Business Taxation Made Easy
About the Training/Workshop
Overview
Business taxation is extremely important but the lack of training on this subject has made most people avoid giving it the proper attention. Most leave the matter to the accountants but ultimately the person in charge will be liable regardless of his/her ignorance.
The seminar-workshop presents the procedures and computations in a simplified manner so as to enable the participant to have a good basic knowledge of business taxation after completing the seminar.
Objectives
- To learn what business taxation is.
- To understand the fundamental laws relevant to business taxation.
- To be familiar with the registration procedures and guidelines and reportorial requirements by the taxpayer and his trade, business and profession.
- To be familiar with the types of taxes, BIR forms used in filing the return, deadlines of filing and payments and the computation of amount that should be reflected in the returns.
- To be aware of the possible remedies in case of tax assessment.
Who Should Participate
- Professionals
- Businessmen
- Bookkeepers
- Accounting staff
Key Topics
I. Fundamentals of taxation (What is business taxation?)
a. Taxation and taxes definitions
b. Types of Internal Revenue Taxes and persons liable to pay
c. Types of Taxpayer
II. Certificate of Registration (COR)
III. Taxpayers registration guidelines and procedures
IV. Update, transfer and cancellation of registration
V. Annual registration fee
VI. Registration of invoices and receipts
VII. Registration and keeping of books of accounts, manual and computerized
VIII. Tax returns, forms, deadlines of filing and payments and procedures for filling-up
IX. Business Taxes
1. Value Added Tax (VAT)
a. Persons and transactions subject to VAT
b. VAT rates and computation
c. Exempt transactions
d. Zero rated transactions
e. Withholding on VAT
2. Other Percentage Tax
a. Tax on persons exempt from VAT
X. Withholding Tax System
a. Expanded Withholding Tax
b. Withholding tax on wages
c. Final Withholding Tax
XI. Income taxation
a. Corporate Income Tax
b. Individual Income Tax
XII. Basic taxpayers’ remedies in case of tax assessments.
XIII. Question and Answer
XIV. Workshop – please bring a calculator
BIR forms to be used in the seminar
1. BIR Form 1901 – Application for Registration for Self-Employed and Mixed Income Individuals, Estates/Trusts
2. BIR Form 1902 – Application for Registration for Individuals Earning Purely Compensation Income, and Non-Resident Citizens/OCWs/Seamen Earning Purely Foreign-Sourced Income
3. BIR Form 1903 – Application for Registration for Corporations/ Partnerships (Taxable/Non-Taxable)
4. BIR Form 1904 – Application for Registration for One-Time Taxpayer and Persons Registering under E.O. 98
5. BIR Form 1905 – Application for Registration Information Update for Updating / Cancellation of Registration / Cancellation of TIN / New Copy of TIN card / New copy of Certificate of Registration
6. BIR Form 1906 – Application for Authority to Print Receipts and Invoices
7. BIR Form 1907 – Application for Permit to Use Cash Register machines/Point-of-Sale Machine
8. BIR Form 1601C – Monthly Remittance Return of Income Taxes Withheld on Compensation
9. BIR Form 1601E – Monthly Remittance Return of Creditable Income Taxes Withheld (Expanded)
10. BIR Form 1604CF – Annual Information Return of Income Tax Withheld on Compensation and Final Withholding Taxes
11. BIR Form 2316 – Certificate of Compensation Payment / Tax Withheld For Compensation Payment With or Without Tax Withheld
12. BIR Form 2550M – Monthly Value-Added Tax Declaration
13. BIR Form 2550Q – Quarterly Value-Added Tax Return
14. BIR Form 2551M – Monthly Percentage Tax Return (Except Transactions Involving Shares of Stock Listed and Traded Through the Local Stock Exchange, and Percentage Tax Payable Under Special Laws)
15. BIR Form 1701 – Annual Income Tax Return for Self-Employed Individuals, Estates and Trusts (Including those with both Business and Compensation Income)
16. BIR Form 1702 – Annual Income Tax Return for Corporation, Partnership and Other Non-Individual Taxpayer
17. BIR Form 1701Q – Quarterly Income Tax Return for Self-employed Individuals, Estates, and Trusts (Including those with both Business and Compensation Income)
18. BIR Form 1702Q – Quarterly Income Tax Return for Corporations and Partnerships
19. BIR Form 1600 – Monthly Remittance Return of Value-Added Tax and Other Percentage Taxes Withheld
20. BIR Form 2303 – Certificate of Registration
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TIME: 9:00 AM to 4:00 PM
VENUE: Unit 2 2/F Intellect Bldg. MacArthur Highway, Brgy. San Sebastian, Tarlac City, Tarlac
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Contact Details:
Contact Numbers: (045) 923.1751 or text/call 0920.959.4020 or 0949.993.9043
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