Philippines services
Coverage and Classification of Taxpayers The new classification system is as follows: Total sales revenue, minus VAT if applicable, during the taxable year is known as gross sales. This figure does not include compensation income from an employer-employee…
The new classification system is as follows:
Total sales revenue, minus VAT if applicable, during the taxable year is known as gross sales. This figure does not include compensation income from an employer-employee relationship, passive income, and other income excluded from gross income.
Initial classification of taxpayers is based on their declaration in the Registration Forms, starting from the year they registered, unless reclassified according to certain thresholds.
The Bureau of Internal Revenue (BIR) will notify taxpayers of their classification or reclassification through a method or procedure detailed in a separate revenue issuance.
As a taxpayer, we ensure you stay informed and compliant with the latest regulations. Contact CloudCFO today, and leverage our tax services to make tax compliance a breeze together.
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