Are PRC-Regulated Professionals required to register with SEC, DTI, LGU and BIR

Are PRC-Regulated Professionals required to register with SEC, DTI, LGU and BIR?


Registration with Securities and Exchange Commission (SEC), Department of Trade and Industry (DTI), and Local Government Unit (LGU) depends with the nature or source of income a PRC-Regulated Professional would enter to.

If mere practice of profession only, PRC-Regulated Professionals are NOT required to register with SEC, DTI and LGU but they are required to register with Bureau of Internal Revenue (BIR) and comply with Tax laws, rules and regulations.



When are the registrations to SEC, DTI and LGU required for Self-Employed Professionals (SEP)?

• When a SEP set-up an office in a commercial or address separate from his/her residence.  The LGU may require the SEP pay permits and other licenses. 

• When group of SEPS set-up a partnership or corporation. If this is the situation, they must register with SEC, LGU and other government agencies like SSS, PHIC and HDMF.

• When a SEP set-up a business other than his/her profession. This requires DTI and LGU registration. 

Note: Above are registration basics. Check with your LGUs and BIR RDOs. They may still asks for other requirements.

- www.easantoscpa.com

Medical Practitioners

Who are the Medical Practitioners?


They are the following:

• Doctors
• Dentists
• Other medical professionals
• Medical technologist
• Allied health workers*
• Other medical practitioners who are not under employer-employee relationship

*Allied health workers

• Occupational therapists
• Physical therapists
• Speech therapists
• Nurses
• Etc

Professional Practitioner

Who are Self-Employed Professionals?


Professional, classified as self-employed - refers to an individual or a group, practicing his or their profession or calling, with or without a license under a regulatory board or body. 

- www.easantoscpa.com

Tax Guide for Self-Employed/Professional Individuals

Source: http://www.easantoscpa.com/

https://academy.lezlearnonline.com/

SSS Maternity Benefit Computation Guide

Here's the guide on How to Compute for SSS Maternity Benefit :

2016 SSS Guidebook Maternity by Ella Simone on Scribd

RR 2-98 Mother RR for Withholding Taxes

Most of what we read regarding withholding taxes, most of the time they refer to RR 2-98.

Before we read further readings on Withholding Taxes, it is better to read the Mother RR which gave birth to it.

RR 2-98 Withholding Tax (Mother RR) by Ella Simone on Scribd

Guidelines in Determining Whether a Capital Asset or Ordinary Asset

RR No. 7-2003

Provides guidelines in determining whether a particular real property is a capital asset or an ordinary asset for purposes of imposing Capital Gains Tax, or the ordinary Income Tax, or the Minimum Corporate Income Tax (MCIT) (published in Manila Bulltein on Feb. 13, 2003)Digest | Full Text

February 11, 2003

Click link and read further BIR issuance re Guidelines in Determining Capital Asset or Ordinary Asset:

RR 7-03 Guidelines in Determining Capital Asset or Ordinary Asset

RR 07-03 Guidelines in Determining Capital or Ordinary Asset by Ella Simone on Scribd

Mother BIR Revenue Regulations (RR), as amended

Below are the Mother Revenue Regulations (RR), as amended:

From the Mother RRs stem various amendments.

Taxation Overview : Taxation Guide

Taxation Overview : Taxation Guide