It was certainly one of the nicest conversations over lunch last week when we got to be in the midst of Tax Whiz Mon Abrea (the Chairman and CEO of Asian Consulting Group) and Jose Magsaysay Jr., a founding member of Association of Filipino Franchisors, Inc. and owner of the country's favorite fries, Potato Corner.
Fresh from the US and his Harvard Kennedy School studies, Mr. Abrea started telling us about how excited he is about the upcoming International Tax Conference in the Philippines entitled BEYOND BORDERS which will be hosted by the Asian Consulting Group (ACG) which he heads. It will be held on the 15th of June 2023 at I'm Hotel in Makati Avenue, Makati City. Issues regarding global taxes, best practices, local and international regulations, policies, it's digitalization will be discussed by esteemed experts and leaders from across the globe. Speakers include those from The World Bank, Asian Development Bank, the International Monetary Fund, United Nations Office on Drugs and Crime, OECD, Department of Budget and Management and the Senate.
Mr. Magsaysay also shared anecdotes about how he started the very successful Potato Corner and how they also weathered the pandemic. To say the least, his story was really inspiring, including the reason why he's supporting Mr. Abrea and his initiatives.
Mr. Abrea also feels this would be beneficial for those in government institutions, private corporations since it will include third party organization with real concrete data not driven by personalities or politicians. Information about the Philippines will be presented (I heard) without prejudice.
Surely, it'll be interesting to hear about that as well. If you're interested, you may get in touch with them via itc@acg.ph or their contact number 09176278805.
Paying taxes hasn't been something people love on face value. For starters, it's complicated, it takes a LOT of effort, expensive, and not to mention you don't really have that much motivation because of politics, or corruption and just base it off just by being a responsible citizen and hope your taxes won't go to waste in this country.
The Asian Consulting Group (ACG) has recently launched an update for the TaxWhizPH App. In a nutshell, this is their version 2.0. This app can compute your taxes with up to date rates and policies. It also guides you to take photos of your receipts, so in case there's need to file for VAT transactions and come tax time, you'll be notified when to pay as it's got calendars for it. The app was developed by ACG and for those who don't know, President Nadine Lustre had a hand for the creative part of this app. She's quite involved since the start and now that it's released, she's quite happy with it.
Nadine was game answering several questions about the app, and how she manages working with the ACG team, and her businesses. She personally knows how hard it is for an ordinary joe to file taxes and glad that ACG and the TaxWhizPH app can help a lot of people.
Mon Abrea also launched his new book IWAS BUWIS-it 2022. This is a step by step guide on how to file taxes including those who are into YouTube, the influencers, and businesses. We asked Mon about how he feels about recent news of politicians not paying taxes, I like what he said about it as it MAKES TOTAL SENSE. Check out our coverage of the event on this video.
Currently, the app is available on beta and can be downloaded through QR code on Android. Please make sure to follow the ACG social channels for updates about it or check the Google Play Store. It's also FREE which means you don't have to pay to use it. You can also talk through chat, email as they've got support for that too. The book is going to be available through ACG and leading book stores nationwide, you can pre order through them or National Bookstore. See? There are a lot of people who still care about the country, and now this would make it easier to do our part as citizens.
Bea Binene, one of GMA’s brightest stars is the new face for the TAXWHIZPH Mobile App. It is an all in one app that provides taxpayer assistance inside the app. It does automatic tax calculations, updates your tax calendars and the thing also files tax returns electronically.
Mon Abrea, author of Got A Question About Taxes books and person behind TAXWHIZPH App
Tax Whiz and expert Mon Abrea from Asian Consulting Group says “I do sincere and real content and even if my followers are a few, they are game changers, senators. We are a social enterprise ready to help the clueless or people who are given the wrong advice. This is the time where we need to work together. You just have to approach our associates and you’ll get help from them and the government agencies. When it comes to business we all want to save from taxes, through legislation we should take off renewals, just pay and make it easy to do business. Whoever you are, doing it in mobile services should suffice, looking forward I hope government agencies would help. Here, we even adapted a 4 day work week. People now have more time with family, even some work at home just as long as deliverables are met. Productivity is on top, honesty too, it includes people, it includes you. You don’t have to fear paying taxes or start something new.”
He also lauded Bea and says “Not all celebrities do that but she did it personally. It is important that people do not fear it.”
The app also captures information on receipts to extract TIN numbers, name, address, date and amounts. Your returns can be filed through it so you get seamless processing of your papers. Soon, they will also include mobile payment options so you can transact with partner banks. The app also assists you in choosing the specific form you need in order to pay the correct taxes, generate and prepare your return documents. If you also plan to put up business, they can help you decide income and business tax procedures plus Asian Consulting Group’s publications and monthly seminars. It also reminds you of deadlines so you pay the right amount of taxes when it’s time to do so.
Bea Binene says “Aside from acting, I also am into business. Mix and Brew Coffee just launched a few months ago. We have our own blend, local ones and international ones. We are armed by coffee science, our baristas are also skilled and we are in popups and soon we will be in a mall.”
She adds “I started in a franchise expo, I met him (he was a speaker) and thought he’s an expert in taxes so it was nice to see them in that place. They personally assisted us and they explained to us everything. We feel BIR is the enemy, but they explained where it goes, when and where receipts are issued. To know when it is VAT and NON VAT, to claim and encourage people to collect receipts and save a lot in taxes. Now I have peace of mind, even though I don’t have a big business yet. It is better to be safe rather than end up with cases against BIR on TV for the whole world to see. Here in ACG you will see how you can do it legally, there are resolutions to tax issues and their advocacy is real.“
Go download the app on the App Store and Google Play then subscribe to the service today. It would be but proper that you start paying for your taxes and if all you need is proper guidance, you can start with this app. It’s also completely free, all thanks to ACG and their partner government agencies Filipinos now have a place to go to when asking questions about taxes!
Just a few weeks ago, the lower house ratified the new health reform bill that would change the lives of thousands of Americans. This has been the battle cry of the current regime and they were working on it since day 1. He heard the public and he wants change to happen once he gets elected into office. I guess he did stick to his words and have done a lot more. I know how the first time home buyer tax credit has helped a lot of citizens in the past months.
Who doesn't want to have their own place to live?! Shelter has been a necessity since the Stone Age and it isn't anything different now. The situation I think has been doubly hard because of the economic struggle the market has been experiencing. I have some reservations on getting loans from institutions that do not know the real situation out there. Good thing there is available $8,000 tax credit for first time home buyers. This is a good thing for people who just got their jobs and their jobs back. It would relieve them of worrying about getting that needed home. The amount of $6,500 on the other hand will be given to those currently residing in their own homes for about 5 to 8 years. The deal is submission of binding contracts will already end in April 30 and the news is there may never be another time that this will be done. I don't want to frighten you but they are definitely going to all close this by the 30th of June. Only a handful of the general population would be able to benefit from this and if you do not think about your future now, it may be too late. Go ahead and get the first time home buyer tax credit because it's your right to have your own home!
It looks like the economic turmoil in the US is ending and there is great news that a huge relief for first time home buyers and people who have owned their first residence in 5 years. The federal government is giving them a break from the stress this crunch has brought in the past year. I have learned today that income tax will be credited to them which could reach as high as $8,000.00. That is like hitting the jackpot and deserving what you have worked for. Imagine you would benefit from the taxes you paid for from the time you started your careers. The $8,000 Tax Credit is not a joke and can alleviate people who are still recovering and getting more burdens from the situation brought about by failing companies and ailing market forces. There are a lot of people who lost their jobs, got a new one and then got back on track so this is going to be a better alternative for them than purchasing a home which they could not afford. I really like the fact that they even give out around $ 6,500.00 tax credit to people who have lived 5 years consecutively in their first home from the last 8 years. This is a very big help for families who just started.
It has already been extended by the federal government and expanded at the very least; so the right move in this case to take advantage of the opportunity to get the huge tax credit they offer so you could purchase the home you need. It is plain and simple. If I were you guys I would seize the opportunity!
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