When doing business in the Philippines, it’s important to know and comply with the tax laws, policies, and regulations. Doing so keeps your company in good standing, improves your reputation, and makes sure you avoid incurring penalties.
The Importance of Tax Compliance
- Tax compliance allows you to avoid incurring penalties and fines.
- You reduce the risk of being selected for an audit.
- You’ll be able to pay taxes on time.
- You’ll have a good standing with the local government which also results in a better reputation in the eyes of current and potential clients.
How do you ensure tax compliance?
- Keep your accounting books mistakes-free.
- Keep accurate records of transactions, expenses, and income regularly.
- Keep updated on tax regulations, policies, and laws as these might change over the years.
- Always pay your taxes on time.
- Make and submit a precise report of your expenses and income.
When you conduct your business in the country, you’ll need a reliable partner that assists you with tax compliance.
Partner with Manila Bookkeepers
Our team has years of experience in the finance and accounting industry. We have assisted our clients in keeping their accounting books updated, transfer pricing, financial reporting, annual registration tax returns, and other related services.
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