The Philippines BIR mission, vision, principle and values

I just finished my two articles about the registration of a business / corporation in the Philippines. In collecting important data to support my articles, I have visited the website of the Bureau of Internal Revenue (BIR), the government agency (under the power of the Department of Finance) which is responsible for the collection of the internal revenue taxes of the Philippine government. As every organization has its own core principles, mission, vision and values, the agency also has its own. They are published in the BIR “about us” webpage that caught my strong attention. You can read them below: Read more

How to register a corporation in the Philippines (SEC)

So you have already decided to register a corporation? If you’re not yet sure, then you might need to read our article about the advantages and disadvantages of forming a corporation over sole proprietorship and partnership. But if you have already finalized your decision and you believe it is best to incorporate your business, you need to follow the following basic steps in registering a corporation with the Philippines (SEC) Securities and Exchange Commission.

1. Verify and reserve your Corporate Name

If you already got the perfect name for your business to be incorporated, you need to verify it immediately and have it reserved before others take it. You can verify the availability of your proposed name and reserve it online at the SEC-iRegister website, a quick, affordable, and user friendly service that is available to the public 24 hours a day, 7 days a week. There, you need to register and have your username and password to be able to log in. Once logged in, you can verify your desired name if it’s still available. If it’s still available, you can pay the reservation pay and get a Name Verification Slip. The slip is submitted together with the other requirements. Read more

How to register thy business in the Philippines

How to start and register your business in the Philippines? You maybe landed on this page in search for the answer of that question. Having a business that earns substantial profit is a dream for everyone. On the other hand, having a legitimate business that shares income with the government is a noble one. There are four common forms of business in the Philippines. They are sole proprietorship, partnership, corporation and cooperative. Each form of ownership may have a different process of registration. The following are the government agencies that you must deal with to legitimize your ideal business. Read more

How to compute income tax for Domestic Corporations and business partnerships?

This article is guest posted by Garry S. Pagaspas, CPA

In this post let us tackle the manner of computing income taxes for domestic corporations in the Philippines. I included ordinary partnerships because under the law, they are taxed similarly as corporations, regardless of their creation, except general professional partnerships and certain joint ventures and consortiums. In this post, I will simply refer them both as corporate taxpayers or corporations.

As we all know, taxable income as to nature of income may be classified as an ordinary income that is subject to the normal corporate income tax of 30% starting January 1, 2009, or a final income subject to final withholding taxes of varying rates which are not required to be declared in the income tax returns (ITR) as the corresponding tax is being withheld upon their payment of such income. Examples of income subject to final taxes are interest income on Philippine bank deposits, dividends from domestic corporations, winnings and prizes, except PCSO and LOTTO winnings, and prizes not exceeding P10,000, royalties, and others. In this post, we will discuss ORDINARY income computations so you will be guided comes the ITR deadlines. Read more

Business in Boxing: Manny Pacquiao versus Ricky Hatton (Battle of East and West)

On Saturday night, May 2, 2009, at the MGM Grand Garden, boxing’s pound for pound king Manny “Pacman” Pacquiao of the Philippines and Ricky “Hitman” Hatton of England will face each other for the boxing’s world supremacy. The ring magazine and IBO championship belt at 140 pound held by Hatton and the pound for pound crown of Pacquiao are on the line. But this clash is not only for the two boxers, Pacquiao and Hatton. Their trainers, Freddie Roach and Floyd Joy Mayweather, Sr. (father of five-division champion and former pound for pound king Floyd “Pretty Boy” Mayweather, Jr. are also putting on the line their reputation as the best trainer in the world right now.

Millions of people around the globe excitingly awaits for this very exciting and action-packed guaranteed match between the two of the world’s best warrior alive. And as I write this article, I feel the enthusiasm of watching this event. But this is a business oriented site. So what is boxing doing in this site anyway? Well, there is huge money in boxing. And when there is big money, Read more

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