Or you might need to get a Pag-IBIG housing loan to buy your dream home. Someday, you might have to purchase a car through an auto loan from the bank. Even if you don’t need a loan right now, you might do it in the future. Having an ITR shows lenders that you’re earning enough income and thus can pay back your debt.Ī simple document like an ITR can help you meet your urgent cash needs and long-term financial goals. The ITR can serve as proof of income for self-employed Filipinos without payslips. Access to loans and credit cardsĪn ITR is one of the financial documents usually required for loan and credit card applications. You don’t have a choice if you’re an employee because your employer withholds your taxes through salary deduction.īut ignoring your tax obligations is tempting if you’re self-employed.Īre you having second thoughts about fulfilling your taxpayer duties? The benefits of having an ITR in the Philippines might convince you otherwise. Would you go through the pain of tax filing and payment or spare yourself the trouble? Not to mention the amount of effort (and killer math skills) that tax preparation entails. That’s like spending 21 eight-hour workdays or roughly a month to comply with the law. For instance, it took about 171 hours to prepare and pay taxes in the country in 2019, based on World Bank data 1. Filing and paying taxes is a time-consuming and complicated process in the Philippines.
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