SmarTax Solutions

04/04/2025

04/04/2025

Revenue Memorandum Circular No. 15-2025

Availability of the Alphalist Data Entry and Validation Module Version 7.4

Full text: https://tinyurl.com/55bjfkfw
Annex A: https://tinyurl.com/4z7e3uhh
Annex B: https://tinyurl.com/48h3ys87

28/06/2024

Anyone can now inquire and/or verify their Tax Identification Numbers via email!

Learn more on how Non-Individual Taxpayers can inquire their Taxpayer Identification Number (TIN) via email!

For your guidance, please refer to Revenue Memorandum Circular (RMC) No. 37-2024 which can be accessed through the following link: https://bit.ly/RMC37-2024

28/06/2024

New Taxpayer classification under EOPT Act.

Pursuant to the Ease of Paying Taxes (EOPT) and Revenue Regulations No. 8-2024, taxpayers now have the following classifications:

Micro Taxpayer - a taxpayer whose gross sales for a taxable year is less than Three Million Pesos (₱ 3,000,000.00).

Small Taxpayer - a taxpayer whose gross sales for a taxable year is Three Million Pesos (₱ 3,000,000.00) to less than Twenty Million Pesos (₱ 20,000,000.00).

Medium Taxpayer - a taxpayer whose gross sales for a taxable year is Twenty Million Pesos (₱ 20,000,000.00) to less than One Billion Pesos (₱ 1,000,000,000.00).

Large Taxpayer - a taxpayer whose gross sales for a taxable year is One Billion Pesos (₱ 1,000,000,000.00) and above.

For your guidance, please refer to Revenue Regulations No. 8-2024 which can be accessed through the following link: https://bit.ly/RR8-2024

22/06/2024

How to Properly Cancel and Correct Sales Invoices Errors on Invoices are common in business. Here's a guide on the steps to cancel an erroneous invoice and issue a correct one:

Step 1: Retrieve the Erroneous Invoice: Get it back from the customer.

Step 2: Mark as "CANCELLED": Clearly label the original invoice.

Step 3: Attach to Duplicate Copy: Keep a clear paper trail.

Step 4: Record the Cancellation: Note details in your records.

Step 5: Issue a New Invoice: Ensure accuracy and replace the old one.

Step 6: Record the New Invoice: Update your records.

Step 7: Communicate with the Customer: Share the updated invoice.

Tips: Double-check invoices, train staff, and implement internal controls.

21/06/2024

💡 TAX TIP OF THE WEEK: Deducting Health Insurance Premiums against your Gross Income!

🌟 Meet John, a client who recently faced a hefty hospital bill. He asked if he could deduct it from his income. We clarified that hospital bills aren't deductible as personal expenses in the Philippines. However, under Sec. 34 (M) of the Philippine Tax Code, premiums paid for health insurance are deductible against your gross income.

This insight led us to guide John towards a smarter solution: investing in health insurance. By paying monthly premiums, John not only secures vital health coverage but also optimizes his tax savings.

Interested in managing healthcare costs effectively while reducing tax liability? Whether it's deductions or personalized financial strategies, we're here to help. Contact us today to discuss how you can navigate healthcare expenses and tax deductions wisely. Start your journey to financial peace of mind with us! 🌟

18/06/2024

na nakasalalay sa gross sales ng isang negosyo ang kanilang taxpayer classification?

18/06/2024

Are you a sole proprietor or a corporation?
Avail now our INTRODUCTORY PACKAGES!

18/06/2024

Para mas madaling sumunod sa bagong invoicing requirements sa ilalim ng EOPT Act ay nagkaroon po tayo ng pagbabago sa mga Transitory Provisions ng RR No. 11-2024 patungkol sa mga natitirang Official Receipts (OR) ng mga taxpayers.

RR No. 11-2024: https://bit.ly/3KHv6Jr

18/06/2024

MAY ONLINE SUBMISSION PO TAYO NG INVENTORY REPORT O NOTICE.

Hindi na po kailangan pumila at pumunta sa mga RDO, maari na pong ipaabot sa mga Compliance section ng inyong RDO ang inyong mga dokumento via TRAA o E-mail. Basahin lamang ang mga links ng post na ito.

Ang mga taxpayer na walang email at internet ay maari pa rin magpasa ng personal sa Compliance Section ng kanilang RDO.

Full RMC No. 66-2024: https://bit.ly/4coDycA
Annex A-User Guide ng TRAA Portal: https://bit.ly/4bTrEYh
Annex B-Listahan ng email address: https://bit.ly/3XrlWbz

18/06/2024