-
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.
Availing yourself of 8% tax rate for self-employed individuals
29 May 2018IN line with implementing Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Act, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 23-2018 on May 21 prescribing the policies, guidelines and procedures for availing of eight percent income tax rate option for individuals earning from self-employment, business, and/or practice of profession. The RMO takes effect immediately.
Under RMO No. 23-2018, the following policies and guidelines apply:
-The income of self-employed individuals—including single proprietors, professionals, and mixed income earners—is generally subject to graduated income tax rates, as provided in the Tax Code, as amended.
-Self-employed individuals earning income purely from self-employment, business, and/or practice of profession whose gross sales and/or receipts and other non-operating income does not exceed the new value-added tax (VAT) threshold of P3 million can avail one of the following options:
-Graduated income tax rates, as provided in the Tax Code, as amended, or
- Eight percent tax on gross sales or receipts and other non-operating income exceeding P250,000.
-Mixed income earners or individuals earning income both from compensation and self-employment (business or practice of profession) will be subject to the graduated tax rate, as provided in the Tax Code, as amended, on compensation income under an employer-employee relationship.
The income from self-employment, on the other hand, is subject to the following rules:
-If the gross sales or receipts and other non-operating income do not exceed the VAT threshold, the individual has the option to be taxed as follows:
-Graduated income tax rates as provided under the Tax Code, as amended, or
-Eight percent income tax rate based on gross sales or receipts and other non-operating income, in lieu of percentage tax, as provided in the Tax Code, as amended.
-If the gross sales or receipts and other non-operating income exceed the VAT threshold, the individual will be subject to graduated tax rates under the Tax Code, as amended.
-The following individuals cannot opt for the right percent income tax rate option. They will be subject to graduated tax rates, as provided in the Tax Code, as amended.
-Purely compensation income earners;
-VAT-registered taxpayers, regardless of the amount of gross sales or receipts and other non-operating income;
-Individuals exempt from VAT or other percentage taxes whose gross sales or receipts and other non-operating income exceeded the VAT threshold during the taxable year;
-Individuals subject to other percentage taxes under Title V of the Tax Code, as amended, except for those subject under Section 116 of the same Code;
-Partners of general professional partnerships (GPPs); and
-Individuals enjoying income tax exemption
-Self-employed individuals availing of the eight percent 8% income tax rate must signify their intention by filing any of the following documents:
-New business registrant:
-BIR Form No. 1901 and/or 1701Q upon registration; or
-Initial quarter return (BIR Form No. 2551Q and/or 1701Q) of the taxable year after the commencement of a new business or practice of profession.
-Existing individual business taxpayer:
-BIR Form 1905 (application for registration information update) at the beginning of the taxable year, to end-date the form type of quarterly percentage tax, provided that the eight income tax rate is selected in filing the initial quarterly income tax return for income tax purposes;
-First quarterly percentage tax return; and/or
-First quarterly income tax return.
Individuals availing of the eight percent income tax rate for the first time must also submit their certificate of registration (COR) for updating together with the BIR Form 1905.
The application for registration information update (BIR Form 1905) signifying the intention to avail of the eight percent income tax rate must be filed at the beginning of every taxable year; otherwise, the graduated income tax rate applies. The availment is valid and irrevocable for the taxable year when the said tax rate was chosen.
For further information, refer to the full text of RMO No. 23-2018.
SOURCE: P&A GRANT THORNTON
Certified Public Accountants Punongbayan & Araullo (P&A) is the Philippine member firm of Grant Thornton International Ltd.
As published in SunStar Cebu dated 29 May 2018.