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We would like to remind all of our beloved family members friends & clients of flower patch, flower shops in makati that the deadline of filling your income tax returns is on april 15 of this year, 2016.
You are required to fill your income tax return in the philippines if you are a Filipino citizen living in the Philippines, receiving income from sources within or outside the Philippines.Including, employment from or by two or more employers, any time during the taxable year.If you are a businessman or self-employed, either through conduct of trade or professional practice.If you have been an employee & a self-employed individual during the taxable year, you are also required to do so. If you gain other non-business, non-professional related income in addition to compensation income not otherwise subject to a final tax. If you are married & employed by a single employer, assuming that your income has been correctly withheld & the tax due is equal to the tax withheld but your spouse is not entitled to substituted filing.By the way when we say tax with held it means your employer or boss has deducted the respective tax from you salary or compensation.Even marginal income earners are required to file.Marginal income earners or MIEs are fishermen, farmers, sari-sari stores or variety store owners & tricycle drivers are obliged by the BIR to pay the income tax.To download and view the forms.
To make things more interesting, i think it would be better to discuss who are not required to file an income tax return.
1.First of are minimum wage earners. So you are not required if You are a minimum wage earner.(view minimum wage earners in the philippines as of 2016)
2.You are also not required of Your gross income (total earned for the past year) does not exceed your total personal & additional exemptions. To learn more about personal and additional exceptions.
3.Your income derived from a single employer does not exceed P60, 000 and the income tax on which has been correctly withheld. Your income has been subjected to final withholding tax.
4.You are not required of You are qualified for substituted filing. Substituted filing of ITR is described as the employer’s annual information return (BIR Form No.1604-CF) may be considered the “substituted”ITR of the employee in as much as the information he would have provided the BIR in his own ITR (BIR Form No. 1700) would have been exactly the same information contained in the employer’s annual information return . The requirements are as follows:
1.You are employed by a single employer during the taxable year.
2.You earn purely compensation income from that single employer.
3.Your tax due at the year’s end equals the tax withheld by the employer.
4.If you are married, your spouse also complies with the above conditions.
5.Your employer files the annual information return (BIR Form No.1604-CF).
6.Your employer issues BIR Form No.2316 to every employee.
You are also exempted from filing income tax returns if You are a non-resident citizen who is:
•A Filipino citizen not residing in the Philippines, but who has established with the BIR that you wish to remain living outside the country.
•A Filipino citizen who leaves the Philippines during the taxable year to reside abroad, either as an immigrant of for permanent employment.
•A Filipino citizen who works & earns income abroad.
•A Filipino citizen previously considered a non-resident citizen.
•You are an overseas Filipino worker whose income is derived solely from sources outside the Philippines.
•If you are Filipino citizen working as an overseas seaman, your vessel must be engaged exclusively in international trade.
You can find more information on BIR website.
If you are unsure if you are required to file your income tax return, we have added information from BIR so you/we can be guided accordingly. Most information below are a bit technical in terms, we suggest to see this link for your guidance its the site map.
Income tax returns are for those who are
1.Annual Income Tax Return for Individuals Earning Purely Compensation Income (Including Non-Business/Non-Profession Income)
2.Annual Income Tax Return for Self-Employed Individuals, Estates & Trusts
3.Annual Income Tax Return for Use ONLY by Corporation, Partnership & Other Non-Individual Taxpayer EXEMPT under the Tax Code, as Amended, {Sec. 30 & those exempted in Sec. 27(C) & Other Special Laws, with NO Other Taxable Income
4.Annual Income Tax Return for Corporation, Partnership & Other Non-Individual with MIXED Income Subject to Multiple Income Tax Rates or with Income Subject to SPECIAL/PREFERENTIAL RATE
5.Annual Income Tax Return for Corporation, Partnership & Other Non-Individual Taxpayer Subject Only to REG
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