First of all, if you're still unsure whether you'll really save money using the 8% Income Tax Rate, check out this article: TRAIN's New 8% Tax -- Does it really save you money? In this article, we also provide a calculator that helps you determine whether opting in for it will save you money.
Now, in determining what changes need to happen once you have decided already, please read this article: How to Avail of the 8% Income Tax Rate on Gross Sales/Receipts
Within Taxumo, if you've finally decided to go with the 8% Income Tax Rate on Gross Sales/Receipts, you choose (1) the taxpayer's type and (2) the income tax rate type:
You're filings from now on will reflect the appropriate 8% tax Alphanumeric Tax Code (Taxumo chooses it for you).
- You can also file a 0 (zero) due Quarterly Percentage Tax Form through Taxumo. This is as per advise of BIR client services and the RDO's we called - with the purpose of making sure you don't have any open case. You can then opt in to the 8% Flat Income Tax Rate during your 1701Q filing due on May.
Do note that which forms appear and what forms you file WILL depend on whether you were able to correctly answer this field. If you are at all unsure, choosing Graduated Income Tax Rate is the safer option.
If you have any other questions, just send us a note via the chat button!