New Business

Orientation
September 11, 2022
 How can we lower our income tax legally?
• Tax avoidance and tax evasion are the two most common ways used by taxpayers to
not pay taxes or pay reduced taxes.
• Tax avoidance is the use of tax-saving devices within the means sanctioned by law
and where the taxpayer acts in good faith and at arm's length.
• Tax evasion, on the other hand, involves schemes outside those lawful means that,
when resorted to by taxpayers, usually subjects them to civil or criminal liabilities in
addition to penalties and interest on the unpaid tax liabilities.

• To enjoy the benefits of tax avoidance – the business should ensure the following:
• All business expenses are supported with receipts under the name of Freakyfresh.
• Diligent to keep track of all the business expenses.
• We can also consider some personal expense in nature – but will need to be creative in recording
and reflecting it to our annual income tax returns and its attachments.
 Documents That Needs to be DISPLAYED in
the Place of Business
• DTI Registration
• Business Permit
• Brgy. Clearance
• BIR Certificate of Registration – BIR Form 2303
• BIR Registration Fee – BIR Form 0605

NO NEED TO DISPLAY BUT NEEDS TO BE IN THE PLACE OF BUSINESS

• Official Receipts
• Books of Accounts – updated at least quarterly
 Thank you!
For any questions/ queries, please let us know.