Cryptocurrency Q&A
How much is BIR in the Philippines?
How much is BIR in the Philippines?
CryptoElite
Tue Sep 24 2024
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7 answers
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I'm curious to know, what exactly is the BIR in the Philippines and how much does it amount to? I've heard it's some kind of tax or fee related to financial transactions, but I'm not entirely clear on the specifics. Could you please elaborate on what BIR stands for, what it's used for, and what the current rate or amount is? It would be greatly appreciated if you could provide me with a concise yet informative explanation.
7 answers
TimeRippleOcean
Thu Sep 26 2024
One of the key provisions of the EOPT Act is the elimination of the annual BIR registration fee for business taxpayers.
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Chiara
Thu Sep 26 2024
Prior to the implementation of this law, businesses were required to pay an annual registration fee of ₱500.00 to the Bureau of Internal Revenue (BIR).
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GwanghwamunGuardianAngelWingsBlessing
Thu Sep 26 2024
However, starting from January 2024, this fee will no longer be applicable to business taxpayers, marking a significant change in the country's tax landscape.
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BitcoinBaronGuard
Thu Sep 26 2024
The Republic Act (RA) No. 11976, also known as the Ease of Paying Taxes (EOPT) Act, has been enacted in the Philippines with the primary objective of streamlining the country's tax compliance system.
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lucas_clark_artist
Thu Sep 26 2024
The abolition of the annual BIR registration fee is expected to encourage more businesses to comply with tax regulations, as it reduces the financial burden associated with tax compliance.
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