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koyut
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« on: Jul 07, 2005, 06:15 AM » |
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do you guys report your online earnings to the BIR? Other info's about taxes on your online profits? know any laws governing these kinds of practises?
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PinoyMoneyTalk.com Forum
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« on: Jul 07, 2005, 06:15 AM » |
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FutureGizmo
I think therefore iPod
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Life's too short for not taking chances~
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« Reply #1 on: Jul 07, 2005, 08:28 AM » |
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i've been doing research on this too, kasi baka mamya maging problema ang taxation sa atin. i'm no tax expert but i studied taxation laws during undergrad, so kung meron mang tax expert jan (or me kapamilyang taga-BIR), let us know the details related to income in online opportunities. pag lumaki na tong discussion natin, i'll make a separate folder for this.
anyway, as far as i know, the basic law of taxation apply. if you are a resident philippine citizen (ie, currently residing in or have lived in the philippines for some time), you are required to report ALL your earnings to the BIR, not only those acquired domestically, but also worldwide (dito pumapasok yung income sa internet). depending on the investment program you are earning income, it can be categorized as interest income or capital income or simply other income. iba-iba yung treatment ng law sa iba't ibang klaseng income, so better ask an expert about this.
for non-resident citizens (like me), we're required to pay taxes only on income acquired in the country where we are in. i already forgot though how to treat income acquired somewhere else and how taxes would be computed for that. tsk tsk, i should listened closely to my tax prof noon para alam ko na to ngayon.. hehe
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Bentong
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« Reply #2 on: Jul 07, 2005, 09:13 AM » |
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Magandang topic ito.. "Medyo" Mahigpit pa naman ngayon ang BIR regarding tax collections... Ang naiisip ko lang dito eh, hindi pa naman masyadong sikat sa Pinas ang online investing kaya siguro wala pang mga katulad natin ang nagbabayad ng Tax from earnings from this.. anyway wala din akong alam kung anong Tax laws ang applicable regarding this.  |
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"It is not whether you are right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong.”
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Adon
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« Reply #3 on: Jul 07, 2005, 04:51 PM » |
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Huwag na tayong magbayad nang tax.Ibubulsa lang yan nang mga government officials.Hirap na nga tayong mga nasa middle class sa pagbabayad ng buwis.Mapapaiyak na nga ako pag payday eh sa laki ng tax ko. Ok lang sana kung meron man tayong makitang improvements,eh anong nakikita natin pro lang batuhan ng mga baho nila,kahit na bulok na issue e huhukayin pa para lang merong ibato sa mga kalaban nila.Ito pang extra na natin to. Sorry ha got carried away kainis kasi!
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Bentong
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« Reply #4 on: Jul 07, 2005, 06:25 PM » |
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IMO, as of now pwede talagang wag na muna tayo magbayad ng tax :lol: kasi hindi pa naman aware ang government natin about this earning opportunity, pero once na malaman na nila ang tungkol dito malamang mag-amend agad sila sa Tax Laws natin at obligaduhin tayong magbayad yun lang...
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"It is not whether you are right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong.”
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FutureGizmo
I think therefore iPod
Administrator
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Life's too short for not taking chances~
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« Reply #5 on: Jul 07, 2005, 07:05 PM » |
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ang problema e retroactive ang taxes. pag nakasuhan ka ng tax evasion, kahit after 5 years from now, pede nilang balikan tong taon na to at baka gamitin pa nila tong forum bilang ebidensiya laban sa atin. hmm katakot hehe.. basta, the best way to avoid prosecution is to pay the correct taxes but if you can think you can get away with it, well, it's your choice |
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gjallar
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« Reply #6 on: Jul 07, 2005, 09:58 PM » |
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its best to pay your taxes. but consult a tax expert to minimize your taxes. kuha kayo ng matinong retainer. like FG said, pag nakasuhan kayo ng tax evasion, babalikan ang mga nakaraang years niyo. gugulo pa. for me, although mas gusto ko na tama ang pupuntahan ng taxes ko, okay na rin na nagbayad ako kahit kung saan-saan napupunta ang taxes ko. wala na sila mailalaban sa akin kasi i did my part. and i have the personal satisfaction of not sinking to their level. :wink: tulad ng sinabi ni rma on another thread, may babalik sa atin in the future depending on what we do now. keep yourself as tight and as clean as possible. paperwork lang ang papatay sa inyo sa case na ito, so prepare your paperworks now. |
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teka lng... isip pa ako.
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koyut
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« Reply #7 on: Jul 08, 2005, 06:56 AM » |
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wow daming nag post agad... add pa kayo nang relevant info dyan mga guys... diba may mga na ung tax sa mga payment processors?
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Bentong
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« Reply #8 on: Jul 08, 2005, 02:58 PM » |
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Well ang problema ko kasi ay hindi ko alam kung papano ko ide-declare tong earnings na to at magkano ang ibabawas... Tama nga si Gjallar dapat mag-consult na lang muna tayo. Malamang sasabihin na lang natin na galing sa online investments..
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"It is not whether you are right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong.”
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santino
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« Reply #9 on: Jul 08, 2005, 06:44 PM » |
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I consulted my family accountant regarding taxes and online investments. I wanted to have an ITR to establish a good credit standing. Gusto ko sana umutang sa banko.
She said that since we are bringing dollars to the country we can be considered as OFW's where earnings are tax exempted when entering the country. To support this, she contacted BIR and she was informed that they have already tax mapped people with online earnings before, and they said it is non-taxable.
But then again, OFW's are already taxed by their employers so the exemption only applies to the dollar remittance to the Phils. Tayo wala talaga.
Anyway IMHO yung may mga earnings sa EGold. Hindi na taxable yun kasi goods naman yun eh. Pero once iconvert nyo yan sa cash at pumasok sa banko nyo then that's where all these tax issues begin.
Just my two cents...
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Bentong
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« Reply #10 on: Jul 08, 2005, 06:50 PM » |
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IMO, taxable pa rin kasi nga income mo yun eh...  Hay nako kahit medyo nakakawalang gana magbayad ng tax magbabayad na nga ako, kaya lang kasi hindi ko naman nakikita or nararamdaman ang mga taxes na binabayaran ko.. Dito nga sa office namin lahat ng empleyado ang tax ang laging nakakapanlumo kasi ang laki talaga ng nababawas sa sweldo namin..  |
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"It is not whether you are right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong.”
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a_lacsa
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« Reply #11 on: Jul 08, 2005, 08:11 PM » |
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student palang ako.. ala pa ako trabaho..
exempted ba ako sa tax?
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koyut
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« Reply #12 on: Jul 08, 2005, 08:15 PM » |
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I consulted my family accountant regarding taxes and online investments. I wanted to have an ITR to establish a good credit standing. Gusto ko sana umutang sa banko.
She said that since we are bringing dollars to the country we can be considered as OFW's where earnings are tax exempted when entering the country. To support this, she contacted BIR and she was informed that they have already tax mapped people with online earnings before, and they said it is non-taxable.
But then again, OFW's are already taxed by their employers so the exemption only applies to the dollar remittance to the Phils. Tayo wala talaga.
Anyway IMHO yung may mga earnings sa EGold. Hindi na taxable yun kasi goods naman yun eh. Pero once iconvert nyo yan sa cash at pumasok sa banko nyo then that's where all these tax issues begin.
Just my two cents... its nice to hear that... more info pa please para sa atin din to... ps. nakita nyo naba yung mga bagong news... parang nagkakawatakwatak na ang pilipinas.... |
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a_lacsa
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« Reply #13 on: Jul 08, 2005, 08:18 PM » |
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oo nako nakakalungkot..
but at the same time, kahit mejo masama e mejo ok sa akin. dahil tumataas ang dollars. sana lang nde na maulit yan.
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FutureGizmo
I think therefore iPod
Administrator
Offline
Posts: 6,288
Life's too short for not taking chances~
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« Reply #14 on: Jul 08, 2005, 09:53 PM » |
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student palang ako.. ala pa ako trabaho..
exempted ba ako sa tax? posible. me minimum taxable income kasi at unless ang online income mo e mas malaki dun, nde mo kelangang magbayad ng income tax. nde ko lang alam kung magkano na ang minimum taxable income, dati alam ko parang P50-60k a year. pero yun nga yung problem, kung panu nire-recognize ang online earnings. kasi kung investment ang tingin sa hyips o online income opportunities at kumikita ka ng "interest," taxable na agad ang interest. ok yung info na bigay ni santino, sana totoo nga na non-taxable ang online income. try ko rin basa sa BIR site baka me info sila about this. |
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