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Healing Eucharist Mass with Fr Fernando Suarez -...

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Healing Eucharist Mass with Fr Fernando Suarez -...
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Joined:Jul 19, 2009
by : FlipBooth on Nov 21, 2010
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Healing Eucharist Mass with Fr Fernando Suarez -...
Healing Eucharist Mass with Fr Fernando Suarez -...

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Healing Eucharist Mass with Fr Fernando Suarez -...

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News Report:

BIR targets sari-sari stores, for-hire trike owners and flower shops in tax drive

Sari-sari store owners, operators of for-hire tricycles and flower shop businesses are in the line of sight of the Bureau of Internal Revenue (BIR) campaign to curb tax evasion and plug tax leaks.

According to a recently issued a “Revenue Memorandum Circular” the owners of sari-sari stores, small eateries or carinderias, operators of single unit tricycles, and even farmers and fishermen are now required to register with the BIR and issue BIR-registered receipts and sales invoices.
The BOR said in RMC 7-2014 dated February 5, 2014 that these “marginal income earners or MIEs)” will be exempt from paying business taxes like the value-added tax (VAT) or any percentage tax and are also exempt from paying the annual registration fee.
An MIE is classified as such if its gross sales or receipts in any 12-month period does not exceed P100,000.
The BIR requires MIEs to:
  • register and maintain books of accounts (e.g. two-column journal or other simplified books for daily expenses and revenue);
  • file the Annual Income Tax Return using BIR Form 1701 and pay the income tax due.
To register as an MIE, the only two “minimal documentary requirements” are a sworn statement of income for the year and an NSO-certified or local civil registry birth certificate.
In a report aired on GMA News' “24 Oras”, “State of the Nation” and “Saksi” newscasts, Marisol Abdurahman reported that some sari-sari store owners and small business proprietors are not in favor of the BIR's move to require them to issue receipts.
They cite their minimal sales margin and debts incurred just so they could have capital to run their small enterprise, but there were some who accept their civic duty to pay taxes as required by law.

“Top flower shops”
The BIR also made public via last Wednesday's issue of some local broadsheets a list of “top 10 flower shops” which it had checked for tax payment compliance.
The BIR said only five of the 10 “declared their income tax dues for 2012” while three did not file any income tax return for 2012.
Two of the flower shops did not even secure their Taxpayer Identification Numbers (TIN), according to the revenue agency's preliminary findings. These shops, the BIR said, are Specialty Florists and Fruits in Bloom.
Of the five in the top 10 flower shops who declared their income tax due, those who had the highest taxes due are L. Carlos Florists (P117,538.58), Tecson Flowers (P92,570.87), and Flower Farm (P42,600.18).
The BIR learned that Spruce Floral Designs had an income tax due of only P6,993.00 while that for a certain Teddy Manuel is only P1,463.00.
The BIR also learned that florist Teddy Manuel “also manages weddings” though he has the lowest declared income tax due among the top 10 florists mentioned in the website spot.ph. — Earl Victor L. Rosero, GMA News

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