GLIMPSE OF A CPA'S MIND

BIR EXTENDS THE DEADLINE DUE TO ECQ RESTRICTIONS TO PREVENT COVID-19 DELTA VARIANT FROM SPREADING The Philippines taxing authority extends the deadline of filing and payment of taxes and submission of reports falling within the period from August 06 to August 20, 2021 for taxpayers under ECQ and/or MECQ. Deadlines are extended fifteen (15) days from the date of lifting ECQ/MECQ.  The following regular tax returns are affected during this ECQ/MECQ period: a. Filing and payment of BIR form 1601C (WC) - due date August 10, 2021 b. Filing and payment of BIR form 0619E (EWT) - due date August 10, 2021 c. Filing and payment of  BIR form 1600 (VAT/ PT withheld)  - due date August 10, 2021 d. Filing and payment of  BIR form 0621 (Taxes Withheld on Withdrawn Amounts from Decedent's Deposit Account)  - due date August 10, 2021 e. Filing and payment of  BIR form 1606 (Onerous Transfer of Real Property other than Capital Asset)  - due date August 10, 2021 f. Fil...

  What you need to know about filing BIR Form 2551Q or Quarterly Percentage Tax (QPT)? What is BIR Form No. 2551Q. Who are required to file BIR Form No. 2551Q. How to compute for Quarterly Percentage Tax. When and where to file Quarterly Percentage Tax. How to pay Quarterly Percentage Tax. Penalties imposed for failure of filing or non-compliance. Taxation in the Philippines has undergone major transformations and new laws were implemented at the beginning of the fiscal year 2018. For those that use a n   online tax calculator in the Philippines , don’t be too alarmed. We’re sure companies will learn to adapt and change their algorithm appropriately. That said, even if you do use online tax calculators or don’t handle your own taxes, you still have to remain informed. The  TRAIN law  changed a lot of things regarding tax computations and filing. One change in particular and the one we’ll be discussing today is the revised BIR Form No. 2551Q or the quarterly...

Instruction: Determine the best answer per question given. This quizzer is intended to test your knowledge on Corporate Taxation under the Philippine Income Tax System. Estimated time: One (1) hour (1)     Hungry Shark corporation, in its third year of operations, had the following data: Gross Income, Philippines                                                            P             2,000,000.00 Gross Income, foreign                                ...