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7 Things Professionals Should Know to Prepare For PRC Resolution Requiring All Professionals To Show Their Income Tax Return ITR


All PROFESSIONALS ARE REQUIRED TO PRESENT THEIR LATEST INCOME TAX RETURNS ITR WHEN RENEWING THEIR PRC LICENSES



7 Things Professionals Should Know to Prepare For PRC Resolution Requiring All Professionals To Present Their Income Tax Return

1.    This is part of the government’s drive to increase its revenue take from self-employed professionals to widen its tax base and increase overall tax effort. 

2.    Self-employed individuals, small business owners, and professionals (SEPs) whose annual income tax payments average below P200,000 are priority audit targets.

3.     PRC will just issue a resolution requiring all professionals to present their income tax returns.  If there will be no legal restrictions, this can be effective immediately.

4.    Professionals working as an employee will just ask your employer to give you your BIR form 2316. Bir form 2316 is the income tax return of employees.

5.    Professionals will be required to register their business so they can file their income tax return.

6.    If you have unsettled obligations with the BIR and you want to register your business, you will be required to settle all your obligations before they will accept your application.

7.    The government will have a more updated data of the average income tax of all professionals.  This will help the government to create more regulations to increase the tax collections from professionals.


All PROFESSIONALS ARE REQUIRED TO SHOW THEIR LATEST INCOME TAX RETURNS ITR WHEN RENEWING THEIR PRC LICENSES

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