The Modern Day Challenges in Filing Taxes

The Modern Day Challenges in Filing Taxes

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Tax filing is one of the most grueling task that an accountant or even ordinary citizens could think of. In fact, a 2015 study conducted by Pricewaterhouse Coopers (PwC), proves this scenario, as the Philippines gained the 127th spot among the list of countries with the easiest tax filing and payment system.

Struggling by the Numbers

According to the 2015 PwC study called “Paying Taxes 2015,”statistics show that out of 189 countries, the Philippines was ranked 127th among the regions with the most tedious process of filing and paying taxes, with 36 kinds of payments that should be accomplished within 193 hours, which also comes with an average income tax rate of 42.5%.

Sharing the top spot for countries with the easiest tax processing are UAE (United Arab Emirates) and Qatar, which only requires 4 payments with a time span requirement of 12 hours (for UAE) and 41 hours (for Qatar).

Other contenders are Saudi Arabia which hits the 3rd spot, with 3 payments and 64 hour requirement; Hong Kong was ranked 4th, also with 3 payments while Singapore landed on the 5th spot with 5 tax payments. Bolivia holds the record for the worst tax payment system, with 42 tax payments and requirement of 102 hours.

During that year, although the government had implemented several practices and bills which are aimed to promote lower income tax rates, filing taxes has remained a problem to most filipino taxpayers.

Difficulties in Tax Filing

Listed below are some of the challenges that most taxpayers are experiencing now, especially whenever tax season comes into play:

1. Many Things to Prepare

There are too many things that a taxpayer should prepare, such as invoices, receipts as well as other transactional documents and information gathered from spreadsheets and accounting system.

2. Data Entry

After all the preparations had been made, the taxpayer/filer will now manually enter those data in tax forms as provided by systems like e-bir and efps.

3. Payment

Lastly, the taxpayer would have to wait in line at banks in order for them to lodge their payments.

JuanTax as a Solution

JuanTax is a tax software that helps businesses achieve compliance with the Bureau of Internal Revenue (BIR) with transactional taxes including VAT, Percentage Tax, and Expanded Withholding Tax. With JuanTax, you can seamlessly file and pay taxes without the hassle!

Don’t miss the chance to experience this whole new innovation that will change the way you file and pay taxes! Sign up and try JuanTax today!