Tag Archives: Marginal Income Earners

Why Sari-Sari Stores, Carinderia and other Marginal Income Earners Must Register with BIR

The Bureau of Internal Revenue recently issued Memorandum Circular No. 7-2014, clarifying the issues relating to the registration and tax compliance requirements of Marginal Income Earners (MIE). The circular provides that an MIE refers to an individual not deriving compensation as an employee under an employer-employee relationship but who is self-employed and deriving gross sales or receipts not exceeding P100,000 in any 12-month period. Moreover, the activities of such MIE should be principally  for subsistence or livelihood. The term includes, but not limited to, agricultural growers/producers (farmers/fishermen) selling directly or indirectly to ultimate consumers, small sari-sari stores, small carinderias or “turo-turos”, drivers/operators of a single unit tricycle, and such, but shall not include licensed professionals, consultants, artists, sales agents, brokers and others similarly situated, including all others whose income have been subjected to withholding tax. Continue reading

Tax Registration and Requirements of Marginal Income Earners (Memorandum Circular 7-2014)

[See related article]

REPUBLIC OF THE PHILIPPINES
DEPARTMENT OF FINANCE
BUREAU OF INTERNAL REVENUE

February 5, 2014

MEMORANDUM CIRCULAR NO. 7-2014

SUBJECT : CLARIFYING THE ISSUES ON THE REGISTRATION AND COMPLIANCE REQUIREMENTS OF MARGINAL INCOME EARNERS PURSUANT TO REVENUE REGULATIONS NO. 7-2012

Continue reading