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Business No Income But Needs to be registered

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1 Business No Income But Needs to be registered on Tue May 23, 2017 9:29 am

lordzden


Arresto Menor
Hello po,

I wanted to register my business but I am currently not earning from it. Is there a law that protects me from being taxed by BIR while my business is still on start-up process?

Have you heard of the micro-business or barangay business?

Salamat po.

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lukekyle


Reclusion Perpetua
no taxes if no income but registration fees still need to be paid

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Jadis

avatar
Reclusion Perpetua
lordzden wrote:Hello po,

I wanted to register my business but I am currently not earning from it. Is there a law that protects me from being taxed by BIR while my business is still on start-up process?

Have you heard of the micro-business or barangay business?

Salamat po.

How are you paying taxes now?

You have to first register as a Barangay Micro Business Enterprise, provided that you qualify. You might not be able to ask for exemption from tax liability and reporting (even if you earn 0 income, you still have the obligation to report this to the BIR), but for future income, you may.


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Lunkan


Reclusion Perpetua
Yes AND register to BIR and get approved acounting books and reciepts to avoid risks for punishment fees.

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