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BIR Form 2316: What to Know and How to file it

BIR Form 2316: What to Know and How to file it

WHAT IS BIR FORM NO. 2316?

The Bureau of Internal Revenue (BIR) Form 2316, also known as the Certificate of Compensation Payment or Tax Withheld for Compensation Payment, is a certificate issued by the employer to its employees receiving any forms of remuneration such as salaries or wages during the calendar year.

The form is a comprehensive account of the total amount paid by the employer to all its employees including all the withheld taxes from January to December. BIR Form 2316 is usually issued by the employer to...


How to Renew Business Permits

How to Renew Business Permits

Cheers!! We've just started 2018 and with this New Year comes another chance to make things right. Since it is time for new beginnings, for a lot of people, the New Year implies the possibility of exploring new things, while for others, it is a great opportunity to renew old ties.

Speaking of renewals, the month of January is a busy period for renewal of various licenses which include business permits. The Local Government Units (LGUs) require this yearly so as for them to continue the operations of the respective business establishments through the power that...


Philippine Personal Income Tax Rates (2018)

Philippine Personal Income Tax Rates (2018)

The new Tax Reform for Acceleration and Inclusion (TRAIN) program, otherwise known as Republic Act No. 10963, has been signed into law by President Duterte on December 19, 2017.

The bill which envisions a simpler, efficient and fair tax system in the Philippines that lessens the burden for the poor and the middle class will begin on January 2018.

One of the significant changes in relation to the TRAIN Law is the 'Personal Income Tax Rates' for working Filipinos which can be summarized in the tables below.
 
Personal Income Tax Rates - 2018 to 2022

New Philhealth (PHIC) Contributions effective January 2018

New Philhealth (PHIC) Contributions effective January 2018

Philippines Health Insurance Corporation, otherwise known as Philhealth, through the memorandum circular 2017-0024, has just announced adjustments to the premium contributions of the employed sector in order to sustain the National Health Insurance Program (NHIP) which will take effect on January 2018.

These adjustments to the NHIP premium contributions is requisite so as to sustain the various enhancements to the program benefits introduced in recent years. This is also needed to further come up and sustain future benefits in order to effectively respond to the growing healthcare financing needs of all Philhealth's members.

As stipulated in such circular order,...


What’s in the approved Philippine Tax Reform (TRAIN)?

What’s in the approved Philippine Tax Reform (TRAIN)?

As we welcome 2018, we also welcome a new law that would govern the entire Filipinos. The new Tax Reform for Accelaration and Inclusion (TRAIN), also referred to as Republic Act No. 10963, was finally passed into law after President Duterte signed it last December 19, 2017.

Here is a summary of the TRAIN or RA 10963 based on our interpretations of the provisions of the law. Should the Bureau of Internal Investigation, under the Department of Finance, have different interpretations pertaining to the implementing regulations of the said law, such then will prevail.

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