In summary, knowing how to compute taxable income is crucial for businesses in the Philippines. By following the steps outlined above or using tools like Taxumo, you can stay compliant with tax laws and avoid any penalties or fines.
How to compute your Annual Income Tax or ITR dues Before you begin, you’ll need to check whether you’re on the 8% Income Tax Rate or the Graduated Income Tax Rate. The easiest way to do this is to check your Certificate of Registration from the BIR. This will indicate which tax sc...
Last Updated on: February 21, 2024 by Fehl Dungo Do you want to earn a fixed income this year? Then you should read these guides we shared here about how to invest in Retail Treasury Bonds in the Philippines, also known as RTB. Retail Treasury Bonds are one of the most attractive ...
You compute the value of the penalty by multiplying the replacement cost ($500,000) with the multiplier, 0.25 (1 – 0.75). So by violating the coinsurance clause, you are not only unable to receive the full replacement cost, but you also have to pay a hefty penalty. Conclusion Coinsurance...