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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
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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.
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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.
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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.
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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.
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Tax compliance
We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Global culture
Our people tell us that our global culture is one of the biggest attractions of a career with Grant Thornton.
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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
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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.
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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.
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In the community
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
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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.
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Fresh Graduates
Fresh Graduates
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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.
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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.
In today's interconnected world, international travel has evolved beyond mere sightseeing. Shopping has become a significant driver in influencing traveler choices and significantly impacting destination economies. Countries in Asia like Japan, Singapore, Taiwan, and South Korea have strategically leveraged tax incentives, competitive pricing, and exceptional shopping experiences. These strategies continue to attract global clientele. These nations understand that tourists are not just seeking relaxation; they are also looking for unique souvenirs, high-quality products, and the thrill of the hunt.
The Philippines, a country blessed with stunning natural beauty and rich cultural heritage, has long recognized the potential of tourism to fuel economic growth. On top of what the country offers, it now aims to develop a robust shopping tourism sector. Recognizing this gap, the Philippine government recently took a significant step forward with the enactment of Republic Act (RA) No. 12079, the "VAT Refund for Tourist" law. This legislation aims to position the Philippines as a competitive destination for shopping enthusiasts, encouraging tourists to explore the country's diverse offerings and contribute to the nation's economic prosperity.
As a rule, VAT is a tax on consumption. Hence, all goods consumed within the Philippines are subject to VAT. Stated otherwise, goods that will be consumed abroad should not be subjected thereto. Rightly so, non-resident tourists who are foreign passport holders may be refunded the 12% VAT paid on the purchase of goods.
The Global Landscape of Shopping Tourism
The allure of shopping tourism lies in its multifaceted benefits. For foreign tourists, it offers an opportunity to indulge in retail therapy, acquire souvenirs, and experience the local culture through the lens of its consumer goods. For host countries, it translates to increased revenue generation, job creation across various sectors (retail, tourism, hospitality), and enhanced international brand recognition.
Several factors contribute to the success of prominent shopping destinations. These are usually lower prices of goods achieved through tax exemptions or rebates. Tax refunds, duty-free shopping, and other tax breaks contribute to reducing the cost of purchases for foreign visitors. Unique shopping experiences such as curated shops, themed shopping districts, cultural markets, and personalized shopping assistance all contribute to a well-meaning travel experience. Surely, with the Philippines being the melting pot of both eastern and western culture, we offer more than just handicrafts, fashion, and gourmet and local food.
The Philippines' VAT Refund for Tourist Law
Last 6 December 2024, the VAT Refund for Tourist law or RA No. 12079, was enacted. This represents a crucial step toward enhancing the Philippines' competitiveness in the global shopping tourism market. Under the law, non-resident foreign passport holders can claim a refund on VAT paid for goods purchased personally from accredited stores. These purchases, however, must be taken out of the Philippines within sixty (60) days from the purchase date and the value of goods in a single transaction must be at least PHP3,000.00 to qualify for the refund. In addition, the amount refunded may be either electronically or in cash.
The PHP3,000.00 per transaction threshold is subject to review and adjustment every three years by the Secretary of Finance, upon the recommendation of the Commissioner of Internal Revenue, considering the Consumer Price Index (CPI) as published by the Philippine Statistics Authority. The law took effect on 6 December 2024 and within 90 days of its effectivity, the Secretary of Finance is mandated to promulgate the necessary rules and regulations to implement the law.
To effectively implement this system, the Department of Finance (DOF) is mandated to engage the services of reputable, globally recognized, and experienced VAT refund operators. In sum, the law aims to attract tourists to spend more on higher-priced items by incentivizing them through the refund mechanism, which would invariably boost overall tourism revenue. Further, this seeks to promote Philippine products by encouraging the purchase of local handicrafts, fashion, and other unique items, supporting local artisans and businesses. With increased tourist spending, legislators hope that it will lead to increased demand for goods and services within the tourism sector, which invariably promotes the creation of jobs in retail and hospitality sector, encourages the development of infrastructure for increased transportation to and from shopping districts, and other possible untold benefits.
As to its implementation, it is hoped that it will be made electronically to do away with unnecessary manual documentation. A hassle-free refund procedure contributes to the overall image of the Philippines as a premier tourist destination. As the DOF is mandated to avail itself of a competitive VAT refund vendor, the latter should be able to apply what it has been doing in other countries with similar tourist incentives. Likewise, the accreditation of stores that can participate in the VAT refund should be simplified and made available to stores in far-flung island destinations of the country. Hopefully, this will not provide additional administrative compliance requirements to the participating stores. This accreditation and compliance process for store accreditation is crucial in ensuring the participation of stores even outside the metropolitan areas.
The Philippines' VAT Refund for Tourist law represents a significant step towards realizing the country's potential as a prominent shopping destination. By embracing this innovation, fostering collaboration between government, businesses, and tourism stakeholders, and continuously improving its offerings, the Philippines can successfully position itself as a sought-after destination for shopping enthusiasts worldwide.
As published Mindanao Times, dated 19 January 2025