-
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.
What tax exemptions can employees and health workers avail of under the Bayanihan II?
04 Nov 2020The implementation of Republic Act 11494 or “Bayanihan II” has brought about several welcome exemptions for taxpayers as the country battles the ongoing pandemic. In particular, the Bureau of Internal Revenue (BIR) published on Oct. 17, 2020, Revenue Regulations (RR) 29-2020 implementing the provisions of Bayanihan II relative to tax exemption on certain income payments provided to certain employees and health workers.
On retirement benefits
Retirement benefits received by employees or officials from private firms, whether individual or corporate, from June 5, 2020 to Dec. 31, 2020 shall be excluded from gross income and consequently, exempt from income tax provided that the employer’s retirement benefit plan is duly registered with the BIR.
However, if such retiree was rehired by the private firm or any of its related parties within the 12-month period from retirement, this shall be construed as non-retirement. In this case, if the retiree has been rehired within calendar year 2020, the retirement benefit previously received should be reflected in the then-retiree’s annual income tax return under gross income and consequently, should be subjected to the applicable income tax.
On the other hand, if the retiree was rehired in calendar year 2021 and still within the 12-month period, the then-retiree should recognize the retirement benefits received in their 2020 annual income tax return and pay the appropriate income tax within 30 days from the date of rehire, or on Oct. 31, 2021 (the deadline of the second installment of 2020 income tax due, without penalties), whichever comes later.
If the rehired employee does not pay the appropriate income taxes due on the retirement benefits provided, applicable administrative and/or criminal penalties under the Tax Code shall apply.
On Covid-19 special risk allowances
Public and private health workers directly catering to or in contact with Covid-19 patients shall likewise enjoy tax exemptions on COvid-19 special risk allowances. The tax exemption on this type of allowance shall be applicable for every month that the said health worker has served during the country’s state of national emergency.
For this purpose, RR 29-2020 has defined public and private health workers as those who are engaged in health and health-related work, and those employed in all hospitals, sanitaria, health infirmaries, health centers, rural health units, barangay health stations, clinics and other health-related establishments, owned and operated by the government or its political subdivisions. This shall also include medical, allied health professionals, administrative and support personnel employed regardless of employment status.
On actual duty hazard pay paid to human resources for health
Hazard pay on actual duty paid to human resources for health (HRHs)—those persons temporarily hired to complement or supplement the current bandwidth of the health workforce—shall likewise be excluded from the employee’s gross income and consequently, to income tax.
On compensation paid to health workers who contracted or died due to Covid-19
Compensation provided to private and public health workers who have contracted or died due to Covid-19, in the following amounts paid starting Feb. 1, 2020 and during the state of national emergency:
• In the case of death, P1,000,000;
• In the case of severe or critical illness, P100,000; or,
• In the case of mild or moderate sickness, P15,000 shall be excluded from the employee’s gross income and income tax. In case of death, the remuneration paid to the beneficiaries shall be excluded from the deceased’s gross estate and exempted from estate tax.
The above amounts, however, should be paid to the affected health workers no later than three months after the date of confinement or death and that required supporting documents are submitted by the affected employee or the beneficiaries, whichever the case may be.
Employer’s responsibilities
Should the employer have already withheld taxes from the retirement benefits, Covid-19 special risk allowances, actual duty hazard pay, or compensation to health workers who contracted or died due to Covid-19, the said employer should refund the taxes withheld from the employees, subject to year-end adjustments of the retiree’s taxable compensation income.
The income payments mentioned shall be included in the alphabetical list of employees. To consolidate this, the employers must submit a one-time listing of recipients of the above income payments on Jan. 15, 2021, which shall include the names and taxpayer identification numbers of the recipients, the nature of income payment, the amount paid, and the date of payment. This should be attested by an authorized official of the employer and should be submitted to the Revenue District Office or Large Taxpayers Service where the employer is registered.
In connection to the retirement benefits provided to rehired employees, employers are required to submit a quarterly listing of employees who received retirement benefits and were rehired during the 12-month period. This list is to be submitted by concerned employers within 30 days from the end of every quarter in the calendar year 2021.
Please be guided accordingly.
Source:
P&A Grant Thornton
Certified Public Accountants
As published in SunStar Cebu, dated 04 November 2020