Register Your Business Name at DTI (3 Simple Ways)

Bear in mind that you may register your business name either by visiting the DTI regional or provincial office or Negosyo Center nearest you or apply online through the Business Name Registration System (BNRS). If applying through walk-in, you may download the business name registration forms for you to print and accomplish them prior to your visit.

Business name-related laws and policies are also available for your further information and guidance. (Credit: DTI.gov.ph)

A. Steps for Online Registration at http://www.bnrs.dti.gov.ph

1. Fill out application form by typing the required information (proposed business name, TIN, name of registrant, address, etc.,).

2. Submit online and you will receive transaction reference number acknowledgment via e-mail.

3. Submit the necessary documentation mention in the acknowledgment in DTI office in your area. The reserve business name online is only up to 3 working days.

4. Pay your application. Payment can be through GCash or at the DTI teller. Fees will depend on the territorial jurisdiction covered in the application (barangay, City/municipality, regional or national). (Credit:dti.gov.ph)

Choose your proposed business name

Before you register your business with the DTI, you should be ready with your proposed business name. The following are guidelines for an acceptable and not acceptable business name:

Acceptable business names:

• The root word or words of the name shall be considered.
• Describes the nature of business
• Comprised solely of letters and/or numerals
• Punctuation that are part of English and Filipino language

Names that are not acceptable:

• Those which are or whose nature of business is illegal, offensive, scandalous, or contrary to propriety.
• Those which are identical or which nearly resemble business names already registered with government office authorized to register names.
• Names composed purely of generic words.
• Names by which by law or regulation cannot be appropriated.
• Distinguished or suggestive of quality of any class of goods, articles merchandise or service.
• Abbreviation of names of any nation, inter-governmental or international organization
• Names which are misleading, deceptive or which misrepresent the nature of business

B. Steps for over-the-counter registration

A. Obtain application forms (duplicate copy) and fill these up completely. Only the owner of the business or his/her Attorney-in-Fact (who is authorized in a proper legal instrument) is authorized to sign all the forms.

B. Meet the following requirements (For Single Proprietorship):

• Must be a Filipino citizen, at least 18 years old. Filipinos with names suggestive of alien nationality must submit any of the following proof of citizenship: birth certificate, PRC ID, voter’s ID, or valid passport. If the applicant has acquired Filipino citizenship by naturalization, election, or by other means provided by law, he must submit any of the following proof of his Filipino citizenship: naturalization certificate and oath of allegiance, card issued by the Bureau of Immigration and Deportation and affidavit of election, or ID card issued by the Bureau of Immigration and Deportation.

• Certain types of business may have other requirements such as service and repair shops, real estate brokers, dental/medical clinic/hospitals, pawnshops, manpower services, engineering/architectural services and other services provided by professionals.

C. Submit application form to the DTI Processor. The DTI Processor will check if the Business Name is still available, if yes, you will be asked to pay the application fee.

D. Pay the required registration and processing fee.

New BN registration fees in effect

The Department of Trade and Industry (DTI) is now implementing the following registration fees for business name registration (original and renewal) depending on the territorial jurisdiction covered in the application:

a. Barangay: PHP    200.00
b. City / Municipality: PHP    500.00
c. Regional: PHP 1,000.00
d. National: PHP 2,000.00

For more information, please call DTI Direct at 751.3330.

E. After showing the receipt to the Processor, the Business Name Certificate will be released.

F. Your Business Name Certificate is valid for 5 years from date of registration.

C. Steps at Negosyo Centers is the same as over-the-counter

Please refer to the list of centers near you.

Negosyo Centers Near You

In Metro Manila, Business Name Registration Desks can be found in SM’s Business Service Centers or Consumer Welfare Desks at the following SM Malls:

📍Aura at B-10, SM Aura, Premier, 26th Street corner McKinley Parkway, Barangay Fort Bonifacio Global City, Taguig City 1630 (basement area beside Klinik Watch);

📍Harrison at SM Harrison Dept. Store, 2F neal Mall Entrance, F.B. Harrison St., Malate, Manila;

📍Megamall at 5F level bridgeway; San Lazaro at Lower Ground Floor beside Roper Photo Studio;

📍BF Home Paranaque at Services Counter, SM City, BF Paranaque, Dr. A. Santos Ave., cor. Presidents Avenue, Barangay BF Homes, 1700 Paranaque City;

📍Makati at Mall Information Booth (Astroplus), 3F Bills Payment Counter;

📍Mall of Asia at 2F South Wing, beside Philcopy;

📍Southmall at 3F Across Cyberzone; Bicutan at Upper Ground Floor, Building B near Bingo Bonanza;

📍Manila at Upper Ground Floor near Yummy Roast, beside Century Drug Store;

📍North EDSA at 2F Skybridge, The Block SM City EDS cor. North Avenue, Barangay Bagong Pag-asa, Quezon City;

📍Sta. Mesa at 2F Mall Area, North Wing Side;

📍Cubao at 3F near Appliance Center facing 3F Car Park;

📍Marikina at SM City Marikina, UPL Unit 021, Marcos Highway, Barangay Kalumpang, Marikina City;

📍Novaliches at 2F beside Copytrade near Department Store entrance;

📍Sucat at 3F-311 Bldg. B, SM Sucat;

📍Fairview at Lower Ground Floor beside Fitness First;

📍Quiapo at Services Counter, SM Quiapo, MDC Bldg. C. Palanca St. Quiapo, Manila.

In Region 3, the DTI’s e-business registration can be found at the

📍Marilao, Bulacan at 2F-252 SM Marilao.

In Region 4A e-business registrations are located at the following SM Malls:

📍Bacoor, Cavite at 3F Cinema in front of Cherry Mobile;

📍Dasmarinas, Cavite at Lower Ground Floor beside Photoline;

📍Calamba, Laguna at 2F beside the escalator;

📍Sta. Rosa, Laguna at Ground Floor across SM Applinace Center;

📍Masinag, Antipolo at the Consumer Welfare Desk, 2F Cyberzone area and

📍Taytay at 2F beside Great Image near Skybridge.

(Credit:www.sminvestments.com) April 22, 2014

Nowadays, business registration has been made available to the people in a convenient manner. Whether you can go to the DTI office, to Negosyo Centers or Online, it is important that you abide the policies to prevent hassle. Be in the statistics of growing Filipino business owners.

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BIR Form 2307: Attention Freelancers

One of the most important forms that employees doing freelance jobs on the side, employers who accept project-based or freelance employees and freelancers must know about is the BIR Form 2307. It is something you must file together with your Quarterly/Annual Income Tax Return – BIR Forms 1701Q / 1701 for individuals, or BIR Form 1702Q/ 1702 for non-individuals – for income tax liability. Read on to learn more about it.

What is BIR Form 2307?

The BIR Form 2037 is also called the Certificate of Creditable Tax Withheld At Source.

This certificate shows the income subjected to expanded withholding tax paid by the withholding agent.

BIR Form 2307 in the books of accounts of the taxpayer is accounted for as an asset. They are considered as income tax prepayments – being deductible from income tax due of the taxpayer during a quarterly or annual income tax return.

They function as income tax credits or what you can consider advance income tax of the payee.

This is what the BIR Form 2307 looks like:

What is it for and who needs to file it?

Issuance of BIR Form 2307 is an obligation of the payor and/or employer – withholding tax agent to the payee.

It should be submitted together with the Quarterly/Annual Income Tax Return – BIR Forms 1701Q / 1701 for individuals, or BIR Form 1702Q/ 1702 for non-individuals – so that the amount of withholding tax shall be allowed as a tax credit against the income tax liability of the income recipient in the taxable quarter or year in which the income was earned or received.

When is the BIR Form 2307 issued?

The certificate is attached to the following with different deadlines:

• For EWT: to be filed on or before the 20th day of the month following the taxable quarter, the form must be attached to 1701 or 1702 forms, in which case the amount is allowed to become tax credit against taxable income.
• For percentage taxes on government money payments: certificate must be attached to 2551 forms and must be issued on or before the 10th day of the following month.
• For VAT Withholding: certificate must be issued on or before the tenth day of the month following the month when withholding was made. To be attached to 2550 forms.

Credit: full-suite(dot)com

Steps to Register Your Business with BIR

How to register your business with the Bureau of Internal Revenue (BIR) in the Philippines? After securing a certificate of registration from the Department of Trade Industry (DTI) for single proprietorship, Securities and Exchange Commission (SEC) for partnership and corporation, and after obtaining a Mayor’s Business permit with the Local Government Unit (LGU), your next step to operate as a duly registered business is to secure a certificate of registration from the BIR.

Registering your business with the BIR will give you the authority to print your official receipts and other invoices, provide you or your corporation a Tax Identification Number (TIN) and register the books you will use to record your business transactions. Furthermore, your BIR certificate of registration will state the types of taxes you will pay, such as business taxes, withholding taxes and income tax. The following are the requirements and steps to register your business or company with the BIR.

For single proprietorship

1. Accomplish BIR Form 1901 and submit the same, together with the required attachments, to the Revenue District Office having jurisdiction over the registered address of the business establishment. The following are the forms and requirements to be attached with your application:

a. BIR Form 1901 – Application for Registration
b. Birth certificate or any valid identification showing name, address and birth date
c. Mayor’s permit or application for Mayor’s Permit
d. Department of Trade and Industry (DTI) Certificate of Registration of Business Name (to be submitted prior to the issuance of the BIR Certificate of Registration (COR)

2. Pay the Annual Registration Fee (P 500.00) at the Authorized Agent Banks of the RDO.

3. Pay P 15.00 for the Certification Fee and P15.00 for the Documentary Stamp Tax (in loose form to be attached to Form 2303).

4. The RDO shall issue the Certificate of Registration (Form 2303).

For partnerships and corporations

1. Accomplish BIR Form 1903 and submit the same together with the required attachments to the Revenue District Office having jurisdiction over the registered address of the business establishment. The following are the forms and documentary requirements to be attached with your application:

a. BIR Form 1903 – Application for Registration for Corporations/Partnerships (Taxable/Non Taxable)
b. SEC “Certificate of Registration (Certificate of Incorporation/Certificate of Co-Partnership) or     “License To Do Business in the Philippines” in case of resident foreign corporation
c. Mayor’s Permit or application for Mayor’s Permit – to be submitted prior to the issuance of the BIR   Certificate of Registration

2. Pay the Annual Registration Fee (P 500.00) at the Authorized Agent Banks of the RDO.

3. Pay P 15.00 for the Certification Fee and P 15.00 for the Documentary Stamp Tax (in loose form to be attached to Form 2303).

4. The RDO shall issue the Certificate of Registration (Form 2303).

5. Taxpayer must pay the Documentary Stamp Tax on the Articles of Incorporation as prescribed under Section 175 of the NIRC, on the 5th of the month following the date of issuance of said article (per RR 4-2000).

Further steps following the registration

1.  Apply for Invoices/Receipts using BIR Form No. 1906 – Authority to Print. The BIR will give you an “Ask for a Receipt” Notice (ARN) together with the COR BIR form 2303, and it must be posted conspicuously in your business establishment.

2. Register books of accounts (Journal / Ledger / Subsidiary Income Book and Subsidiary Purchases/Expenses Book) and have them stamped by the RDO where the business is registered. The BIR examiner will usually advise you the types of books and taxes applicable to your business upon briefing.

3. Update registration information, if needed, using BIR Form No. 1905 (change of registered address, personal exemptions, additional tax types, etc.) Submit this at the RDO having jurisdiction over the place of business

Notes: Thank you Mam Rinna, Mam Soc and Mam Chi for assisting me all throughout my application process. (RDO 25B located in Sta. Maria Bulacan)

Credit: businesstips.ph

What is Barangay Micro Business Enterprise (BMBE) in the Philippines?

A micro business or enterprise is defined as any business activity or enterprise engaged in industry, agribusiness and or services, whether single proprietorship, cooperative, partnership or corporation whose total assets, inclusive of those arising from loans but exclusive of the land on which the particular business entity’s office, plant and equipment are situated, must have value of not more than 3 million Pesos (Sec. 3. of R.A. 9501 otherwise known as the Magna Carta for Micro, Small and Medium Enterprises (MSMEs).

If your business or activity falls under the micro enterprise category, you might also be eligible to be registered as a BMBE (Barangay Micro Business Enterprise) which may avail of the following incentives provided by the government through R.A. 9178, otherwise known as the “Barangay Micro Business Enterprises Act of 2002:

1. Income tax exemption from income arising from the operations of the enterprise
2. Exemption from the coverage of the Minimum Wage Law (BMBE employees will still receive the same social security and health care benefits as other employees)
3. Priority to a special credit window set up specifically for the financing requirements of BMBEs
4. Technology transfer, production and management training, and marketing assistance programs for BMBE beneficiaries.

What is BMBE and who are eligible to register as BMBEs?

A BMBE is defined as any business enterprise engaged in production, processing, or manufacturing of products, including agro-processing, as well as trading and services, with total assets of not more than P3 million. These assets include those arising from loans but not the land on which the plant and equipment are located. However, services rendered by any one, who is duly licensed by the government after having passed a government licensure examination, in connection with the exercise of one’s profession (e.g., Accountant, Lawyer, Doctor, Architects, Civil Engineers, etc.) shall not be included.

The DOF Department Order No. 17-04 also provides that, an enterprise can only qualify for registration if it is not a branch, subsidiary, division or office of a large scale enterprise and its policies and business modus operandi are not determined by a large scale enterprise or by persons who are not owners or employees of the enterprise (i.e., franchises). So if you are a franchisee, you are not eligible to register as a BMBE.

In other words, a business or activity may be eligible to register as BMBE if they meet the following criteria:

1. The business enterprise is engaged in production, processing, or manufacturing of products, including agro-processing, as well as trading and services.

2. The business enterprise has total assets of P3 million or less including those arising from loans but excluding the land on which the plant and equipment are located.

3. The business enterprise or service provider, in connection with his or her exercise of profession, is not a professional who is duly licensed by the government after having passed a government licensure examination (e.g. accountant, lawyer, doctor, etc.).

4. The business enterprise is not a branch, subsidiary, division or office of a large scale enterprise or it is not a franchisee.

How to register as a Barangay Micro Business Enterprise (BMBE)?

The registration of BMBE in the Philippines is processed and done in the Office of the Treasurer of the city or municipality where the business is located. Thus you may want to visit your City or Municipality office to inquire more about this.

The requirements for BMBE registration are different for those micro business enterprises with assets of P300,000 and less and those with assets of P300,001 to P3,000,000, in which the former have fewer requirements to be submitted than the latter.

Basic requirements for new applicants and for BMBEs applying for renewal of registration:
a. Duly filled out application form (BMBE Form 01) in triplicate, signed by the owner or manager of the entity applying for registration (you may download BMBE Form 01 here which I got from Paranaque.gov.ph website).

b. Three passport size ID pictures

Additional requirements for new applicants:

A. For those with assets worth three hundred thousand pesos (P300,000) and less –
1. Registration as a business entity or enterprise from the appropriate government agency (e.g., Securities and Exchange Commission (SEC) registration in the case of corporation, partnership or association; Cooperative Development Authority (CDA) registration in the case of cooperative; Department of Trade and Industry (DTI) business name registration in the case of sole proprietorship)
2. Mayor’s Permit or City/ Municipal Business Permit

B. For those with assets worth more than three hundred thousand pesos (P300, 000) up to three million pesos (P3,000,000.00)
1. Registration as a business entity as explained above in item A.1
2. Taxpayer Identification Number (TIN)
3. Certificate of Registration from the Bureau of Internal Revenue (BIR)
4. Mayor’s Permit or City/Municipal Business Permit
5. Sworn affidavit executed by the sole proprietor or the President of the enterprise, as the case may be, that the enterprise is barangay-based and micro-business in nature and scope
6. Sworn Statement of Assets and Liabilities supported by pertinent documents
7. Pictures of the place of business and its assets, other than cash, receivables and intangibles
8. Copy of Loan Contract/s, if any, and duly-notarized Certification of Amortization Payments on the Loan
9. Income Tax Return (ITR).

Additional requirements for the renewal of BMBE registration:
C. For those with assets worth three hundred thousand pesos (P300,000) and less –
1. Documents previously listed in item A.1 for new applicants with assets worth three hundred thousand pesos and less
2. Annual Information Return (for the year immediately preceding the renewal of registration) duly filed with the BIR, together with its attachments

D. For those with assets worth more than three hundred thousand pesos (P300,000) up to three million pesos (P3,000,000.00) –
1. Documents previously mentioned in item B.1-8
2. Annual Information Return (for the year immediately preceding the renewal of registration) duly filed with the BIR, together with its attachments

Steps and procedures for registering as a BMBE and acquiring the Certificate of Authority as a BMBE:

a. Accomplish BMBE Form 01 in triplicate and submit to the Office of the Municipal or City Treasurer.
b. The Municipal or City Treasurer evaluates the application. The application shall be processed within 15 working days upon submission; otherwise, the BMBE shall be deemed registered.
c. A registered BMBE shall be issued a Certificate of Authority as proof of registration, effective for a period of two years. The application is renewable every two years.

How much will it cost to register?

According to Section 4 of the Act, registration and issuance of the Certificate of Authority of the LGU is free of charge and shall be done promptly. However, to cover the administrative costs of registering and monitoring the BMBEs, the LGUs are allowed to charge a fee not exceeding P1,000.00.

How to avail for the Income Tax Exemption?

To avail with the income tax exemption, the BMBE must register with the BIR Revenue District Office (RDO) where the principal office or place of business is located and submit the following documents:

a. Copy of the BMBE’s Certificate of Authority
b. Sworn Statement of Assets of the BMBE and/or its affiliates, supported by pertinent documents
c. Certified list of branches, sales outlets, places of production, warehouses and storage facilities
d. Certified list of affiliates
e. Latest audited Financial Statement or Account Information Form or its equivalent

What document should be filed with BIR by an income tax exempt BMBE?

Instead of an income tax return, an income tax exempt BMBE is required to submit an Annual Information Return. This is filed on or before the 15th day of the 4th month after the close of the taxable year with an Account Information Form, which contains data from its financial statement and Sworn Statement of Assets Owned and/or Used.

However, while a registered BMBE could be exempt from income tax, its Income Tax Exemption privilege may be revoked for any of the following reasons:

1. Transfer of place of business
2. Value of its total assets exceeds P3M
3. Voluntary surrender of the Certificate of Authority
4. Death of the registered individual owner of the BMBE; violation or noncompliance with the provisions of R.A. 9178
5. Merger or consolidation with an entity which is not eligible to be a BMBE
6. Sale or transfer of the BMBE, if it is a sole proprietorship without prejudice to the transferee applying for registration
7. Submission of fake or falsified documents;
8. Retirement from business, or cessation/suspension of operations for one year; and
9. Making false or omitting required declarations or statements.

For more information, please read DTI’s Handbook Guide to Republic Act (RA) 9178: BMBEs Act of 2002 which also includes the full text of RA 9178 and its implementing rules and regulations (IRR) including the supplementary guidelines or clarifications issued by concerned agencies.

The officers in our municipal hall (Sta. Maria, Bulacan) have been very courteous during the whole process. I thank them; Mam Annie, Mam Baby and Mam Carmen.

 

Credit: businesstips.ph

V.A.T. Vs. Non-V.A.T.

Value Added Tax (VAT) and Percentage Tax are both business taxes collected from the sale of goods and services. The similarity ends there because these taxes are different in nature. Business owners, especially the new ones, need to know which one applies to their business to avoid future disputes with the Bureau of Internal Revenue (BIR).

Value Added Tax (VAT)

Value Added Tax (VAT) is a form of sales tax. As such, it is based on gross receipts from sale, barter, exchange, or lease of goods or properties and services within the Philippines. It is also imposed on goods imported into the country. VAT is an indirect tax which means the end consumer is being charged for the tax. In the Philippines, the rate of VAT is at 12% except for export sales and other zero-rated sales which is at 0%.

Who needs to register as a VAT taxpayer?

1. Any person or entity engaged in the business of selling goods or services that are subject to VAT and whose annual gross sales or receipts exceed or are expected to exceed One Million Nine Hundred Nineteen Thousand Five Hundred Pesos (Php1,919,500.00).
2. Any person or entity that is not VAT exempt but failed to register.
3. Any person or entity engaged in importation of goods.

How to register as a VAT taxpayer?

1. Use BIR Form 0605 and pay the registration fee of Php500.00.
2. Register books of accounts like ledgers and columnar books.
3. Secure Authority to Print then register invoice and official receipt booklets.

What are your responsibilities as a VAT taxpayer?

1. Display Certificate of Registration at the place of business.
2. Issue invoices and/or official receipts. A sales invoice is issued for every sale, barter, or exchange of goods or property. An official receipt is issued for lease of property and sale, barter or exchange of services.
3. Keep your books. Make sure that your books are updated and always ready in case an audit is made.
4. File monthly. Use BIR Form 2550M. If there is payment, go to an Authorized Agent Bank (AAB) in the Revenue District Office where registered. If there is no payment, submit to the RDO where registered, with required attachments. Deadline is not later than the 20th day of the next month.
5. File quarterly. Use BIR Form 2550Q. If there is payment, go to an AAB in the RDO where registered. If there is no payment, submit to the RDO where registered, with required attachments. Deadline is every 25th day of the following month from the last day of covered quarter.
6. Pay annual registration fee equivalent to Php500.00 not later than January 31.

Percentage Tax (Non-VAT)

For small businesses with gross annual sales and receipts that do not exceed Php750,000.00, and are not VAT-registered, percentage tax is imposed for sold or leased goods, properties or services. The tax rate varies depending on the nature of business. The usual rate is 3% but it could go as high as 30%, for gross receipts of Jai-Alai and racetrack operators for instance.

Who are required to file percentage tax?

1. Any person exempted from VAT under Sec. 109z of the Tax Code.
2. Domestic carriers and keepers of garages.
3. International air and shipping carriers based in the country.
4. Franchise grantees of utilities.
5. Franchise grantees in broadcasting business the annual gross receipts of which do not exceed Php10M and opted not to register as VAT taxpayers.
6. Operators of communications equipment sending dispatch, messages, or conversations overseas.
7. Life insurance premiums and agents of foreign insurance companies.
8. Proprietor, lessee, or operator of betting businesses such as cockpits, race tracks, cabarets, etc.
9. Stock brokers trading through Local Stock Exchange other than sake of dealer in securities, as well as corporate issuers or stock brokers of domestic or foreign markets.

When to file percentage tax returns?

1. Monthly. Use BIR Form 2551M. If there is payment, go to an Authorized Agent Bank (AAB) in the Revenue District Office where registered. If there is no payment, submit to the RDO where registered, with required attachments. Deadline is not later than the 20th day of the next month.
2. Quarterly. Use BIR Form 2551Q. If there is payment, go to an AAB in the RDO where you are registered. If there is no payment, submit to the RDO where registered, with required attachments. Deadline is every 20th day of the following month from the last day of covered quarter.

Note that for both tax types, even if there are no payments to be made, it is important that you file your returns to the RDO that covers your business location. Failure to do so may mean penalties and you must pay even if there are no tax dues.

Credit: full-suite.com

Get Paid while Shopping!

Shopping is loved by anyone, may it be ladies, gentlemen or our friends from the LGBT community. But, sometimes our wallet cries out silently because we spent the money allotted for savings. Ouch! How would you love shopping more if you get a cashback from the money spent? I am not talking about the cashback credit card. How true? Cashback shopping up to 30% is now possible with Shopback.ph! And you can still take advantage of the promotion codes or discount codes from the online merchant. It is about time to save up some money and buy the items you need and want.

The Shopback was already featured in The Manila Times, Philstar, Inquirer.net, The Business Times, TechinAsia, Deal Street Asia, The Asian Entrepreneur, and the Vulcan Post. If I may add, featured now in my blog post in partnership with Shopback Philippines. It also has operations in Singapore, Malaysia, Indonesia and India.

There are a lot of shopping sites online that we frequently visit such as Lazada, Ensogo, AliExpress, Galleon, Hotels(dot)com and other online stores that offer cashback through Shopback.ph. If you are into high street fashion, you can click here to take a look at all the fashion stores that offer cashback with ShopBack. You can look fashionable without hurting your pocket. Travel more through Shopback to save up for future trips. Experience thousands of destinations worldwide with cashback.

We, as consumers, spend few minutes to few hours online whether window shopping or real shopping. We do not have much time to go to the mall for simple reasons like traffic jam, tired from work, or simply just want to take advantage of the convenience of shopping from home. With Shopback, we shop and we earn at our own convenience.

• What is Shopback.ph?

The Shopback.ph leads us to excellent promo and deals that we usually enjoy with the one of its kind cashback! Here is how to use Shopback:

• What is Cashback?

As what the term suggests, cash and back. You get a portion of your cash spent on shopping back to you as savings or additional budget for your next shopping. This is unlimited savings when you shop online. Liking it so far? Again, there is no limit. IMPORTANT: For successful Cashback, stay within the redirected tab until purchase.

• How does Cashback work?

The Shopback.ph gets a commission for referring the online consumers to the various online shopping sites. And they are generous enough to share what they get. Cashback would be awarded to your Shopback account. It can be tracked and redeemed depends on the number of days stated by the merchants/online store. The encashment is directly to your bank account or Paypal account when the “redeemable amount” reaches the minimum amount of P300. Image below are the channels of cash out.

• What can you shop at Shopback.ph?

You name them, you get them all! Clothing, Shoes, Accessories, Watches, Bags, Beauty products, Electronics, Appliances, Gadgets, Home and Living, Baby items, Media, Food, Lifestyle and other categories you are interested in. Remember that your online shopping from the mobile apps of the online store will not merit a cashback. You have to visit first the Shopback site and click on the icon of the merchant you want to place your orders at.

• What are the advantages in shopping at Shopback.ph?

First, you get paid in cash (in a form of cashback) as you shop online. Second, aside from the cashback, you also have an option to participate in their referral program. Third, you still enjoy the promo code, discount coupon and other perks from your favorite online stores. Fourth, once in a while Shopback has promotion for additional cashback % or referral promo which you can take advantage for higher earning.

• How does the referral program work?

As you register at Shopback.ph, your own referral link will be generated. Then, you can ask someone to click it, for them to register. You gain both ways, you and the person who signed up using your link. P100 for you and P100 for a friend which you can get in cash.

To better understand how your shopping experience will be truly enjoyable with your cashback, watch this video.

• My experience of Shopback

When I tried it myself, it was like the usual online shopping. The only difference is, you dropped by the Shopback.ph site first before processing the transaction. The following day, I got an email about my cashback which also appeared as I checked my Shopback account. I found my total earnings has an amount indicated. I can’t wait to earn more!

I am looking into other items which I tried to compute my cashback. If I buy this Nine West Ava Tote Shoulder Bag which costs P3412, I’ll get P136.48 which is 4% cashback from Galleon. You can go to the Galleon page on ShopBack to find out more about the 4% cashback and discount codes they offer.

 

Also this UNIC Mini Portable Projector for our film showing on my kids’ birthday this March. It costs P 1,599 and with 4% cashback from Lazada, I’ll get P63.96. Likewise, you can check out Lazada cashback (they have different cashback for different sorts of items) here. Every merchant or online store varies on the cashback percentage. It was coincidental that I chose 2 merchants with same 4% cashback. Comments given on the products are also helpful as one of the deciding factors to proceed with purchase.

So what are you waiting for? Go! Register now at Shopback.ph and enjoy shopping at its best! Now’s a good time since they’ve just extended their Leap Year Sale till 3rd March – there is up to 29% increased cashback!

Follow and Like their Social Media accounts for more updates at:

Twitter: @shopbackph

Facebook: facebook.com/shopbackphilippines

Instagram: @shopbackph

Google Plus: ShopBack Philippines

Don’t forget to like my Facebook page as well. Facebook.com/PorschesDiary 🙂

 

BIR Taxation and Receipts 101

I recently attended a seminar for business tax payers. It was conducted in Sta. Maria, Bulacan (my RDO) since my business address is within its jurisdiction. That was after I transferred my RDO address from East Pasig as an employee (from previous employer) to Sta. Maria as an entrepreneur. Ms. Soc (a BIR Officer) was very detailed of the information which I need to know as an entrepreneur. I should have taken some pics during the briefing. I was so busy taking down notes like a kid’s first day in school. I listened carefully but still mixed up some details in mind. I am confident I was able to jot down the important things to remember.

Before we proceed, let us define first taxation.

Taxation is the act of levying the tax, i.e., the process or means by which the sovereign, through its law-making body, raises income to defray the necessary expenses of the government. It is merely a way of apportioning the cost if the government among those who in some measures are privileged to enjoy its benefits and, therefore, must bear its burdens. (71 Am Jur. 2^nd 342; 1 Cooley 72-73). (Credit: philtaxation.blogspot.com)

Tax law in the Philippines covers national and local taxes. National taxes refer to national internal revenue taxes imposed and collected by the national government through the Bureau of Internal Revenue (BIR) and local taxes refer to those imposed and collected by the local government. The Tax Code of 1997, Revenue Issuances and BIR Rulings pertaining to national taxes are posted at the BIR website. (Credit: bir.gov.ph)

I learned that when you have a business entity rendering services such as ours; printing, also transportation (ex. Grab Taxi),  and others you need to issue an Official Receipt. While if you are engage in trading such as selling shirts and other stuff, you need to issue a Sales Invoice. Those 2 receipts should have the taxpayer’s info such as Trade name, Tax Identification Number (TIN), Name of Proprietor, Business Address, Contact number, Printer’s info at the bottom and of course the amount of transaction involved. So, when you hear someone needs an O.R. or Official Receipt, that person is pertaining to a receipt with TIN issued by the business establishment/proprietor. It could be a Sales Invoice or the Official receipt. Again, depends if the nature of business is service or trade. Another one is Collection receipt, issued when full payment of items are given after the down payment as agreed upon the seller and the buyer . Got it?

As a business owner, you and your business will start to pay taxes in the Philippines according to law. There are VAT (12% of the gross income) and Non-VAT, Percentage tax (3% of the gross income), Withholding tax, Income tax (Gross less the disbursement) and others. The business owners shall pay their taxes on a monthly, quarterly and annual basis; depends which they are classified. There are also digferent deadline dates each month, quarter and the annual deadline every 15th of April.

There are BIR forms for every tax type which the business owners shall pay. It can be found here.

I have a lot to learn in taxation. I will share with you every step of the way. I actually need help to illuminate me on some matters. Anyone?

“Pay your taxes on time to avoid penalties” 😊