|
The reporting requirements are basically the same but the relevant tax returns are different:
• For a sole proprietorship business, the proprietor should declare the profit / loss in Part 5 of the Tax Return- Individuals (B.I.R. 60).
• For a partnership business, the precedent partner should complete and sign a Profits Tax Return - Persons Other Than Corporations (B.I.R. 52).
• When there is a change from sole-proprietorship to partnership during the accounting year or vice versa, the profit / loss for the full year should be reported in the Profits Tax Return - Persons Other Than Corporations (B.I.R. 52).
2011-10-13 01:31 PM
|
BMICS
|