ACCORDING to the Philippine Statistics Authority, there were around 1.83 million overseas Filipino workers last 2021. Many of these Filipinos go abroad for better opportunities and pay. Once they hit retirement age, many plan on coming back home. However, once home, many do tinker with the idea of how else they may continue to have a steady income stream. Some enter real estate or franchise, but many also toy with starting their own small business. The question that many wonder, however, is whether it is possible to set up a business before coming home?
The Tax Administration Law stipulates that tax refund applications are classified into two cases: "first refund - check later" and "first check - refund later". In case of refund first - check later is done within 6 working days, and in case of first check - refund later is done within 40 working days. The Tax Department is strengthening propaganda on tax refund procedures so that businesses can proactively prepare documents before sending them to the tax authorities, in order to avoid dossiers