At present, doing business is a bit an inch of perfection, if not a mastery of craft, in order to maximize the use of its finances for success. Many promising undertakings could be made on the funds wasted on penalties. Sometimes, no matter how and what measures are employed not to overlook some reportorial requirements, that they simply occurs unnoticed. This may prove that, sometimes, simple errors are big headaches in business. The question is why these penalties have to be imposed, even on honest mistakes and simple inadvertence?

Who would not like to pay a lower tax, or a no tax at all? there is conflicting interest between the government and the taxpayer. The taxpayers always wanted for less while the government bargains for more. Nevertheless, all these shall be within the bounds of the law and regulations. But the question is, how can you save taxes without violating provisions of the law and regulations?

Tax types are those specific tax classification imposed by the Philippine’s taxing authorities to taxpayers under specific instances. As to the taxing authority implementing and administering them, they can broadly be classified as follows: (a) national internal revenue taxes, and (b) local taxes.

National internal revenue taxes – those implemented by the Bureau of Internal Revenue [...]