Category: bir

Epson POS printers compliant with BIR’s latest regulation

Daniel Morial Leave a comment

Last month, Bureau of Internal Revenue (BIR) banned the use of thermal printers for business establishments and individual taxpayers to comply with the regulation requiring the preservation of book of accounts, like official receipts, for 10 years.

epson_tmu220

The reason behind this is that thermal printouts starts to fade within a week or two, thus making them impossible to store for a decade. In line with this, Epson Philippines is offering solutions to registered taxpayers with the use of dot matrix Point-of-Sale (POS) printers.

It’s flagship model, the TM-U220 (pictured), is the best selling among their line-up. It features fast and two-color printing for businesses and the like. While the TM-U950, is a 2.5 station for large POS systems. Other models include: TM-U295, TM-U590, and TM-U675.

Thermal printers use thermal heads to imprint on thermally coated papers. This method is quick and quiet unlike dot matrix printers that have tiny pins mounted on the print head and use ink ribbons which is slower compared to the former and produces noise. Although, having a lasting receipt would be better any day. A 3-year window is given for taxpayers to shift to non-thermal papers for keeping.

For more information about Epson POS printer, head on to the website.

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PNB iTax – the faster way to pay your taxes

PRNEWS Admin Leave a comment

Avoid the rush when paying your taxes!

Philippine National Bank (PNB) brings PNB iTax, the country’s first online tax payment service for individuals that provides a convenient way for customers to pay taxes without going to a BIR authorized agent bank. The PNB iTax is in line with the Bureau of Internal Revenue’s (BIR) eBIRForms project which aims to provide more convenient and accessible filing channels for taxpayers who are enrolled in the BIR Interactive Filing System (BIR-IAFS).

Pay your taxes online in 3 easy steps:

1)            Register your TIN at eBIRForms, https://ebirforms.bir.gov.ph;

2)            File your tax return through eBIRForms and get your Filing Reference Number (FRN);

3)            Pay your filed tax return through PNB Internet Banking – Bills Payment.

Open an account with PNB today and enjoy the convenience of PNB iTax.

To know more about the PNB iTax, visit any PNB branch or call PNB Customer Service at (02) 573-8888 or email customercare@pnb.com.ph.

For BIR-related queries, you may call the BIR at (02) 981-8888 or email contact_us@cctr.bir.gov.ph.

TMAP report shows Filipinos pay the highest tax in ASEAN

Kevin Bruce Francisco Leave a comment

The Tax Management Association of the Philippines (TMAP) reports that in all of the ASEAN region the Philippines is the country with the highest income tax. They’re currently in the process of appealing to the Congress to cut down the tax rate for Filipinos.

"You cannot expect the BIR to collect from air, you will have to reduce the revenue goal." - BIR

“You cannot expect the BIR to collect from air, you will have to reduce the revenue goal.” – BIR

Rina Manuel, President of TMAP, mentioned that now is the time to lower the tax bracket or amend it to make it equitable. “Corporations are only subjected to 30% tax rate while individuals are taxed 32%. Ang corporations may deductions pa, while ang empleyado personal exemptions lang at additional for the Children,” Manuel voiced out.

Philippine tax vs. other SEA countries (for Php500,000 income):

Philippines: 32% income tax
Vietnam: 20% income tax
Cambodia: 20% income tax
Laos: 12% income tax
Malaysia: 11% income tax
Thailand: 10% income tax
Singapore: 2% income tax
Brunei: 0% income tax

In addition, TMAP is also proposing that minimum wage workers should be exempted from paying tax, so long as they are truly earning minimum wage salary. If there is additional income (no matter how small in excess of the minimum wage) then it qualifies to be taxed by the government.

The side of Bureau of Internal Revenue (BIR) gave a warning that smaller tax collections would affect government spending used to “drive economic growth”. They said that along with the reduction of tax there should also be reduction of revenue goal.

“So if the final decision is to reduce tax rates, you cannot expect the BIR to collect from air, you will have to reduce the revenue goal. It is like a household, if someone decide to stop working, you cannot keep on spending the way you use to do because eventually you will go bankrupt or you do not expect people to keep on lending to someone who is a credit risk,” BIR said.

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