Again it is that time of the year where individual taxpayers are busy preparing their tax returns and books.
Also the BIR’s(Bureau of Internal Revenue) shame campaign for those professionals not paying their taxes has gotten some mixed opinions in the society. Some say it is just right while others say that it is inappropriate. Well I guess somebody has to do such brave act and I salute the bravery of the commissioner Henares to push for transparency and compliance to the tax regulations. We Pinoys should be aware of our tax obligations because it is our duty as citizens of a nation.We call that power of taxation. Who else will finance our nation but us its citizen. I know our officials has not been doing good for decades already but who is to blame for that than ourselves who elected such government officials who abuse their power.
But lets put politics aside and focus on doing the right thing.
The BIR has this another campaign that has been airing in television for some time now. Their “It’s easy as RFP: Register, File, & Pay” campaign aims to educate mostly professionals and online sellers who has not yet registered and has not paid their correct taxes. You can check out the simple site that is very easy to use at http://knowyourtaxes.ph
This campaign answers most of the questions you guys sent me.I remember that as for online sellers and contractors(those whose source of income is via Odesk or other online jobsites) your place of business is where you do your business. So if it is in your house in Quezon City then register in the RDO responsible for your area. Also for those who are still working and do part-time online you still need to register using the same TIN(Taxpayer Identification Number) as both employee and practicing professional/business owner in the case of online sellers.
Again a reminder: don’t wait to prepare your books and other documents when it is time to file your quarterly or annual returns. Doing it earlier and in a systematic way will take out the stress and the rush when deadline comes. Hire a bookkeeper or consult Certified Public Accountant to set up your bookkeeping requirements for your taxation. It may be an additional cost but it is costlier to end up paying fees to BIR for erroneous and late filing. Also having your books of accounts will enable you to analyze where your business is giving you a picture of your financial health.
So again remember the deadline is April 15, Tuesday to file your taxes. If all is alright you can pay it as well if you have still tax payable.
Be a good citizen and remember it is as easy as RFP: Register, File, and Pay.