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Tax Preparation and Compliance
Tax planning is an important element of the tax preparation process. By making tax planning part of your overall business strategy, our experience and access to the most current developments in the tax laws will help you minimize your current and future tax liabilities.
We assist in planning and structuring tax efficient business transactions, including those that happen overseas, for corporate and individual taxpayers.
1: BIR - Monthly computation
To be eligible, foreign-owned enterprises must submit the following:
- BIR Form 1601C
- BIR Form 1601E
- BIR Form 2550M
- BIR Form 2551M
2: BIR - Quarterly computation
To be eligible, foreign-owned enterprises must submit the following:
- BIR Form 1701Q
- BIR Form 1702Q
- BIR VAT RELIEF Files
3: BIR - Annual computation
To be eligible, foreign-owned enterprises must submit the following:
- BIR Form 1700
- BIR Form 1701
- BIR Form 1702
- BIR Form 1604CF
- Taxes BIR Form 1604E
4: BIR - Withholding Tax Returns
To be eligible, foreign-owned enterprises must submit the following:
- BIR Form 2316
- BIR Form 2307
Overall, tax compliance involves being aware of and observing the state, federal, and international tax laws and requirements set forth by government officials and other taxing authorities. … Individuals who don’t complete their tax return filing by this date are considered noncompliant.
There are four main types of national internal revenue taxes: income, indirect (value-added and percentage taxes), excise and documentary stamp taxes, all of which are administered by the Bureau of Internal Revenue (BIR).
Enforcing compliance helps your company prevent and detect violations of rules, which protects your organization from fines and lawsuits. The compliance process should be ongoing. Many organizations establish a program to consistently and accurately govern their compliance policies over time.