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
|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 your business in Profits Tax Return - Persons Other Than Corporations (BIR52).
How to report, please see
- Profits Tax
Includes information on what constitutes assessable profits, basis period, exemption and deductions.
- Two-tiered Profits Tax Rates Regime