Self-employed? It’s time to change your VAT status
You only have until Mar. 31
Feb 5, 2018
The Department of Finance (DOF) Bureau of Internal Revenue (BIR) released an advisory last week stating that self-employed individuals and professionals “whose gross sales or receipts don’t exceed P3 million MAY change his/her status from VAT to non-VAT on or before Mar. 31.”
This comes with the new tax reform program or TRAIN (tax reform for acceleration and inclusion) law. Under this law, the non-VAT taxpayers will have the option to avail of either the graduated rates stated in the amended tax code, or an eight percent tax on gross sales or receipts and other non-operating income in excess of P250,000.
For a complete overview, check out DOF’s infographic below:
You can also read a complete copy of the advisory via BIR’s website.
Header photo courtesy of TheSelfemployed.com
Simbang Gabi schedules in historical Metro Manila churches
This hotel did an interactive pop-up for 2019’s new Pantone color
About 60 kg. of pawikan meat seized in a Cebu eatery
Is the new extension of martial law really necessary?
The latest in lambanog poisoning cases: 3 dead after seller tries to prove it’s safe