This is my first post for the year and what a great way to start this with some reminders to my cubicle friends. I suppose our cubicle partners have already registered their books of accounts for the calendar year 2008 and that wouldn't be a concern anymore. So, what activities will keep us busy the coming days will the following:
First, is the renewal of the corporate taxpayer's annual registration which is at 500 pesos. Deadline would be on the 31st of January but that wouldn't actually have to wait until the end of the month. Simply filling up the form (0605) does it. The data to reflect on the form is found in the taxpayer's 2303 or Certificate of Registration, so that shouldn't be much of a bother. Better have this paid now, especially if you're doing manual payment since the queues are really long especially when the deadline's fast approaching.
Second, would have to be the renewal of business permits. This is probably one of the hideous yet simple activities every business establishment goes through every start of the year. I say hideous because of too much red tape for what has been an annual regulatory payment to the establishment's Local Government Unit (LGU) where the Corporation is holding business. This would actually have been simple if LGUs would have maximized computer technology in the implementation of this collection activity but then again, that would have to wait. So I suggest this be right away taken cared off, better yet, assigned to a person to handle this matter. If your company has a Licensing Compliance Department that wouldn't be much of a problem, but if you're company's finance department handles this too, better have this started already as this takes like eternity to finish.
Third would be a compliance requirement of the BIR, our country's taxation agency, which is the Employees Alphabetical Listing. If employees wonder why they need not to file their own income taxes every year, it is because of this - Substituted Filling. What the company does is to report to the government all compensation paid to its employees, including the government deductions made. With that, the employees' taxes are also computed and matched against the taxes withheld by the company for the entire 2007. If withheld taxes, that which is deducted on the employee's pay every payday as advance payment for taxes due to government, shall be refunded or if lesser, will also be accordingly collected from the employee. It would be good to note though that for those which has refundable taxes or excess withheld taxes, that employee will be receiving the excess amount no latter than January 15th, as mandated by the government. So if you know how to compute your tax due for 2007, compare it with the withheld amount collected from you last year and if it's more than what your tax due is, then expect some unexpected blessings on or before this 15th.
Fourth would be the filing of inventory lists of companies as of December 31, 2007. This is to be done by the company's finance department so that should also be planned out already this early. Deadline for the submission of the list to the BIR would also be on the 31st of this month.
That will definitely keep our cubicled finance or accounting warriors busy for the coming days. Anyways at least, we were able to have that much needed rest and relaxation before we head back to our cubicled playgrounds.
First, is the renewal of the corporate taxpayer's annual registration which is at 500 pesos. Deadline would be on the 31st of January but that wouldn't actually have to wait until the end of the month. Simply filling up the form (0605) does it. The data to reflect on the form is found in the taxpayer's 2303 or Certificate of Registration, so that shouldn't be much of a bother. Better have this paid now, especially if you're doing manual payment since the queues are really long especially when the deadline's fast approaching.
Second, would have to be the renewal of business permits. This is probably one of the hideous yet simple activities every business establishment goes through every start of the year. I say hideous because of too much red tape for what has been an annual regulatory payment to the establishment's Local Government Unit (LGU) where the Corporation is holding business. This would actually have been simple if LGUs would have maximized computer technology in the implementation of this collection activity but then again, that would have to wait. So I suggest this be right away taken cared off, better yet, assigned to a person to handle this matter. If your company has a Licensing Compliance Department that wouldn't be much of a problem, but if you're company's finance department handles this too, better have this started already as this takes like eternity to finish.
Third would be a compliance requirement of the BIR, our country's taxation agency, which is the Employees Alphabetical Listing. If employees wonder why they need not to file their own income taxes every year, it is because of this - Substituted Filling. What the company does is to report to the government all compensation paid to its employees, including the government deductions made. With that, the employees' taxes are also computed and matched against the taxes withheld by the company for the entire 2007. If withheld taxes, that which is deducted on the employee's pay every payday as advance payment for taxes due to government, shall be refunded or if lesser, will also be accordingly collected from the employee. It would be good to note though that for those which has refundable taxes or excess withheld taxes, that employee will be receiving the excess amount no latter than January 15th, as mandated by the government. So if you know how to compute your tax due for 2007, compare it with the withheld amount collected from you last year and if it's more than what your tax due is, then expect some unexpected blessings on or before this 15th.
Fourth would be the filing of inventory lists of companies as of December 31, 2007. This is to be done by the company's finance department so that should also be planned out already this early. Deadline for the submission of the list to the BIR would also be on the 31st of this month.
That will definitely keep our cubicled finance or accounting warriors busy for the coming days. Anyways at least, we were able to have that much needed rest and relaxation before we head back to our cubicled playgrounds.
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