13/06/2020
Reposting this:
ATTENTION: All Online Businesses
FACT CHECK:
1. Register with BIR on or before July 31, 2020, no penalties for late registration. Just pay P500 RF and P30 DST. Mayor’s permit is no longer required;
2. Online sellers may apply for BMBE certification to avail of income tax exemption if their capital does not exceed P3 Million;
3. Under the TRAIN law, individuals with annual income not exceeding P250,000 are exempted from income tax and will only pay 3% percentage tax quarterly based on sales if annual sales do not exceed P3 Million VAT threshold;
4. Deadline for filing annual income tax return is on June 14, but since it’s a Sunday, it’s automatically move to Monday, June 15;
5. Late filing is subject to 25% surcharge, 12% interest plus compromise penalty, while failure to register is subject to penalty up to P20,000.
