Something About Taxes

1. Upon registering your corporation, branch office or business with the Philippine Bureau of Internal Revenue (BIR), you will be required to attend a seminar that will orient you on your company’s basic tax obligations in the Philippines.
2. Registration fee is equivalent to Php 500.oo which is a fee that needs to be paid every year, on or before January 31 using BIR Form 0605, as a renewal of one’s BIR registration.
3. As a general rule, income tax rates for corporations in the Philippines are at 30% of net taxable income, while the optional standard deduction rate, which can be used in lieu of itemized deductions, is 40% of the company’s gross income.
4. Businesses are required to withhold taxes from their building lessors (5% of total monthly rent), hired freelancers (10–15% for professionals and 2% for subcontractors), and regular employees (rates depend on salary), and remit these taxes to the BIR every month. The BIR Form 2307 should be issued to these withholdees to serve as their proof of creditable income tax withheld at source.
5. There are two kinds of businesses in the Philippines:
• Value added tax (VAT) payers 
• Percentage tax payers, or non-VAT 
6. These persons are REQUIRED TO FILE VAT (Value-Added Tax) RETURNS:
• Any person or entity who, in the course of his trade or business, sells, barters, exchanges, leases goods or properties and renders services subject to VAT, if the aggregate amount of actual gross sales or receipts exceed One Million Nine Hundred Nineteen Thousand Five Hundred Pesos (P1,919,500.00).
• A person required to register as VAT taxpayer but failed to register.
• Any person, whether or not made in the course of his trade or business, who imports goods.
7. VAT payers are required to pay monthly and quarterly sales taxes equivalent to 12% of their gross sales using BIR FORM 2550-M (monthly) and 2550-Q (quarterly) for VAT on or before the 20th day of the following month (monthly) and the 25th day after the close of the quarter (when applicable).
8. NON-VAT payers must pay 3% monthly sales tax using BIR FORM 2551-M (monthly) for non-VAT on or before the 20th day of the following month (monthly) and the 25th day after the close of the quarter (when applicable).
9. Users of the eFiling and Payment System (eFPS) usually have their due dates set one to five days after the manual payers, depending on the industry that their business is engaged in.
10. For manual taxpayers, if deadline falls on a Saturday, Sunday or a holiday, deadline is on the next business day.
11. Payments should be made at authorized agent banks within the revenue district under which your business is registered BECAUSE payments made in banks outside your own revenue district will be subject to 25% penalty.
12. APRIL 15 is the deadline for payment of the Annual Income Tax return.

References:

http://niat.edu.ph/when-is-late-considered-late-in-filing-bir-returns/ 
http://payrollhero.ph/bir_taxes
https://www.bir.gov.ph/index.php/tax-information/income-tax.html
https://en.wikipedia.org/wiki/Bureau_of_Internal_Revenue_(Philippines)
http://www.dayananconsulting.com/brief-overview-bir-filing-rules-philippine-corporations/
http://www.entrepreneur.com.ph/board/index.php?topic=87655.0
https://www.youtube.com/watch?v=nEkSZtKuRjQ