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BIR audit: Common reconciliations on per books vs per tax returns
Let's Talk Tax BIR audit: Common reconciliations on per books vs per tax returns
As many taxpayers have recently received a Letter of Authority (LOA) from the Bureau of Internal Revenue (BIR), anxieties loom since normally, significant findings are initially identified and alleged in a BIR audit.
5 min read | 10 Oct 2023
VAT zero-rating for Registered Export Enterprises made easy
Let's Talk Tax VAT zero-rating for Registered Export Enterprises made easy
The CREATE Act has radically changed the Value-Added Tax (VAT) landscape for Registered Export Enterprises (“REEs”) when the phrase “Directly and Exclusively Used” was first introduced.
6 min read | 03 Oct 2023
The peculiarities of taxing PEZA entities
Let's Talk Tax The peculiarities of taxing PEZA entities
In my little over a year of experience as a tax professional, I have noted the peculiarities of the taxation of Philippine Economic Zone Authority (PEZA) registered businesses.
6 min read | 19 Sep 2023
Prescription period: A taxpayer’s defense
Let's Talk Tax Prescription period: A taxpayer’s defense
As very well known to the taxpayers, the tax audits conducted by the Bureau of Internal Revenue (BIR) involve tedious and long process. Taxpayers dedicate plenty of time and effort in retrieving documents and presenting reconciliations to address the alleged BIR’s findings.
5 min read | 12 Sep 2023
Third party information and the tax assessment process
Let's Talk Tax Third party information and the tax assessment process
The Bureau of Internal Revenue (BIR) is actively conducting audit of taxpayers. Recently, we have been seeing astronomical deficiency tax assessments from the BIR. One finding that the taxpayers always have trouble understanding is the deficiency assessment coming from third party information (TPI).
5 min read | 05 Sep 2023
The BIR and the Ease of Doing Business Act
Let's Talk Tax The BIR and the Ease of Doing Business Act
“Kaizen” is a Japanese term for continuous improvement. We often hear this phrase in business philosophies, and some, including me personally, consider this phrase a concept we live by.
5 min read | 22 Aug 2023
Estate tax amnesty: The extension, part II
Let's Talk Tax Estate tax amnesty: The extension, part II
Thousands of Filipino families with unsettled estates revel as Republic Act No. (RA) 11956, which further amends RA 11213 or the Tax Amnesty Act, lapsed into law on August 5, 2023.
5 min read | 15 Aug 2023
Tax treaty application: A refresher course
Let's Talk Tax Tax treaty application: A refresher course
“They won’t fear it until they understand it. And they won’t understand it until they’ve used it.”—a quote in Christopher Nolan’s most recent masterpiece, Oppenheimer, which simply emphasizes the fear and/or power of knowledge, or its lack thereof.
7 min read | 08 Aug 2023
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