-
Audit approach overview
Our audit approach will allow our client's accounting personnel to make the maximum contribution to the audit effort without compromising their ongoing responsibilities
-
Annual and short period audit
At P&A Grant Thornton, we provide annual and short period financial statement audit services that go beyond the normal expectations of our clients. We believe strongly that our best work comes from combining outstanding technical expertise, knowledge and ability with exceptional client-focused service.
-
Review engagement
A review involves limited investigation with a narrower scope than an audit, and is undertaken for the purpose of providing limited assurance that the management’s representations are in accordance with identified financial reporting standards. Our professionals recognize that in order to conduct a quality financial statement review, it is important to look beyond the accounting entries to the underlying activities and operations that give rise to them.
-
Other Related Services
We make it a point to keep our clients abreast of the developments and updates relating to the growing complexities in the accounting world. We offer seminars and trainings on audit- and tax-related matters, such as updates on Accounting Standards, new pronouncements and Bureau of Internal Revenue (BIR) issuances, as well as other developments that affect our clients’ businesses.
-
Tax advisory
With our knowledge of tax laws and audit procedures, we help safeguard the substantive and procedural rights of taxpayers and prevent unwarranted assessments.
-
Tax compliance
We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
-
Corporate services
For clients that want to do business in the Philippines, we assist in determining the appropriate and tax-efficient operating business or investment vehicle and structure to address the objectives of the investor, as well as related incorporation issues.
-
Tax education and advocacy
Our advocacy work focuses on clarifying the interpretation of laws and regulations, suggesting measures to increasingly ease tax compliance, and protecting taxpayer’s rights.
-
Business risk services
Our business risk services cover a wide range of solutions that assist you in identifying, addressing and monitoring risks in your business. Such solutions include external quality assessments of your Internal Audit activities' conformance with standards as well as evaluating its readiness for such an external assessment.
-
Business consulting services
Our business consulting services are aimed at addressing concerns in your operations, processes and systems. Using our extensive knowledge of various industries, we can take a close look at your business processes as we create solutions that can help you mitigate risks to meet your objectives, promote efficiency, and beef up controls.
-
Transaction services
Transaction advisory includes all of our services specifically directed at assisting in investment, mergers and acquisitions, and financing transactions between and among businesses, lenders and governments. Such services include, among others, due diligence reviews, project feasibility studies, financial modelling, model audits and valuation.
-
Forensic advisory
Our forensic advisory services include assessing your vulnerability to fraud and identifying fraud risk factors, and recommending practical solutions to eliminate the gaps. We also provide investigative services to detect and quantify fraud and corruption and to trace assets and data that may have been lost in a fraud event.
-
Cyber advisory
Our focus is to help you identify and manage the cyber risks you might be facing within your organization. Our team can provide detailed, actionable insight that incorporates industry best practices and standards to strengthen your cybersecurity position and help you make informed decisions.
-
ProActive Hotline
Providing support in preventing and detecting fraud by creating a safe and secure whistleblowing system to promote integrity and honesty in the organisation.
-
Accounting services
At P&A Grant Thornton, we handle accounting services for several companies from a wide range of industries. Our approach is highly flexible. You may opt to outsource all your accounting functions, or pass on to us choice activities.
-
Staff augmentation services
We offer Staff Augmentation services where our staff, under the direction and supervision of the company’s officers, perform accounting and accounting-related work.
-
Payroll Processing
Payroll processing services are provided by P&A Grant Thornton Outsourcing Inc. More and more companies are beginning to realize the benefits of outsourcing their noncore activities, and the first to be outsourced is usually the payroll function. Payroll is easy to carve out from the rest of the business since it is usually independent of the other activities or functions within the Accounting Department.
-
Our values
Grant Thornton prides itself on being a values-driven organisation and we have more than 38,500 people in over 130 countries who are passionately committed to these values.
-
Global culture
Our people tell us that our global culture is one of the biggest attractions of a career with Grant Thornton.
-
Learning & development
At Grant Thornton we believe learning and development opportunities allow you to perform at your best every day. And when you are at your best, we are the best at serving our clients
-
Global talent mobility
One of the biggest attractions of a career with Grant Thornton is the opportunity to work on cross-border projects all over the world.
-
Diversity
Diversity helps us meet the demands of a changing world. We value the fact that our people come from all walks of life and that this diversity of experience and perspective makes our organisation stronger as a result.
-
In the community
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
-
Behind the Numbers: People of P&A Grant Thornton
Discover the inspiring stories of the individuals who make up our vibrant community. From seasoned veterans to fresh faces, the Purple Tribe is a diverse team united by a shared passion.
-
Fresh Graduates
Fresh Graduates
-
Students
Whether you are starting your career as a graduate or school leaver, P&A Grant Thornton can give you a flying start. We are ambitious. Take the fact that we’re the world’s fastest-growing global accountancy organisation. For our people, that means access to a global organisation and the chance to collaborate with more than 40,000 colleagues around the world. And potentially work in different countries and experience other cultures.
-
Experienced hires
P&A Grant Thornton offers something you can't find anywhere else. This is the opportunity to develop your ideas and thinking while having your efforts recognised from day one. We value the skills and knowledge you bring to Grant Thornton as an experienced professional and look forward to supporting you as you grow you career with our organisation.
Tax Amnesty: The continuing saga
16 Jul 2019This year, Game of Thrones — one of my favorite television shows — finally ended. I remember watching it for the first time eight years ago, finding it boring, and attempting to finish watching the first episode thrice. Since then, I got hooked until the last episode was aired this summer. Just like with any popular movie or television series, there were mixed reactions among fans over how the show ended. Some fans were happy but, of course, Game of Thrones received its fair share of criticism. Most unsatisfied fans wanted a remake with an ending they prefer.
Unlike Game of Thrones, Philippine tax amnesty is just reaching its climax.
The Bureau of Internal Revenue (BIR) has issued several memoranda to guide taxpayers on availing of the tax amnesty. What is left is the implementation of the one-year amnesty period on delinquencies and the two-year period on estate taxes. We all watched from the sidelines the year-long deliberations that led to the enactment of Republic Act (RA) No. 11213, or the Tax Amnesty Act. It was not an easy task for both houses of Congress, which drafted several versions before they finally agreed on the coverage, final rates, and basis. Hence, it was anticlimactic when the most-awaited part of the bill, the general tax amnesty, was vetoed by the President for having too many loopholes. Taxpayers were not happy, as most of them were hoping to simply pay the 3 or 5% general amnesty tax to wipe out all their exposure. Now, only those who have delinquent taxes are pleased and welcomed in the enactment of RA No. 11213.
The BIR faced its own challenges in drafting rules and regulations to properly implement the new law. In fact, for the estate tax amnesty, the BIR had to issue Revenue Memorandum Circular (RMC) 68-2019, which addresses the issues raised by taxpayers. The 10-page circular contains 40 questions and answers for specific concerns.
One notable issue discussed in RMC No. 68-2019 pertains to the means of filing in case of multiple transfers of property. RA No. 11213 requires that one Estate Tax Amnesty Return (ETAR) be filed for every stage of succession from the initial common property. Now, the ETAR may be filed in any Revenue District Office (RDO) having jurisdiction over the residence of any of the decedents. RMC No. 68-219 illustrates an example below: the property is in the name of Alpha, whose family is now survived by Delta. To effect the transfer of the property to Delta, RMC No. 68-2019 allows the filing of all four ETARs in Caloocan, Nueva Ecija, Samar, or Davao.
RMC No. 68-2019 also addresses situations where either an estate tax return or ETAR has been previously filed, but failed to declare all the properties of the decedent. The RMC rules that, in case a conjugal property was not included in the gross estate declared, the amnesty tax may still be availed of, provided that no other deduction will be allowed, except for the share of the surviving spouse. It is deemed that all the allowable deductions have been claimed in the original estate tax return or ETAR filed. In the illustrations provided, it is apparent that the heirs can avail of amnesty multiple times until all the properties are covered. It must be emphasized that the estate tax amnesty rate of 6% pertains to cases that are not yet considered delinquent. Otherwise, the rules provided by Revenue Regulations (RR) No. 4-2019 on tax amnesty on delinquencies will apply. However, if an estate has an existing estate tax delinquency case, but there is an undeclared property that is not included in the list of the properties covered in the existing estate tax delinquency, the heirs may avail of amnesty for such undeclared property. In this case, the ETAR will be filed in the RDO that issued the assessment for the estate tax that has become delinquent.
We are aware that family squabbles involving inheritance are common and that many cases have been filed in court. RMC No. 68-2019 also clarifies that even estates involving judicial settlement/last will of testament being disputed in the Courts can avail of estate tax amnesty. In such cases, the filer must submit a certified true copy of the Court’s resolution or a leave of court (or permission from the Court) with all other documentary requirements. However, only the Certificate of Availment (CA) is to be issued to the filer. The CA contains the inventory of the properties pending with the Court. An electronic Certificate Authorizing Registration (eCAR) will be issued only upon presentation of the final order of the Court.
Valuation of gross estate was another baffling concern prior to the issuance of RMC No. 68-2019. Estate tax rules require that the properties be valued at the time of death. Are records of property values in the 1940s, for example, still available today? In such cases, RMC No. 68-2019 resolved that the fair market value appearing in the tax declaration issued on the date of death or the succeeding available tax declaration issued nearest to the date of death shall be used to compute for the value of the property.
For the mode of filing, taxpayers must note that only manual filing of ETAR is allowed. Payment shall be one time, meaning that no installment is allowed and must, as a general rule, be made to Authorized Agent Banks. For cash payments amounting to P20,000 and below or the if the payment is through manager’s or cashier’s check, irrespective of the amount, payments may be made to the Revenue Collection Officer. If the heirs have no cash to pay for the amnesty tax, the BIR may allow partial or total withdrawal of the cash in bank of the decedent to pay for the estate tax amnesty; the bank must issue either a manager’s or cashier’s check with (For the Account of) the Bureau of Internal Revenue as the payee.
As the amnesty saga continues, issues of compliance and implementation have started to surface and are now being resolved. It cannot be denied that the overwhelming response and participation of taxpayers to speak up, raise their specific concerns, and seek clarification on the vague provisions of the rules implementing the Tax Amnesty Act shows that this law is indeed beneficial to many taxpayers. Now is the best time to start gathering documents to be able to take advantage and optimize this once-in-a-lifetime opportunity to have a clean slate.
Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.
Gemmalu O. Molleno-Placido is a senior associate of Tax Advisor & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.
As published in BusinessWorld, dated 16 July 2019