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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 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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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.
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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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.

Japan Desk

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Behind the Numbers: People of P&A Grant Thornton
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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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Consumer products

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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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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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

Guidelines on the Proper Sale and Affixture of Loose Documentary Stamps to Taxable Documents

19 Nov 20243 min read

Contents

Due to the improper use of loose Documentary Stamp Tax (DST) as well as the observed sale of loose documentary stamps through online platforms or physical stores, the Bureau of Internal Revenue (BIR) has issued guidelines on the proper sale and affixture of loose documentary stamps to taxable documents.

In Revenue Memorandum Circular (RMC) No. 092-2024, the BIR stated that only Specialized Revenue Collecting Officers (SRCO) or Revenue Collection Officers (RCO) assigned at the National Office and Revenue District Office (RDO) of the BIR are authorized to sell loose documentary stamps.

A single piece of loose documentary stamp shall only be purchased and sold by the SRCO or RCO for each taxable document where the DST due does not exceed P30.00. The SRCO or RCO shall also require the presentation of the original copy of the duly signed taxable document to which the DST will be affixed. Additionally, the SRCO or RCO shall be responsible for affixing the loose documentary stamp to the lower portion of the taxable document, canceling the stamp by drawing two lines across it (extending to portions of the document to which it is affixed), and indicating the date of affixture. This process is done by perforation or through the use of a mechanical dater to render the stamp unusable, after which the taxable document, with the duly canceled documentary stamp, will be released.

In RMC No. 112-2024, the BIR further clarified that the above requirement shall not apply to Tax Clearance Certificate (TCC) applications. Hence, taxpayers applying for TCC shall be allowed to purchase a loose documentary stamp as part of documentary requirements under BIR Citizen’s Charter.

Taxpayers issuing taxable documents with a tax due of no more than P30.00, such as schools and universities, except those using the eDST System or covered by RR No. 2-2023, are allowed to purchase two or more pieces of loose documentary stamps. To do so, the taxpayer must submit a written letter on the official letterhead, duly signed by the taxpayer or their authorized representative, requesting the purchase of loose documentary stamps. The letter must include details such as the number of loose documentary stamps being purchased, the purpose for which the stamps will be used, and the name of the taxable document to which the stamps will be affixed.

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 19 November 2024