yes
No
Income
Income II 011
Income II 041
Filing?

2 Amended
Return?
Part I Background Information on Tax Filer and Spouse

20

5 Taxpayer Identification

Number (TIN)

- 00 0 0

6 RDO
Code

7 PSOC
Code

8 Tax Filers Name (Last Name, First Name and Middle Initial. Enter only 1 letter per box using CAPITAL LETTERS)
9 Address (Indicate complete registered address; If addres s has changed, mark here

10 Date of Birth (MM/DD/YYYY)

and enter new address in Table 1)

11 Email Address

12 Contact Number

13 Civil Status
Single

Yes

14 Claiming Additional Exemptions?

No

Married

Legally Separated

Widow/er

15 If YES, enter number of Qualified Dependent Children


(Enter information about Children on Table 2)

16 Spouses Name (Last Name, First Name and Middle Initial)

17 Spouses TIN

19 Date of Birth (MM/DD/YYYY)

20 Email Address

- 00 0 0

18 Contact
Number

21 Claiming Additional Exemptions?

Yes

No

22 If YES, enter number of Qualified Dependent Children


(Enter information about Children on Table 2)

Part II Total Tax Payable

23 Tax Filers Tax Due (From Part IV Item 14 Column A)


24 Spouses Tax Due (From Part IV Item 14 Column B)
25 Total Income Tax Due (Sum of Items 23 & 24)
26 Less: Tax Filers Tax Credits/Payments (From Part IV Item 19 Column A)
27

Spouses Tax Credits/Payments (From Part IV Item19 Column B)

28 Net Tax Payable (Overpayment) (Item 25 less Items 26 & 27)


29 Less: Portion of Tax Payable Allowed for 2nd Installment to be paid on or before J uly 15 (From Part IV Item 22)
30 Add: Total Penalties (From Part IV Item 27)
31 TOTAL AMOUNT PAYABLE Upon Filing (Overpayment) (Item 28 Less Item 29 Add Item 30)

(Do NOT enter Centavos)

Manual
(Manual filling up of forms
and paying to Authorized
Agent Banks)

https://effps.bir.gov.ph
1.
2.
3.
4.

Large Taxpayers under the LTS


Top 20,000 Corporate taxpayers
Top 5,000 Individual Taxpayers
Corp with Paid Up Capital of P10M &
above
5. Corporations with complete
computerized system
6. Government Bidders
7. PEZA, BOI, Ecozones
8. Stock Brokers
9. Insurance Companies
10. Natl Govt Agencies (NGAs)
11. Procuring Govt Agencies with respect to
Withholding of VAT/Percentage Tax
12. All Licensed Local Contractors
13. TAMP Taxpayers (Per RR 10-2014)
14. Accredited Importers (RR 10-2014)

https://ebirforms.bir.gov.ph
1. Accredited Tax Agents/Practitioners and
All its client-Taxpayers (RR 6-2014)
2. Accredited Printers of Principal and
Supplementary ORs/Invoicds (RR 6-2014)
3. One-Time (ONETTE) TPs (RR 6-2014)
4. Those filingNo Payment Returns
5. Govt Owned/Controlled Corp(GOCCs)-
6. LGUs except Barangays (RR 6-2014)
7. Cooperates registered with the National
Electrification Administration (NEA) and
Local Water Utilities Administration
(LWUA)

THANK YOU!!!
R. P. MORA & CO., CPAs
Telefax No:
Email address:
Website:

Address:

(032) 520-5814
(032) 412-4613
rheneir@rpmora.com
www.rpmora.com
No.95 Gorordo Ave., Cebu City

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