On eFPS: The Advantages of an Online Tax Filing/Payment System


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Photo credit: “Tax Time” by hywards @ freedigitalphotos.net

It’s a sure thing that as a business owner or self-employed professional you have to file and/or pay your taxes. With tax returns filing scheduled monthly, quarterly, or annually, it could bring inconvenience to you especially if you travel a lot. With this in mind, the Bureau of Internal Revenue developed an online tax filing system called the eFPS or Electronic Filing and Payment System.

Using eFPS have its added benefits versus the manual payment and filing of taxes. Here are some of the advantages of using the eFPS.

  1. It’s paperless – Just imagine how much trees and water will be saved when you go paperless on your transactions with the Bureau of Internal Revenue. Not only that. You save on the costs of ink. Furthermore, you save space in your office because you do not need to file your tax returns in folders.
  1. You can pay your taxes wherever you are in the world – If you are a travelling business owner, the eFPS may just be the perfect tool for you to be able to pay your taxes on time. With eFPS, you can pay your taxes online through the convenience of an internet banking service via debit from your enrolled bank account.
  1. You avoid incorrect computation of taxes – As long as you input the data correctly, the system computes for the correct taxes. With this, errors are minimized because all the information you supply is validated before final submission.
  1. It’s faster – Aside from the convenience of filing your taxes wherever you are in the world, using eFPS also cuts the queue time when filing manually. The response or acknowledgement time is quicker than the manual filing.
  1. eFPS is readily available – The filing and payment system by the BIR is readily available 24 hours a day, seven days a week including holidays. Now that’s awesome when your available time to file and pay for your taxes is on the weekends or holidays.
  1. Secure – Return and payment transactions are more secure, as all data transmission is encrypted and secured by the state of the art technology provided by SSL (Secure Sockets Layer). Now that lets you sleep peacefully at night without worry about data piracy.

As long as you are a qualified taxpayer in the Philippines, you can use the online filing and payment system. Are you excited to get started?

 

Know more about eFPS. Visit www.bir.gov.ph. To get tax updates, visit their fan pages: http://ow.ly/zUjMm

 

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