The BMBE or Barangay Micro Business Enterprise tax is a special tax privilege granted to qualified micro-businesses in the Philippines. Here's how to compute the BMBE tax:
Determine Gross Sales or Receipts:
Calculate the total gross sales or receipts of your micro-business for the taxable year. This includes all income earned before any deductions.
Apply Tax Exemption:
Determine if your micro-business qualifies for the BMBE tax exemption. To qualify, your business must meet the following criteria:
Total assets not exceeding PHP 3 million, excluding land value
Total annual sales or receipts not exceeding PHP 3 million
If your business meets the criteria, it is exempt from income tax and minimum business tax.
Compute the BMBE Tax:
If your micro-business does not exceed the threshold criteria and is eligible for the BMBE tax exemption, there is no BMBE tax to compute.
File BMBE Registration:
Register your micro-business as a Barangay Micro Business Enterprise (BMBE) with the Barangay Micro Business Enterprise Office (BMBEO) or Municipal/City Treasurer's Office.
Submit the required documents and complete the registration process to avail of the BMBE tax exemption.
Renew BMBE Registration:
Renew your BMBE registration annually to maintain the BMBE tax exemption status.
Ensure compliance with any renewal requirements set by the BMBEO or Municipal/City Treasurer's Office.
Keep Records:
Maintain accurate records of your micro-business's gross sales or receipts, assets, and other relevant information for proper documentation and compliance with BMBE regulations.
It's important to note that the BMBE tax exemption is subject to certain conditions and qualifications set by the implementing rules and regulations of the BMBE Law (Republic Act No. 9178). Ensure that your micro-business meets all eligibility criteria and complies with the requirements to avail of the tax privilege. Additionally, seek guidance from the Barangay Micro Business Enterprise Office or relevant authorities for specific inquiries regarding BMBE tax computation and registration.
Pahingi po sample computation. Salamat po.
ردحذفCan you elaborate what do you mean of compute the BMBE tax? also, in the RA 9178 as well as the DTI BMBE Online registration site, the only requirement is that the total ASSETS is less than 3 million, including assets from loans but not including the value of land which the business or equipment are located. And the renewal of BMBE is every 2 years.
ردحذفPlease revised your blog so it will not mislead your reader. Thank you.
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