How Employees Can Benefit from Tax Seminars in the Philippinesby jon | March 20, 2019
How can employees benefit from a tax seminar in the Philippines?
- Learn the basics
- Know about the confusing BIR forms
- Learn about tax schemes
- Gain knowledge about your pay slip deductions
As an employee, you may wonder where the negative numbers of your payslip come from, why they are deducted, and where do they go. You may even be confused about all the BIR Forms that you see in the office. Fortunately, tax seminars in the Philippines always cover everything you need to know to get up to speed with taxes and the tax system. Let’s explore an overview of the scope and general coverage of a typical tax seminar:
Learn the Basics
You may start your job and go throughout the course of your career without any knowledge about taxes or some of the taxes you pay for. Tax seminars in the Philippines will provide you with the necessary knowledge about everything that concerns taxation, tax, and the national tax system. There’s no better way to learn about taxes than to acquire knowledge about the basics.
Learning the basics may even guide you through the topics they talk about during the tax congress in the Philippines. You won’t be left in the dark once you get a run down. The definition and purpose of taxes, compensation benefits, withholding tax, percentage tax, final tax, and BIR forms are typical terms that will be discussed. From then on, you can grasp the idea of how the tax system in the country revolves.
Know About the Confusing BIR Forms
As an employee, you may have received your BIR form 2316 or have come across a number of BIR forms with different codes. These forms and their perplexed codes may lead to confusion, especially to employees who have no idea what these forms indicate or mean.
Learning about the various forms that are available at the Bureau of Internal Revenue offices is an important topic that most tax seminars will cover. Basically, every tax form is identified by their code. For example, your BIR Form 2316 indicates that your income is already subject to income tax. This also ensures the employee that he/she is paying the right amount of deductions made by the employer. Another important tax form that is usually linked to the BIR Form 2316 is the BIR Form 1700; this form is for those who receive income based on pure compensation.
A typical topic of interest when talking about BIR forms are the sales tax forms. Understanding VAT related forms may be one of the most confusing as their codes may be somewhat similar. An example of a VAT form that may perplex many is the BIR Form 2550M and BIR Form 2551.
Learn About Tax Schemes
Those who have even the slightest background or knowledge of taxes may know about direct and indirect taxes. But other employees may not even know about these fundamental topics of taxes. It’s true that these topics are part of the basics, but not common knowledge to many, even for employees of a company.
The employer shouldn’t be the only one adept at topics about flat rate VAT schemes, annual accounting schemes, and cash accounting schemes. Employees should also acquire some amount of knowledge about these concepts. This may even help employees know more about their company and how their process works.
Rest assured, you’ll leave the tax seminar knowing more than a thing or two about personal taxes and other business taxes.
Gain Knowledge About Your Pay Slip Deductions
If you’re oblivious about where your deduction goes, you definitely need to attend a tax seminar in the Philippines. It’s essential to find out where your money ends up once you’re taxed. After attending a tax seminar, it will no longer be a mystery why a fraction of your income is deducted every time you check your pay slip. By chance, you could even catch up on the latest discussions at tax congresses in the Philippines.
This area or topic about taxes should not be ignored by employees. Unbeknownst to an employee, they may be eligible to claim a tax deduction. This will not only give you peace of mind but will help you learn more about the economic status of the nation.
It may be beneficial for employees to attend a tax seminar to clarify any confusions about deductions, VAT refunds, and passive taxes. Learning about all the BIR Forms that you may be presented with during your career will help you understand the purpose of these forms.
Now you’ll know what you’re paying for and where your money goes when you see those income deductions. Usually, your HR department will schedule or invite tax professionals to present in your company. If they do, better take the opportunity to learn.