Taxation - Individual and Corporate (Simplified)

OVERVIEW

Taxation, the responsibility we have (whether we like it or not), is a process of claiming charges, imposed by the government, from business owners and the working force. It is one of the inherent powers of the government that ensures sufficient fund is collected, allocated and spent for government projects. Because of this, Taxation is considered as the lifeblood of the government that fuels its operations. As citizens of the Republic of the Philippines, we are responsible to provide government the funds that it needs. Hence, it is important for us to understand why we provide such.

This one-day taxation course would provide learners the opportunity to learn the basic concepts of taxation and its importance on both a business and personal perspective. This course would offer an avenue for understanding that taxation is a responsibility of being a Filipino citizen and not a burden for business owners and workers.

LEARNING OBJECTIVE

  1. To introduce the basic concepts of taxation through discussions of concepts, both in theories and application;
  2. To provide the basic knowledge in preparing annual income tax returns;
  3. To help learners identify possible tax filing errors that they may encounter and provide possible solutions;
  4. To provide hand outs and other discussion materials to aid learners in reinforcing the taxation knowledge they will gain from this course.

LEARNER’S BENEFIT

Understanding taxation would provide the learners with following benefits:

  1. Gain conceptual and practical knowledge about preparing and filing taxes;
  2. Learn how to compute taxes on individuals and corporations, as well as tax deductions that can be applied; and
  3. Understand the relevance to the economy of properly filing and paying taxes.

TARGET AUDIENCE

  1. All professionals and income generating individuals
  2. Business Owners, OFWs, Self-employed, agents, brokers, freelancers
  3. Beginners in the MSMEs
  4. Professionals or any individual taxpayer
  5. Book keepers or accounting staff

LEARNING OUTLINE

A. GENERAL TOPICS

Topic 1: General Principles of Taxation

  1. Definition of Taxation
  2. Purposes of Taxation
  3. Principles of Taxation
  4. Systems of Taxation
  5. Situs of Taxation
  6. Types of Taxes
  7. The National Internal Revenue Code

Topic 2: Individual Taxation

  1. Individuals Required to File
  2. The Individual Tax Table
  3. Gross Income: Exclusions
  4. Gross Income: Deductions
  5. Exempted from Individual ITR Filing
  6. BIR Forms Used
  7. EXERCISE: Computing Individual Taxes

Topic 3: Corporate Taxation

  1. Definition and Types of Taxation
  2. Regular Income Tax Rate (RCIT)
  3. Minimum Corporate Income Tax (MCIT)
  4. BIR Form Used
  5. EXERCISE: Computing Corporate Taxes

Topic 4: Value Added Tax (VAT)

  1. Definition of VAT
  2. Liability for VAT
  3. BIR Forms Used
  4. Exercise: Computing VAT

Topic 5: Other Topics

  1. Escapes from Taxation
  2. Importance of Receipts
  3. Common Issues*
  4. Question and Answer

B. SPECIAL TOPICS

Topic 6: Business Tax – Value Added Tax

  1. Definition of VAT
  2. Liability for VAT
  3. Classification of VAT Transactions
  4. BIR Form Used
  5. Exercise: Computing VAT

Topic 7: Business Tax – Percentage Tax

  1. Definition of Percentage Tax
  2. Transactions Subject to Percentage Taxes
  3. BIR Forms Used
  4. Exercise: Computing Percentage Taxes

Topic 8: Creditable Withholding Taxes

  1. Definition of Creditable Withholding Tax
  2. Transactions Subject to Final Withholding Tax
  3. Difference between Final and Creditable Withholding Tax
  4. BIR Forms Used
  5. Exercise: Computing Creditable Withholding Taxes

Topic 9: Final Withholding Taxes

  1. Definition of Final Withholding Tax
  2. Transactions Subject to Final Withholding Tax
  3. Difference between Final and Creditable Withholding Tax
  4. BIR Forms Used
  5. Exercise: Computing Final Withholding Taxes

OUR PARTNER’S PROFILE

  • Certified Public Accountant (CPA)
  • MBA - Colegio de San Juan de Letran
  • Magna Cum Laude, BS Accountancy - Colegio de San Juan de Letran
  • Tax Accountant of the largest oil refining and marketing company in the Philippines
  • College Professor of Colegio de San Juan de Letran
  • Awards: Gerry Roxas Award for Leadership, Manuel Quezon Award for Leadership
  • Former Audit Associate of the largest professional services firm in the Philippines

UPCOMING PUBLIC TRAINING SCHEDULE

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