A while ago someone asked about earning online, I don't remember in which topic. This is general for many situations anyway.
Here is an interesting NEW rule told by BIR, I did read it hasty but it seem to be useable by anyone SELF-EMPLOYEES with other than company or Partnership earning up to 3 mill pesos per year working from Phils..
(Not counting retirement pay and such which are taxed in the country where it's paid from.)
Different from other tax rules are the tax payer instead of counting taxes as normal each tax payer can CHOOSE to instead pay 8 % of the REVENUE as INCOME TAX, but NO DEDUCTIONS except 250 000 per year. So up to 250 000 is free from income tax. From 3 mill up it's not allowed to chose this option.
I didn't read it proper but what I saw were some fuzzy/didn't tell about VAT and social fees as e g Phil-Health. I GUESS they are counted as normal, because they are so for an other special option for income taxes.
An "interpretion", step explainations and coments by a Business economy profesor (Not I :)
https://www.pinoymoneytalk.com/online-sellers-youtubers-bir-tax-registration/
The new memorandum from BIR
https://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/2020%20RMCs/RMC%20No.%2060-2020.pdf
LOCK UP concerning things demanded for having a business in Phils. Sweden are known for having much byrocrasy, but that's nothing compared to Phils haha
E g there can be THREE permits demanded to have even a simple business!!! (Baranggay, Municipaly and DTI.) And need renewing every year!!!
(In Sweden it's ONE and for lifetime as long as it isn't canceled by some serious law break..)
I thought they had simplified the registration for BMBE (=mini businesses) but that has a step EXTRA compared to Sole P hahaha
Register a company is a crasy many steps process - in different places, for many even at different islands!!!
Earlier even the simplest businesses needed around 16 steps in different places, but now it's a huge improvement by they moved the steps to same building haha
(In Sweden it's one or two steps, all can be done at distance.)
Perhaps Phils do like that to add jobs :)
Here is an interesting NEW rule told by BIR, I did read it hasty but it seem to be useable by anyone SELF-EMPLOYEES with other than company or Partnership earning up to 3 mill pesos per year working from Phils..
(Not counting retirement pay and such which are taxed in the country where it's paid from.)
Different from other tax rules are the tax payer instead of counting taxes as normal each tax payer can CHOOSE to instead pay 8 % of the REVENUE as INCOME TAX, but NO DEDUCTIONS except 250 000 per year. So up to 250 000 is free from income tax. From 3 mill up it's not allowed to chose this option.
I didn't read it proper but what I saw were some fuzzy/didn't tell about VAT and social fees as e g Phil-Health. I GUESS they are counted as normal, because they are so for an other special option for income taxes.
An "interpretion", step explainations and coments by a Business economy profesor (Not I :)
https://www.pinoymoneytalk.com/online-sellers-youtubers-bir-tax-registration/
The new memorandum from BIR
https://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/2020%20RMCs/RMC%20No.%2060-2020.pdf
LOCK UP concerning things demanded for having a business in Phils. Sweden are known for having much byrocrasy, but that's nothing compared to Phils haha
E g there can be THREE permits demanded to have even a simple business!!! (Baranggay, Municipaly and DTI.) And need renewing every year!!!
(In Sweden it's ONE and for lifetime as long as it isn't canceled by some serious law break..)
I thought they had simplified the registration for BMBE (=mini businesses) but that has a step EXTRA compared to Sole P hahaha
Register a company is a crasy many steps process - in different places, for many even at different islands!!!
Earlier even the simplest businesses needed around 16 steps in different places, but now it's a huge improvement by they moved the steps to same building haha
(In Sweden it's one or two steps, all can be done at distance.)
Perhaps Phils do like that to add jobs :)
