Uncovering the hidden costs of non-compliance for micro and small taxpayers
The Philippine Star|October 22, 2024
These days, many individuals aspire to launch their own businesses with some choosing to start on a smaller scale. Establishing a small business can be both rewarding and challenging. Entrepreneurs need to focus on building their business while also managing the complexities of tax regulations. Small businesses encounter distinct tax compliance challenges, which vary significantly from those faced by larger corporations in terms of structure, responsibilities and penalties.
SAMANTHA JOY ALMOGELA
Uncovering the hidden costs of non-compliance for micro and small taxpayers

In relation to this, the Bureau of Internal Revenue released a new classification of taxpayers, pursuant to the provisions of Section 244 and 245 of the Tax Code, as amended by Republic Act 11976, otherwise known as the "Ease of Paying Taxes (EOPT) Act." The provisions are implemented by Revenue Regulations 8-2024, which classifies micro, small, medium and large taxpayers based on gross sales:

1. Micro taxpayer – a taxpayer whose gross sales for a taxable year are less than P3 million.

2. Small taxpayer - a taxpayer whose gross sales for a taxable year range from P3 million to less than P20 million.

3. Medium taxpayer - a taxpayer whose gross sales for a taxable year range from P20 million to less than P1 billion.

4. Large taxpayer - a taxpayer whose gross sales for a taxable year are P1 billion and above.

Gross sales shall only cover business income from trade or profession, net of VAT and other deductions applicable during the taxable year, excluding compensation income earned under the employer-employee relationship, passive income under Sections 24, 25, 27 and 28 of the Tax Code and exclusions from gross income under Section 32(B) of the Tax Code.

この記事は The Philippine Star の October 22, 2024 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

この記事は The Philippine Star の October 22, 2024 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

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