Jerry Vale R. Garcia Accounting Office

24/07/2025

17/07/2025

The Department of Finance (DOF) on Thursday clarified that the Capital Markets Efficiency Promotion Act (CMEPA) does not impose a new tax but standardizes the tax rate on interest income to correct an unfair system that favored the wealthy.

In a statement, the DOF said under CMEPA, the tax on interest income was set at 20 percent to simplify compliance, eliminate confusion, and level the playing field for all Filipinos.

Source: https://www.pna.gov.ph/articles/1254503

17/07/2025

FYI ‼️‼️ Please READ and be cautious to clickbait and misleading posts.

It's NOT a 20% TAX on REGULAR SAVINGS ACCOUNT ❗️

It's a 20% TAX on the INTEREST INCOME the following:

LONG-TERM TIME DEPOSITS
LONG TERM PESO-BONDS/INVESTMENTS

So, if you're just an ordinary citizen having a regular savings account on a bank, you're not affected.

I hope all the persons reacting and sharing hate posts and comments really understand the RA 12214 and do have their long-term time deposits and long-term bonds/investments.

Send a message to learn more

14/04/2025

1 DAY LEFT!

Pay as you file!

With the deadline fast approaching, the BIR is reminding taxpayers to pay their exact 2024 Annual Income Tax on the day of filing their Return.

Deadline: on or before April 15, 2025.

Don't know how to file your 2024 Annual Income Tax Return (AITR)?

Watch our webinars to learn how.

Webinar on AITR Filing & Payment - Employees Earning Purely Compensation Income & Mixed Income Earners: https://tinyurl.com/EmployeesMixedIncomeEarners

Webinar on AITR Filing & Payment - Self-Employed Individuals & SoleProprietors: https://tinyurl.com/SelfEmployedandProfessionals

Webinar on AITR Filing & Payment - Corporations and Partnerships: https://tinyurl.com/CorporationsandPartnerships

18/03/2025

28 days remaining!

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11/03/2025

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PAY AS YOU FILE!

Pay your exact 2024 ANNUAL INCOME TAX on the day of filing your return.