The Latest Income Tax Update
(Featuring: NEW INCOME TAX RATES EFFECTIVE JANUARY 1, 2023)
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 On-Site Seminar Schedules
02 September 2023 | Saturday | 8:30am-12:00pm
Venue: Century Park Hotel - Manila
Be on the right track and learn the proper computation in preparing the correct income tax, new deadlines, and procedures of submission.
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NEW INCOME TAX RATES beginning January 1, 2023 (reduction of tax rates)
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CREATE LAW GENERAL PROVISIONS DECREASING THE CORPORATE INCOME TAX BEGINNING JULY 2020 TO 25 % FOR GENERAL AND 20% FOR OTHERS WITH CONDITIONS
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REDUCED RATES OF RESIDENT CORPORATION AND NON-RESIDENT CORPORATION PROCEDURES IN FILING THE ITR FORMS 2020 ANNUAL INCOME TAX RETURN
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Repeal provisions of Improperly Accumulated Earning Tax (IAET)
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VETO PROVISION OF THE PRESIDENT under CREATE
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REDUCED RATES IN INTEREST EXPENSE UNDER TAX ABRITAGE
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REDUCED RATES FOR MCIT DUE TO PANDEMIC UNTIL JUNE 2023
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REDUCED RATES PROPRIETARY EDUCATIONAL AND HOSPITALS UNTIL JUNE 2023
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The 10% preferential tax on ROHQ shall continue up to Dec 31, 2021. Starting Jan 1, 2022 will be at 25%,
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REMOVAL of the 10% preferential tax rate on income of Offshore Banking Units (OBUs)
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ADDITIONAL DEDUCTION OF 1⁄2 OF LABOR TRAINING EXPENSE (but not to exceed 10% of direct labor wage)
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Inclusion of “ONE PERSON CORPORATION” in the definition of corporation
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TAX EXEMPTION OF FOREIGN-SOURCED DIVIDENDS
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On the sale, transfer, or exchange of SHARES OF STOCK not traded in the stock exchange
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REPLACED the two-tiered rates of 5% and 10% tax by resident and NRFCs with a FIXED RATE OF 15%
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DEADLINES in filing income tax returns on individuals
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DEADLINES for installment payments on individuals
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NOLCO applicability on specific period due to pandemic
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Procedures on the availment of the 8% TAX OPTION
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Income tax EXEMPTION
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Electronic attachments in the Tax Return eAFS
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Treatment of sales return, Discount, allowances and deductions from gross sales/receipts
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Detailed computation and explanation of MINIMUM WAGE EARNERS
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Detailed computation and explanation of PURELY compensation income
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Detailed computation and explanation of self-employed based on the new graduated income tax rates
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Detailed computation and explanation of self-employed/availing of the 8% option in income tax
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Detailed computation and explanation of MIXED INCOME EARNERS
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Detailed computation for non-residents NOT ENGAGED IN BUSINESS
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Detailed computation for NON-RESIDENTS ENGAGED IN BUSINESS
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Details on those with PREFERENTIAL RATES
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Computation of husband and wife either with pure business/mixed income/pure compensation
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Treatment of income that cannot be attributable or identified by either the spouses
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New rules in the requirements for FINANCIAL STATEMENTS
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Final taxes received by individuals such as royalties, prizes, dividends, winnings, etc.
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Taxability or exemption of Government Owned and Controlled Corporations (GOCCs)
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EXCLUSIONS from income tax
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Taxation through ITEMIZED DEDUCTIONS
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Taxation through OPTIONAL STANDARD DEDUCTIONS (OSD)
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Computation of partners in a general professional partnership
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Individuals NOT required to file an income tax return
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Substituted filing of income tax returns
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Transitory procedures, tax advisors, bank bulletins on CREATE
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CREATE Disclosure in the AFS
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Open forum
ON-SITE SEMINAR FEE: Php. 4,000.00 (Early-Bird Rate) | Php. 4,500.00 (On-Site Rate)
(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"