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Going Pro Recap – Part 2

By July 5, 2012 No Comments

Going Pro Recap (Part 2)

The Bureau of Internal Revenue (BIR) is often a misunderstood government agency. People have an impression about them that they are corrupt and just stealing your money. But that is not true. In fact, they are one of the government agencies that is easy to talk to. Yes, they are strict with their dealings. They have to. That is their sole purpose, to collect taxes because these taxes make the government run. Without it, the government would not be able to improve the country and pay off its debt.

In this workshop, Portfolio MNL stressed the importance of proper bookkeeping and filing of taxes. This is one of the important aspects of the business that many startups and freelancers often neglect. Yes, numbers can be so daunting at times but with the proper help and guidance from people who wants to see you succeed in your business, then this fear of numbers can be overcome.

Highlights of the workshop were, of course, the interactive flow of it where the participants can ask anything they want at any given moment. With our partners from Portfolio MNL and our resident tax analyst, Roy Rojo, these questions were all answered. Here are a few of them:

 

1. What Is the Difference between Charging “Gross” From “Net”?

•  Charging gross amount to your client means that amount is still subject to deductions like withholding taxes. Charging net amount means that that is the amount that you will receive and your client will have to “gross  up” the total amount in their books to account for withholding taxes.

2. Why should I pay my taxes?

Why Should I Pay Taxes

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