Meeting tax deadlines take a considerable amount of time and resources for many business owners in Davao City. For many small business owners, managing taxes is a challenge, given the owners’ lack of expertise on how taxes are computed, but also the amount of time it takes while juggling the demands of running and supervising business operations.
To help ease the burden, Davao Accountants is offering its tax compliance services to business owners to relieve them from the worry of not meeting the deadlines and paying penalties and surcharges on top of the tax liability to the Bureau of Internal Revenue (BIR).
Our assistance to business owners encompasses compliance with all tax requirements and deadlines. We help prepare tax returns, which include but are not limited to the following: income tax return (ITR), value-added tax (VAT) return, percentage tax return, and withholding tax return.
Our tax compliance services include:
Monthly computation and preparation of the following BIR returns:
- BIR Form 1601E (Monthly Remittance Return of Creditable Income Taxes Withheld)
- BIR Form 1601C (Monthly Remittance Return of Income Taxes Withheld on Compensation)
- BIR Form 2551M (Monthly Percentage Tax Return)
- BIR Form 2550M (Monthly VAT Declaration)
Quarterly computation and preparation of the following BIR returns:
- BIR Form 1701Q (Quarterly ITR for Self-Employed Individuals, Estates, and Trusts including those with Business and Compensation Income)
- BIR Form 1702Q (Quarterly ITR for Corporations, Partnerships, and Other Non-Individual Taxpayers)
- BIR Form 2550Q (Quarterly VAT Return)
Annual computation and preparation of the following BIR returns:
- BIR Form 1702 (Annual ITR for Corporation, Partnership, and other Non-Individual Taxpayer)
- BIR Form 1701 (Annual ITR for Self-employed Individual)
- BIR Form 1700 (Annual ITR for Individual Earning Purely Compensation Income)
- BIR Form 1604CF (Annual Information Return of Income Tax Withheld on Compensation and Final Withholding Taxes)
- BIR Form 1604E (Annual Information Return of Creditable Income Tax Withheld)
Preparation of Certificate of Withholding Tax Returns
- BIR Form 2307 (Certificate of Creditable Tax Withheld at Source)
- BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld for Compensation Payment With or Without Tax Withheld)
Apart from the tax return preparation services, our tax compliance services also include providing tax review and due diligence services aimed to evaluate the business’ overall level of compliance with existing tax laws and regulations. We also offer assessments on the level of exposure to potential tax liabilities, quantify the tax exposures, and provide advice on the proper cause of action and on tax-efficient policies to be implemented.
Our tax professionals will advise on ways and means to minimize the impact of taxation, with the end goal of maximizing the business’s potential savings and funneling them to growth and expansion.
Penalties for non-compliance
We wish to note that the BIR shall impose an additional 25% of the payable amount if the taxpayer fails to submit their tax returns or pay their outstanding balances due to any of the following reasons:
- Failure to file any tax returns or payment of tax dues on the deadline or as required under the Tax Code;
- Unless authorized by the BIR Commissioner, filing a tax return to an unauthorized person other than the BIR Internal Revenue Officer;
- Failure to pay deficient taxes within the prescribed dates or that specified in the Notice of Assessment; or
- Partial or non-full payment of the tax amount by the taxpayer.
Moreover, the Tax Code also prescribes a 20% interest rate for unpaid taxes calculated from the date specified to be paid until the taxpayer has paid the tax amount due.
Allow Davao Accountants to help you
Dealing with taxes is not enjoyable for many, if not dreaded by most. But our tax professionals, who have spent professional experience dealing with tax issues and problems, will allow you to focus on stimulating business growth. At the same time, we take care of what we do best.