Services
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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Audit approach overview
Our audit approach will allow our client's accounting personnel to make the maximum contribution to…
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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…
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Review engagement
A review involves limited investigation with a narrower scope than an audit, and is undertaken…
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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…
We help you identify the opportunities and pitfalls that can significantly affect your...
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Tax advisory
With our knowledge of tax laws and audit procedures, we help safeguard the substantive and procedural…
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Tax compliance
We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to…
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Corporate services
For clients that want to do business in the Philippines, we assist in determining the appropriate and…
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Tax education and advocacy
Our advocacy work focuses on clarifying the interpretation of laws and regulations, suggesting…
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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Business risk services
Our business risk services cover a wide range of solutions that assist you in identifying, addressing and…
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Business consulting services
Our business consulting services are aimed at addressing concerns in your operations, processes and…
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Transaction services
Transaction advisory includes all of our services specifically directed at assisting in investment, mergers…
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Forensic advisory
Our forensic advisory services include assessing your vulnerability to fraud and identifying fraud risk…
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Cyber advisory
Our focus is to help you identify and manage the cyber risks you might be facing within your…
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ProActive Hotline
Providing support in preventing and detecting fraud by creating a safe and secure whistleblowing system…
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…
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Staff augmentation services
We offer Staff Augmentation services where our staff, under the direction and supervision of the company’s…
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Payroll Processing
Payroll processing services are provided by P&A Grant Thornton Outsourcing Inc. More and more…
Japan Desk
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...
We value each of the 50,000 people in our member firms equally and appreciate every contribution across Grant Thornton.
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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…
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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…
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Learning & development
At Grant Thornton we believe learning and development opportunities allow you to perform…
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Global talent mobility
One of the biggest attractions of a career with Grant Thornton is the opportunity to work on…
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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…
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In the community
Many Grant Thornton member firms provide a range of inspirational and generous services to the…
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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…
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...
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Fresh Graduates
Fresh Graduates
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Students
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Experienced hires
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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....
By ensuring that our clients are matched with professionals most familiar with their industry, P&A Grant Thornton aims to provide a seamless onboarding...
Emerging markets and shifting consumer demand are creating new opportunities in food and beverage, with business leaders investing in new products, markets,...
Our vision is to help learning institutions and business organisations go beyond and create powerful learning cultures through technology integration,...
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...
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...
Across the globe, not for profit organisations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...
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...
Across the globe, countries are moving towards leaner, more commercial, locally focused, and responsive government and public sectors. At P&A Grant Thornton,...
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...
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...
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...
With operational cost, price competition, and currency volatility, pressure on profits continues to pile on retailers. Advancements in e-commerce are also...
The Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) No. 43-2022 on April 12, 2022, which prescribes the non-imposition of surcharges on amended tax returns.
Section 248 (A) of the Tax Code, as amended, provides that a penalty equivalent to twenty-five percent (25%) of the amount due shall be imposed in the following cases:
- Failure to file any return and pay the tax due thereon as required under the provisions of the Tax Code or rules and regulations on the date prescribed; or
- Unless otherwise authorized by the Commissioner, filing a return with an internal revenue officer other than those with whom the return is required to file; or
- Failure to pay the deficiency tax within the time prescribed for its payment in the notice of assessments; or
- Failure to pay the full or part of the amount of tax shown on any return required to be filed under the provisions of this Code or rules and regulations, or the full amount of the tax due for which no return is required to be filed on or before the date prescribed for its payment.
In RMC No. 54-2018, it is provided that when an additional tax is due per amended tax return, the 25% surcharge shall be imposed on the additional tax to be paid, while in RMC No. 46-1999, it is stated that no 25% surcharge shall be imposed in computing for the deficiency tax assessment as a result of the tax audit. Due to these issuances, it may appear that a taxpayer is unduly penalized for amending tax returns to pay the correct tax due but is unintentionally rewarded if unremitted taxes or correct tax due is paid only during the tax paid, which therefore discourages the taxpayers to amend their tax returns to voluntarily pay the correct tax due.
RMC No. 43-2022 was issued to reconcile the provisions of RMC No. 54-2018 and RMC No. 46-1999, such that no 25% surcharge shall be imposed to an amended tax return if the taxpayer was able to file the initial tax return on or before the prescribed due date of its filing. On the other hand, the 25% surcharge will be imposed on a tax deficiency found during audit if the particular tax return being audited was found to have been filed beyond the prescribed period or due date.
Please be guided accordingly.
Source:
P&A Grant Thornton
Certified Public Accountants
As published in SunStar Cebu, dated 04 May 2022