Hi Ghar, thanks for all the answers. I’m not confused now especially with percentage tax and income tax.
a) My problem now is with substantiation of my income. Everytime I receive checks (say every month), I don’t issue OR’s. Is it okay if I issue the OR’s now but date it back to the actual date of the transactions?
b) With regard to the transaction dates – I do dental services say today but I get a lump sum check from the insurance company every month. Is it okay if I use the date that I received the check as the date of the transactions everytime I record in my books or in my OR’s?
Until the most powerful countries of the world dissolve and reform the world bank and provide an amnesty and dissolution of all so-called ‘third world’ or ‘developing world’ debt, countries such as the Philippines will remain mostly impoverished with little or no improvement in the basic quality of life for the majority of its peoples.
The demand for continuance of outstanding interest, this enormous and compounding out-of-control interest burden, benefits no one- not even the credit institutions who would rather squeeze blood from stones with their stranglehold on national economies than invest in truly profitable ventures such as massive housing projects and building infrastructure. It would be far better even for the creditors themselves if world-wide we were developing and growing economically in double digits and producing the world’s next generations of scientists, doctors, and engineers rather than letting our precious human resources rot like some much wood on a riverbank as is the miserable waste we witness today.
The problem is a systemic one requiring reform, regulation, as well as refusal to cooperate and the dogged pursuit of litigation on the part of debtor nations.
Fight the power, and give power back to our youth. I think we will be amazed at the world we’re capable of building.