Xcel Tax and Accounting Services

20/12/2025

📢 REMINDER TO ALL VAT-REGISTERED TAXPAYERS

Please be guided on the Submission of Summary List of Sales and Purchases (SLSP) as required under Revenue Regulations No. 1-2012.

🗂️ Who are required?
All persons liable for VAT such as manufacturers, wholesalers, and service providers.

📅 Deadline:
✔️ 25th day of the month following the taxable quarter – Non-eFPS filers
✔️ 30th day of the month following the taxable quarter – eFPS filers

📎 Note: SLSP is an attachment to BIR Form 2550Q.

28/10/2025

Businessowner : Nagbabayad na ako ng sales tax bakit magbabayad pa ako ng income tax, di ba doble doble na tax?

Isa ka rin ba sa nagtatanong ng ganito? Nalilito ka ba kung bakit 2 klase ang tax na binabayaran mo as a business owner?

Let me explain.

Ang sales tax or business tax ay maaring Percentage tax (if Non Vat registered) or Value added tax (if VAT registered). It is a tax imposed on the business itself and based on the business Gross Sales/Receipts.
The difference with Percentage Tax vs Value Added Tax is that the former is a direct tax paid by the business while the later is an indirect tax pass on to the consumer. In other words, the tax is the value added to the sales collected by the business from the consumer. Hence, technically it is the consumer who is paying the tax and not the business itself.

On the otherhand, Income Tax is a tax imposed to the taxpayer as a business owner. The Income Tax is based on the Taxable Income (Gross Sales/Receiots-Expenses).

Hence, do not be confused between Business Tax and Income Tax. They are two different taxes.

09/01/2024

Good news alert!

MAGANDANG BALITA

Hindi na po kailangang bayaran ang ANNUAL REGISTRATION FEE! Ito po ay alinsunod sa Rebuplic Act 11976 o Ease of Paying Taxes Act.

Abangan po ang aming advisory ukol dito.

21/12/2023

Reminder.

Pinapaalam ng Bureau of Internal Revenue (BIR) sa publiko na huwag tangkilikin at bumili ng kanilang Taxpayer Identification Number (TIN) mula sa online sellers.

Basahin ang media release dito: https://bit.ly/PR45JUN1923

26/11/2023

Per Revenue Memorandum Circular No. 58-2023, previously-issued old TIN cards (yellow-orange color) are still valid TIN ID which do not expire. Thus, it need not be replaced by the taxpayer since the TIN (the number itself) is still the same.

Read the full text here: https://bit.ly/RMC582023

03/10/2023

Effective July 1, 2023, the rate of percentage tax reverts to 3% per Revenue Memorandum Circular (RMC) No. 69-2023.

Read the full text of the RMC here: https://bit.ly/RMC692023

Read the full Media Release here: https://bit.ly/PR53JUL0523

03/10/2023

A gentle reminder.

With the deadline fast approaching, the BIR is reminding taxpayers to file their 2023 3rd Quarter Percentage Tax Return and pay the Tax Due thereon on or before October 25, 2023.