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

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

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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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We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
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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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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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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...

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

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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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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 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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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....

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

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

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

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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...

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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...

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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...

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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...

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

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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...

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Retail industry

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

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Tax Notes

Clarification on the Types of Checks Accepted for Payment for One-Time Transaction-Related Internal Revenue Taxes

17 Oct 20242 min read

Contents

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 109-2024, clarifying the types of checks accepted in payment for One-Time Transaction (ONETT)—related internal revenue taxes, pursuant to Revenue Memorandum Order (RMO) No. 49-2018, as amended.

The Bureau clarifies that for ONETT–related taxes, taxpayers may make payments over the counter using either cash or check at any Authorized Agents Banks (AABs) or Revenue Collection Officers (RCOs). However, RCOs can only accept cash payments up to twenty thousand pesos (P20,000.00). For payments by check, both AABs and RCOs are directed to accept only Manager's or Cashier's Check regardless of the amount to standardize the requirements and expedite the verification processes.

In contrast, Section II of Revenue Memorandum Circular (RMC) No. 4-2021 emphasizes the guidelines for payments of taxes through (RCOs) by citing Revenue Memorandum Order No. 8-2009 which states that:

“The issuance of revenue official receipts shall be limited to tax payments, in cash not exceeding the amount of twenty thousand pesos (Php 20,000.00) per return. However, there shall be no limit on the amount if payment is made through checks.

The following checks should be accepted in payment for internal revenue taxes: (1) Manager's or Cashier's Checks; (2) Checks drawn against a joint or multiple account for the purpose of tax payment of the personal tax liability of any of the members thereof provided that the name and TIN of the paying member/s shall be indicated on the back/face of the check; (3) Checks drawn against the personal account of the owner of a single proprietorship in payment of the tax liability of his/her business; (4) Checks drawn against the account of a single proprietorship in payment of the tax liability of the owner provided that the name and TIN of the owner are indicated at the face/back of the check; and (5) Checks issued by either of the spouses to pay their income tax liabilities."

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 17 October 2024

Clarification on the Types of Checks Accepted for Payment for One-Time Transaction-Related Internal Revenue Taxes

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Clarification on the Types of Checks Accepted for Payment for One-Time Transaction-Related Internal Revenue Taxes

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