Profits Tax - What you need to know as a Self-Employed

Tax Information : Individuals : Profits Tax - What you need to know as a Self-Employed
	Profits Tax - What you need to know as a Self-Employed
		Am I a self-employed person
		What are my tax obligations as a self-employed
		Which tax return is for reporting my business profits / loss and how to report
		How Profits Tax is computed
		Can I pay less tax by electing Personal Assessment
		What should I do if I disagree with the tax assessment
		What should I do if I wish to apply for holdover of the provisional tax
		Related Information and Pamphlets

Which tax return is for reporting my business profits / loss and how to report

1.	Sole Proprietorship throughout the basis period for that year of assessment You should report the profits / loss of all your sole proprietorship businesses in Part 5 of your Tax Return - Individuals (BIR60).

2.	Partnership, or Partnership changed to/from Sole Proprietorship during the basis period for that year of assessment You should report the profits / loss of all your business in Profits Tax Return - Persons Other Than Corporations (BIR52).

How to report, please see

Tax Reporting for Profits Tax (Sole Proprietorship & Partnership)

How Profits Tax is computed

See Profits Tax
	Includes information on what constitutes assessable profits, basis period, exemption and deductions.

Related Information and Pamphlets

See

Pamphlets: Profits Tax

Public Forms: Profits Tax

2003 | Important notices | Privacy policy Last review date: 2 May 2012