The Knowhow: BIR eFPS
PUBLISHED: April 22, 2022
Aside from having the right accounting software to help manage not just the business but its taxes and government compliance as well, accountants, taxpayers, and bookkeepers rely on government built and mandated filling and payment systems like BIR eFPS. This BIR eFPS has been around since 2001 but not many taxpayers utilize this system. This blog will focus on everything to know about BIR eFPS.
Before we get into details about eFPS, let us first define what is e-Filling and e-Payment. e-Filling as defined by the bureau is the process of filling or submitting documents through the use of internet via application or software. While e-payment is the process of paying tax liabilities through the internet as well to Authorized Agent Banks (AABs).
Is an acronym that stands for Electronic Filing and Payment System, that is developed and maintained by the Bureau of Internal Revenue for the purpose of electronically filing tax returns with its attachments, if there are any, and paying taxes due, with the use of the internet.
- Time Saving – since the process of physically going to the designated BIR Office is eliminated, everyone using the filling system will save time compared to the traditional filling process thus having more time to spend on other important things.
- Convenient – aside from saving time from a process that does takes time, convenience is another factor in using the system. With just few clicks here and there, you can easily comply with the requirements and avoid penalties and late payments.
- Safe – having the latest security technology, using the system is surely safe and secured with all transactions being encrypted.
All eligible and mandated taxpayers can make use of the system in filling their taxes.
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