No suspension of BIR audit during Christmas season

30 Nov 2016

This Tax Alert is issued to inform all concerned that BIR audit activities during Christmas season will not be suspended. All field audits and other field operations supported by valid audit notices shall proceed as usual. Policies and procedures of the BIR audit program under RMO 19-2015 shall be strictly observed.

Outsourcing Brief

22 Nov 2016

Outsourcing Brief: July-September 2016 Click on the attachment below to read the July-September 2016of the Outsourcing brief: A quarterly publication of P&A Grant Thornton Outsourcing, Inc. (P&A Grant Thornton) that aims to keep the company's clientele, as well as the general public, informed of various developments in outsourcing, compensation, and other related matters.

Fourth Quarter Edition of IFRS News

17 Nov 2016

This Accounting Alert is issued to provide quarterly update on all things relating to International Financial Reporting Standards (IFRS).

Reduced surcharge of 25% for taxpayers under 3rd consecutive audit

16 Nov 2016

Reduced surcharge of 25% for taxpayers under 3rd consecutive audit (Revenue Memorandum Order No. 64-2016, November 15, 2016) This Tax Alert is issued to inform all concerned on the latest amendments in the policies and procedures to implement the BIR audit program. Under RMO 19-2015, if a taxpayer has been selected for audit for the third consecutive year, the RDO/LTD/LTAD has to submit a written justification to the Commissioner, unless it has been established that the taxpayer has underdeclartion/overdeclaration of income/expense by at least 30%. The deficiency assessment shall be subject to 50% surcharge. Under RMO 64-2016, the surcharge for deficiency assessment is lowered to 25%. The 50% surcharge shall apply only if there is underdeclaration of income or overstatement of expenses/deductions reaching 30%.The RDO/LTD/LTAD can now directly encode the requested audit in eLAMS/eTIS-CMS to be approved by the regional director/assistant commissioner (previously, by the Commissioner). Selection code shall depend on the reason by the taxpayer has been selected.

Issuance of tax clearance not barred by delinquent accounts

11 Nov 2016

This Tax Alert is issued to inform all concerned on the latest BIR policy on the issuance of tax clearance where there is pending application for compromise settlement/abatement.