There are two documents needed to avail 0% tax, to be submitted on or before January 15, 2020. Be reminded that only those with annual cumulative income below Php 250,000 will be eligible.
1. Certificate of Registration (COR)
2. Sworn Declaration (SD)
- I have chosen 8% flat rate and Bibo is my only source of income.
Step 1 : Pay Annual Registration Fee
-All you need to do is simply fill out BIR payment 0605 form then pay Php 500 to an Authorized Agent Bank (AAB).
21. 500.00
-You may download payment form online but since I don't have a printer, I went directly to my RDO instead. I told them I'm going to pay for my annual registration fee (ARF). I was given 3 copies of 0605 form and advised me to pay on their authorized agent bank. I chose PNB.
- Our COR has no expiration but those who are unable to provide the payment by January 31 of the taxable year, may end up paying P5,000 to P20,000.
Step 2 : Notarized Sworn Declaration
- Print SD form and have it notarized. Fee is about Php150-250.
- You may also process this via PAO free of charge. Bring 2-3 copies of your SD and a photocopy of your I.D
- If you opted for 8% flat rate, you won't have to pay anything as long as your income will not exceed 250k.
Step 3 : Submit
You may now submit your docs online. I know many of you think it's a hassle but come to think of it. You will be tax-free for the whole year, and you will not have any worries about penalties in the future.
If you have any questions, don't hesitate to send me a message :)