The Bank of the Philippine Islands (BPI) has partnered with Taxumo, an end-to-end online tax assistance platform, to host a series of free BizTalk learning sessions about taxation across its different branches in the Philippines.
The latest online taxation report from online tax filing and payment platform Taxumo has revealed important movements of online tax payments in the Philippines during the first year of the Marcos Jr. administration.
Based on the data collected from Taxumo’s user base in 2021, 43% of the total amount collected are from sole proprietors, highlighting the contributions of small businesses and independent contractors to post-Covid economic recovery.
Taxumo stressed, however, that a larger percentage of working people saw their incomes go down, with 67.1% of taxpayers on Taxumo declaring a 49% decrease in their incomes.
According to a report from online tax filing platform Taxumo, 30.3% of Filipino online taxpayers declared totally no income during the lockdown. However, 19.1% of online taxpayers also reported an increase to their monthly income.
Local tax filing and payment website Taxumo is holding free online sessions to help self-employed professionals and entrepreneurs who are now struggling to cope with the “new normal”.
To help Filipino doctors and medical professionals with their tax obligations, Taxumo is now offering free use of its tax filing and payment service for two months.
With the income tax filing deadline extended to May 15, 2020, many Filipinos who are stuck at home because of the public health situation can pay their taxes early via the Pay Bills section of the PayMaya app on their phone.
The report paints a more positive picture of the fast-growing freelance workforce who are proving to be more empowered and accountable with their finances, starting with becoming registered with the BIR and filing their taxes diligently.
