On April 18, 2018, Go Negosyo sa Radyo host DJ Cheska San Diego-Bobadilla and co-host Senator Bam Aquino were joined by the Philippines’ very own Tax Whiz and Go Negosyo Mentor Mon Abrea where they discussed the major changes in paying one’s taxes in effect of the newly implemented Tax Reform for Acceleration and Inclusion or TRAIN law.
In celebrating April as Tax Awareness Month, Mr. Abrea reminded all taxpaying professionals to settle and update their Income Tax Return forms. “Sinasabi kong pabiro, ‘What you don’t know won’t hurt you’ [pero] sa tax hindi — ‘What you don’t know will kill you with penalty,’” he bantered. He also said that that they should submit the updated forms for their respective taxpayer categories which are available for download on Bureau of Internal Revenue’s (BIR) official website.
Mr. Abrea also published the “Tax Handbook: TRAIN Edition” earlier this year. The handbook consists of 100 most frequently asked questions on paying taxes in the advent of the TRAIN law. Some of the questions raised include the forms to be filled out, the deadline of submission, and the penalties in the event of late turnover of forms.
With the new scheme, freelancers and professionals can now update their taxpayer’s information including the sworn declaration of gross receipts so the system can adjust their withholding tax. He also said that taxpayers must always be vigilant and diligent in updating their forms.
Major improvements have been made in the filing of taxpayers’ accounts since BIR launched the digitization of their services in 2014. This allowed for a smoother flow of transactions as well as convenience for the taxpayers.
To be of more service to the taxpaying public, the Tax Whiz App is being developed and is set to be available soon on everyone’s smartphones. It is an effort by Mr. Abrea’s Asian Consulting Group (ACG) in partnership with BIR and Bank of the Philippine Islands to lessen the burden in paying their taxes — “para hindi sila maBUWISit,” he shared. The app will provide an easier transaction for the self-employed and professionals. You can sign up on app.acg.ph to get updates on the release of the app.