Are you an online seller and are having difficulties following the new Bureau of Internal Revenue (BIR)’s recently issued tax regulations? If you are, then this post is for you!
The BIR has issued Revenue Regulations No. 16-2023, which sets out guidelines on the imposition of withholding tax on gross remittances by electronic marketplace (e-marketplace) operators and digital financial services providers to online sellers/merchants, in connection with goods and services sold or paid through the former’s platform/facility.
The regulations started to take effect last January 12, exactly 15 days after its publication in the Manila Bulletin on December 27, 2023.
Providing essential support to online sellers
The implementation of a one per cent withholding tax on online sellers was initially set by the BIR on April 14, 2024, but it has since been moved to July 14, 2024, to allow electronic marketplace operators to better adjust to the changes brought about by the new revenue regulations.
To address this need, Taxumo is stepping up its efforts to provide essential support to online sellers who are still grappling with the BIR’s new tax regulations and extended compliance deadlines.
With the BIR’s recent initiatives to formalize tax obligations for online sellers, including the latest extension announced in RMC No. 55-2024, Taxumo aims to simplify the tax compliance process, ensuring that Filipino entrepreneurs can focus on growing their businesses without the added stress of navigating complex tax requirements.
Understanding that tax obligations can be daunting, Taxumo is committed to demystifying the process for online sellers.
To this end, Taxumo is offering a free Tax 101 session specifically designed to help online entrepreneurs understand the basics of tax compliance, including how to issue receipts, understand the 1% withholding tax, and determine the most budget-friendly tax rate options for their businesses — whether be it for a Non-VAT or VAT entity, or to go with the 8% or graduated tax rate and which deduction method (OSD, or Itemized) should they use.
Free tax education to empower entrepreneurs
Taxumo’s free Tax 101 sessions are crafted to equip online sellers with the knowledge and tools necessary to handle their tax obligations confidently. “We understand that many online sellers feel overwhelmed by taxes, and some even hesitate to register their businesses with the BIR,” said Ginger Arboleda, Co-Founder at Taxumo.
“Our goal is to remove these barriers by providing clear, straightforward tax guidance that supports the growth and sustainability of online businesses,” Arboleda further stated.
Book your free tax session today
Online sellers interested in taking advantage of this free resource can book their Tax 101 session directly through this calendar link here. These informative sessions will cover essential topics such as basic tax principles, proper form filing based on the seller’s tax profile, and strategic planning for tax compliance.
This Press Release has also been published on VRITIMES