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​

 

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Available Webinar Schedules

30 September 2022 | Friday | 6:00pm-8:00pm

(via Zoom)

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Available On-Site Seminar Schedules

24 September 2022 | Saturday | 1:00pm-5:00pm

Venue: Century Park Hotel - Manila

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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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1.      CREATE LAW  GENERAL PROVISIONS DECREASING THE CORPORATE INCOME TAX BEGINNING 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

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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)

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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)

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*Please make all check payments payable to "IPG Training Institute for Professional Advancement"