MARCH 2011

Last March 2011, I formally started my part-time bookkeeping task in a production and entertainment company classified as Small Medium Enterprises(SMEs) which was started its operation last June 2008.

I am glad to hear from the owner that she will increase the production in terms of advertisements and other activities related to the nature of business.

As to date, I am still updating and summarising the financial reports and other related matters from the beginning of its operation. I believe that I am able to do the task to the best of my knowledge.

In my actual experience and to share this to other concerns with regards to filing of BIR returns, the taxpayer should file returns as required stated in the Certificate of Registration (COR) and pay taxes if applicable regardless that the company is operating or not, otherwise you will be assess for late filing or non-filing of returns that will result to charges of surcharges, interest and compromise penalties and other violations.

The company should be updated in filing and payment (if applicable) of returns and records what requires the law not only in the Bureau of Internal Revenue (BIR) but also to other government and private agencies SEC, SSS, GIS, Philhealth, HDMF and others.

In this regard, we should be updated in terms of taxation and be vigilant as a taxpayer. We should express our concerns to the authorized persons only of these agencies in the processing of transactions.