Politicians and wealthy personalities are not exempted to pay their fair share of taxes to the government.
Bureau of Internal Revenue (BIR) commissioner Kim Henares emphasized in the course of criticism that the BIR has gone cheating on asking the small-time individuals to pay taxes and getting the rich people away from any tax obligations.
Henares also addressed this leakage towards self-employed and professional workers who are not giving up their financial obligation to the government.
The Professional Regulations Commission hereby showed that there were 3 million registered professionals, among them doctors and lawyers who earned more than their waged worker counterparts.
Taxpayers remitting their shares fairly would have had a big impact to the progress of the country and would be able to reach a collection goal of Php 768.3 billion, 62.7 percent of BIR’s total collection goal (Php 1.225 trillion) for this year.
To counter this problem, the government plans to enhance the audit process through the use of technology and information-based solutions. These would help to identify the country’s taxpayers which are at high-risk of non-compliance.
According to official reports, the government widens its scope of collection by adopting new technologies and high-end solutions.
It also intends to improve information linkages with other government agencies through statistical analysis.
If all are traced reasonably, it would be a good implication that the country tends to boost its revenue collection for the implementation of the local and national projects; giving rise to the law-abiding citizens and a fair status at all levels of the society.
Are you one of those who are planning to venture into a small business? Are you someone who happens to stay at home out of retirement, often consider running a business as a hobby? More than just a pleasure, one must find the following factors to get away from financial burden as a taxpayer:
- Exert more time and effort to profit.
- Change methods of operation to improve profit.
- Consider advisers to succeed in the chosen business.
- Have long-term goals
Once you decide to move forward with your profit-making activity, you’ll want to get briefed on taxes. Fortunately, there are publications from the Internal Revenue Service (IRS) that offer free lessons on the basics of paying taxes. Some of these include:
- Business taxes and forms
- Electronic filing and paying of taxes
- Tips on running a business out of home
- Federal taxes for newly hired workers
- Hire workers who reside out of citizenship
- Ways on how to set up a retirement plan
- Ways of managing the payroll for the workers
- Ways of making tax deposits and filing payroll tax report
Making a profit is above anything. If your business operates for at least five years, make the first three profitable things you can do to pass any blocks that may come on your way.
As a bottom line, running up a small business after retirement is about having fresh ideas, marketing, sales, hard work- and taxes. And, it’s very nice to make yourself restart and succeed for another round.
The new tax regime threatens price increase on hard liquor – gasoline price has gone cheaper.
It was Sunday midnight when a new tax regime went into effect. This is where hard liquor may double their prices while gasoline goes down slightly.
This new system for liquor drinks were promulgated since 2010 and meant to go into effect in 2014. This much becomes an advantage to minors who could conveniently afford the liquors; therefore, increasing the revenues of the state.
The regime declares that the stronger the substance present, the higher the liquor tax. It means 75 percent of the retail value with more than NIS 21.28 per liter of alcohol content. In other words, it will charge NIS 105 per liter of alcohol consistently.
This has been a debate for critics and Tax Authority. Critics say if tax would rise, wealthy people would tend to have tax burden while classes below would buy the more expensive ones. Yet, authority speaks that it’s just a way of making the harmful substance less readily available since they are too expensive for many which helps to eliminate the negative externalities.
Reducing gasoline prices by 1.2 percent has been the joy of the public. The price for self-service gasoline fell into NIS 7.43 per liter from the price of NIS 7.52 per liter. While the full-service charge remained stagnant at NIS 0.18 per liter.
The 1.6% drop in the La Vera trade prices for fuels in Mediterranean basin, and the 1.2% appreciation of shekels against dollar during the particular month contributed to the said drop.