Global site
Africa
Americas
Asia Pacific
Europe
Middle East

Services

Japan Desk

We deliver value-added audit and assurance services to our clients, helping them manage their fiscal responsibilities with prudence and foresight.

See Overview

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 and Compliance

We help you identify the opportunities and pitfalls that can significantly affect your...

See Overview

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.

Advisory Services

We believe there is an optimal solution to every business challenge. Using our Firm's breadth and depth of specialized expertise, we work with you to find...

See Overview

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.

Outsourcing and Managed Services

We provide solid, first-rate support for your key accounting and administrative activities, such as outsourced accounting, payroll, and accounting-related...

See Overview

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.

Japan Desk

See Overview

Careers

FAQs

Careers

With our unique culture and opportunities, our organisation is a place where you can grow. Wherever you are in your career, we help you to make a difference...

See Overview

Why Grant Thornton is a great place to work

We value each of the 50,000 people in our member firms equally and appreciate every contribution across Grant Thornton.

See Overview

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.

Opportunities

If you wish to develop your talents to the fullest and build a fulfilling career, join P&A Grant Thornton, where you will be part of a dynamic...

See Overview

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.

FAQs

If you would like to join Grant Thornton, you may have a few questions about our organisation, how we do business, our culture and our global opportunities....

See Overview

Industries

By ensuring that our clients are matched with professionals most familiar with their industry, P&A Grant Thornton aims to provide a seamless onboarding...

See Overview

Consumer products

Emerging markets and shifting consumer demand are creating new opportunities in food and beverage, with business leaders investing in new products, markets,...

See Overview

Education

Our vision is to help learning institutions and business organisations go beyond and create powerful learning cultures through technology integration,...

See Overview

Energy and natural resources

Energy markets worldwide are undergoing major changes. P&A Grant Thornton can help you understand and navigate ensuing challenges and make sure you have the...

See Overview

Financial services

Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To truly go...

See Overview

Not for profit

Across the globe, not for profit organisations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...

See Overview

Outsourcing

The outsourcing industry is one of the fastest growing sectors in the Philippines. Growth in the industry is at an annual average rate of 20%. The industry is...

See Overview

Public sector

Across the globe, countries are moving towards leaner, more commercial, locally focused, and responsive government and public sectors. At P&A Grant Thornton,...

See Overview

Real estate and construction

Opportunity and optimism have emerged within the retail estate and construction industry. At P&A Grant Thornton, it’s our goal to help you benefit from these...

See Overview

Technology, media and communications

At P&A Grant Thornton, we’ll work with you to capitalise on all opportunities, manage the inherent risks the industry has to offer, and provide relevant...

See Overview

Travel, tourism and leisure

Dynamic businesses need to move with speed and purpose if they want to capitalise on opportunities in hospitality and tourism. At P&A Grant Thornton, we know...

See Overview

Retail industry

With operational cost, price competition, and currency volatility, pressure on profits continues to pile on retailers. Advancements in e-commerce are also...

See Overview

Tax Notes

BIR Clarifies Mode of Submission of Inventory Report and Notice in Compliance with RR No. 7-2024

25 Jun 20242 min read

Contents

In accordance with the Bureau of Internal Revenue (BIR) Revenue Regulations (RR) No. 7-2024, as recently amended by RR No. 11-2024, the BIR released Revenue Memorandum Circular (RMC) No. 66-2024 to clarify the mode of submission of inventory reports in relation to the conversions.

Taxpayers using manual or loose-leaf official receipts of Official Receipts/Billing Statement/Statement of Account/Statement of Charges may convert the same to Invoices/Billing Invoices starting April 27, 2024, provided that they submit an Inventory Report relating to these conversions on or before July 31, 2024.

On the other hand, for taxpayers issuing invoices using cash registers or point-of sale machines, computerized accounting systems, or computerized books of accounts, a notice on the renaming of the Official Receipts/Billing Statement/Statement of Account/Statement of Charges shall be furnished to the BIR within thirty (30) days from the completion of machine or system reconfiguration, or enhancement, or on December 31, 2024, whichever comes first.

Templates of the inventory list and notices have been provided by the BIR through its website.

Taxpayers have the option to submit the inventory report and/or notice through either of the following: (1)Taxpayer Registration-Related Applications (TRRA Portal) under the eServices Section in the BIR website; or (2) via direct email of the Inventory Report and Notice to Compliance Section of the Revenue District Office; or (3) manually submit the Inventory Report and Notice to the Compliance Section of the RDO where the concerned Head Office or Branch is registered.

This Memorandum Circular took effect on June 14, 2024, immediately upon publication on the BIR Official Website.

Please be guided accordingly.

Source: 

P&A Grant Thornton

Certified Public Accountants

P&A Grant Thornton is the Philippine member firm of Grant Thornton International Ltd

As published in SunStar Cebu, dated 25 June 2024

BIR Clarifies Mode of Submission of Inventory Report and Notice in Compliance with RR No. 7-2024

CONNECT

ABOUT

LEGAL

BIR Clarifies Mode of Submission of Inventory Report and Notice in Compliance with RR No. 7-2024

Related Articles