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ILOILO City – Micro entrepreneurs learned about the importance of maintaining financial records and the significance of taxation in a series of seminars held at the DTI Iloilo Negosyo Center last Sept. 19 to 23, 2016.
The module on Accounting for Non-Accountants and Understanding Financial Statements facilitated by Ms. Melodie Buendia, gave workshops on the different books of accounts used by businesses and the financial reports that show their status and profitability.
Ms. Buendia also cited that an entrepreneur must have two wallets, one which holds home needs and another for the business. The entrepreneur will have a control on his income and will have an idea on the flow of money in the business.
The Seminar on Tax Education was a two-day learning session which gave inputs on the significance and elements of taxation. The participants were also taught how they contributed to the economy by paying the right taxes.
Prof. Rebecca Tagamolila from UP Visayas discussed the subject of basic taxes for business enterprises.
The seminar also included a module on BIR compliance and the registration requirements. Atty. Sharon Millan, who is also a professor from UP Visayas, taught about VAT and percentage taxes and using e-BIR forms.
The entrepreneurs realized that it is not hard and scary to comply with these requirements. They now understood that paying taxes promptly and properly can contribute to building a better society. /PN
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