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IPG Training Institute for Professional Advancement
A Legacy Moving Forward
C.R.E.A.T.E. LAW
Income Tax Updates
(Featuring: NEW C.R.E.A.T.E. LAW GENERAL PROVISIONS, DEADLINES & GUIDELINES FOR COVID-19 & NEW BIR FORM 1709 in Filing Annual ITR, Electronic Financial Statements and Other Attachments, and the Approach to the 8% Option on Income Tax and OSD)
ATTENTION: Chief Accountants, Treasurers, Administrative Officers, HRD, Business Owners/Employers
Available Webinar Schedules
22 July 2021 | Thursday | 6:00pm-8:00pm
04 August 2021 | Wednesday | 6:00pm-8:00pm
(via Zoom)
Be on the right track and learn the proper computation in preparing the correct income tax, new deadlines, and procedures of submission.
1. CREATE LAW GENERAL PROVISIONS DECREASING THE CORPORATE INCOME TAX BENINNING JULY 2020 TO 25 % FOR GENERAL AND 20% FOR OTHERS WITH CONDITIONS
2. REDUCED RATES OF RESIDENT CORPORATION AND NON-RESIDENT CORPORATION PROCEDURES IN FILING THE ITR FORMS 2020 ANNUAL INCOME TAX RETURN
3. Repeal provisions of Improperly Accumulated Earning Tax (IAET)
4. VETO PROVISION OF THE PRESIDENT under CREATE
5. REDUCED RATES IN INTEREST EXPENSE UNDER TAX ABRITAGE
6. REDUCED RATES FOR MCIT DUE TO PANDEMIC UNTIL JUNE 2023
7. REDUCED RATES PROPRIETARY EDUCATIONAL AND HOSPITALS UNTIL JUNE 2023
8. The 10% preferential tax on ROHQ shall continue up to Dec 31, 2021. Starting Jan 1, 2022 will be at 25%,
9. REMOVAL of the 10% preferential tax rate on income of Offshore Banking Units (OBUs)
10. ADDITIONAL DEDUCTION OF 1⁄2 OF LABOR TRAINING EXPENSE (but not to exceed 10% of direct labor wage)
11. Inclusion of “ONE PERSON CORPORATION” in the definition of corporation
12. TAX EXEMPTION OF FOREIGN-SOURCED DIVIDENDS
13. On the sale, transfer, or exchange of SHARES OF STOCK not traded in the stock exchange
14. REPLACED the two-tiered rates of 5% and 10% tax by resident and NRFCs with a FIXED RATE OF 15%
15. DEADLINES in filing income tax returns on individuals
16. DEADLINES for installment payments on individuals
17. NOLCO applicability on specific period due to pandemic
18. Procedures on the availment of the 8% TAX OPTION
19. Income tax EXEMPTION
20. Electronic attachments in the Tax Return eAFS
21. Treatment of sales return, Discount, allowances and deductions from gross sales/receipts
22. Detailed computation and explanation of MINIMUM WAGE EARNERS
23. Detailed computation and explanation of PURELY compensation income
24. Detailed computation and explanation of self-employed based on the new graduated income tax rates
25. Detailed computation and explanation of self-employed/availing of the 8% option in income tax
26. Detailed computation and explanation of MIXED INCOME EARNERS
27. Detailed computation for non-residents NOT ENGAGED IN BUSINESS
28. Detailed computation for NON-RESIDENTS ENGAGED IN BUSINESS
29. Details on those with PREFERENTIAL RATES
30. Computation of husband and wife either with pure business/mixed income/pure compensation
31. Treatment of income that cannot be attributable or identified by either the spouses
32. New rules in the requirements for FINANCIAL STATEMENTS
33. Final taxes received by individuals such as royalties, prizes, dividends, winnings, etc.
34. Taxability or exemption of Government Owned and Controlled Corporations (GOCCs)
35. EXCLUSIONS from income tax
36. Taxation through ITEMIZED DEDUCTIONS
37. Taxation through OPTIONAL STANDARD DEDUCTIONS (OSD)
38. Computation of partners in a general professional partnership
39. Individuals NOT required to file an income tax return
40. Substituted filing of income tax returns
41. Transitory procedures, tax advisors, bank bulletins on CREATE
42. CREATE Disclosure in the AFS
43. Open forum
WEBINAR FEE: Php. 2,000.00
(Payment made through bank deposit atleast 1 day [cut-off time: 4:00pm] before the seminar)
(Credit/Debit Card payments are accepted via PayPal)
*Please make all check payments payable to "IPG Training Institute for Professional Advancement"