Today’s the deadline of filing of income tax returns both for corporate and individual taxpayers. Make sure you file today kasi sayang ang bayad sa penalty.
New tax form. I wonder how less educated people are able to follow this. It looks daunting at first. I hope it’s simplified not to overwhelm simple taxpayers.
All our accountants are puyat, kasi naman as early as January, we’ve already reminded them to start making the financial statements na so that they don’t cram towards the deadline. They think, ah matagal pa ang April 15, Pero syempre all of us are busy with other things, with current transactions, kaya before we know it, deadline na.
There are voluminous reports businesses have to submit weekly, monthly, quarterly, annually. There are a lot of new requirements, new forms, from BIR, SEC, munisipyo, VAT-audit kaya we had to hire more bookkeepers and accountants just to keep up with government-required reports. My colleagues in the different business organizations are also complaining about this things. Salary is not cheap. Three people earning 15,000 a month translates to 650,000 a year additional payroll expense including mandatory benefits. Add more tables, chairs, filing cabinets, the water they flush, more aircon and the electricity they consume, etc. They all add up. How many cars do we have to sell to earn additional P650,000 just to hire 3 junior bookkeepers? To add one janitor alone would increase the annual expense of the company to almost P200,000. That’s how big the cost of doing business is.
It’s hard to keep costs down.
When Mazda Makati was starting, I seriously considered hiring an SGV affiliate to do our recording and bookkeeping. I met with them a few times but I decided against it because our transactions were a bit complicated. Hindi pwedeng once a week lang pupunta to get the vouchers, receipts, etc. And of course, medyo I found their fees a little stiff during that time.
When Makati Ford was starting, I again thought of hiring them, pero tila wala na sila. I hired a big accounting firm (not SGV) to make sure all our recording are accurate. Naku, I never saw their accountant come here. Gusto i i -email lang. Gusto ko naman, chine-check nila talaga. Ayun, I cancelled our contract. I like their boss, mabait, pero since they handle hundreds or thousands of clients, maybe they no longer have time to really check each and every record.
They have celebrity clients din who give them blank checks daw.
Several years ago, we contracted SGV for Ford EDSA. Ang galing nga nila, there were several people that came almost everyday. SGV is not cheap kaya we didn’t renew na the contract.
We have an accounting system called Dealer-Pro. Although it’s not fully integrated, it helps dealers keep up with the complicated and voluminous recording of transactions If done correctly, they can churn accurate reports.
A bit of information:
I used to think that because taxes are withheld from the salaries or allowances we receive, that would equal na the amount of personal income tax that we have to pay. Hindi. so please remember this para you will have no tax liability. 32% yata ang tax, what’s usually withheld is only 10%. So kulang pa. When you look at the amount you still have to pay after the taxes withheld were deducted, do not feel bad. True, nakaka hinayang lalo na hindi naman malaki ang mga kita natin, pwede ka ng mag-shopping. Think of that as your contribution to our country. Iniisip ko na lang, parang bayad ko yun pag-gamit ng kalye, ilaw sa kalye, pang sweldo sa mga teachers, sa magwawalis sa kalye, sa Pag-asa for informing us when there’s bagyo, sa DSWD,sweldo ng mga Police. Okay lang as long as our taxes go to the right purpose. Huwag sa PDAF, huwag sa Hermes bag ng mga chika babes ng mga opisyal. Chicka babes- I learned those words last night. Narinig ko sa TV. Medyo baduy nga lang.
