Friday, April 12, 2019

How to Update COR if you Opt for 8% Income Tax Rate



This is for self-employed taxpayers with quarterly percentage tax on their COR.  Updating is applicable in the initial quarter of the taxable year. If you opt for 8% income tax rate, tax dues will always be zero but you still have to file quarterly percentage tax return (2551q) unless you updated your COR.

Step 1 : 

Fill out 2 copies of form 1905. Mark appropriate boxes with an "X".


"others" was filled by the BIR



Step 2 : 

Submit the form together with your original COR. Tell the officer that you are opting for 8% income tax rate. They will give you a copy of the form you've submitted then wait for your updated COR.


Step 3 :

Receive your updated COR and that's it!
If qualified and opted to avail of the 8% income tax rate, the filing of quarterly percentage tax return is not required for the current taxable year the option was made.

Some say this step is not necessary but I decided to do it to avoid confusion in the future. Updating  is free and easy anyway.  If you have any questions, just let me know :)



9 comments:

  1. Paano po malalaman sa COR ko na nka 8% flat rate na ako

    ReplyDelete
    Replies
    1. Pa-update mo sa rdo mo. May idadagdag na note sa baba na you opted to 8%

      Delete
  2. I would like to thank you for the efforts you have made in writing this article. I am hoping the same best work from you in the future as well. Thanks
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    ReplyDelete
  3. panu kung once a month ang salary how to fill sa mga journal

    ReplyDelete
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    ReplyDelete
  5. Nakalagay po ba under Tax Type (s) ang 8% flat rate or nasa reminder/notes sa baba

    ReplyDelete