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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
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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 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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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.
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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 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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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.
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Tax compliance
We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
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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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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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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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.
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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.
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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 over 130 countries who are passionately committed to these values.
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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 Thornton.
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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
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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.
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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 walks of life and that this diversity of experience and perspective makes our organisation stronger as a result.
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In the community
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
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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 veterans to fresh faces, the Purple Tribe is a diverse team united by a shared passion.
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Fresh Graduates
Fresh Graduates
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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.
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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.
12% Value Added Tax on Digital Services
(Republic Act No. 12023, approved and signed by the President of the Philippines on October 02, 2024, and posted on the Official Gazette on October 3, 2024)
This Tax Alert is issued to inform all concerned on the imposition of the 12% value added tax on digital services provided by resident or non-resident and consumed in the Philippines, pursuant to Republic Act (RA) No. 12023.
Digital service refers to any service that is supplied over the internet or other electronic network with the use of information technology and where the supply of the service is essentially automated. Digital services delivered by non-resident digital service providers (DSPs) shall be considered performed or rendered in the Philippines if the digital services are consumed in the Philippines. Digital services shall include:
a. Online search engine;
b. Online marketplace or e-marketplace;
c. Cloud service;
d. Online media and advertising;
e. Online platform; or
f. Digital goods.
Digital service provider refers to a resident or non-resident supplier of digital services to a consumer who uses digitals services subject to value-added tax in the Philippines. Non-resident DSPs are digital service provider that has no physical presence in the Philippines.
The DSP, whether resident or non-resident, shall be liable or assessing, collecting and remitting the VAT subject to the provisions on withholding VAT.
I. VAT Registration of Non-resident DSPs
DSPs shall be liable to register either electronically or manually, for VAT if:
a. The gross sales for the past 12 months other than those that are VAT-exempt have exceeded the threshold of P3,000,000; or
b. There are reasonable grounds to believe that the gross sales for the next 12 months other than those that are VAT-exempt have exceeded the threshold of P3,000,000.
The BIR shall establish a simplified automated registration system for non-resident DSPs, which shall be prescribed by the Secretary of Finance, upon the recommendation of the Commissioner.
In case the DSP is required but failed to register as a VAT taxpayer, the power of the BIR Commissioner to suspend shall include blocking the digital services performed or rendered in the Philippines by the DSP. This shall be implemented by the Department of Information and Communications Technology (DICT), through the National Telecommunications Commission (NTC).
II. Invoicing and Accounting Requirements of VAT-registered Non-resident DSPs
In lieu of the general VAT invoice, digital sales or commercial invoice shall be issued for every sale, barter, or exchange of digital services made by a VAT-registered non-resident DSP. The invoice shall include the following information:
- date of transaction;
- transaction reference number;
- identification of consumer;
- brief description of the transaction; and
- total amount with indication that such amount includes VAT
The requirement to maintain subsidiary sales journal and purchase journal which daily sales and purchases are recorded shall not apply to VAT-registered non-resident DSPs.
III. Remittance of VAT due on digital services rendered by VAT-registered Non-resident DSPs
| Is Customer VAT Registered? | Remittance of VAT |
| No | The Non-resident DSPs has the obligation to remit 12% VAT on its digital services |
| Yes | The customer is liable to withhold and remit the VAT via reversed charge mechanism (withholding VAT), within 10 days of the following month. |
If a VAT-registered non-resident DSP is classified as an online marketplace or e-marketplace, it shall also be liable to remit the VAT on the transactions of non-resident sellers that go through its platform Provided, that it controls key aspects of the supply and performs any of the following:
a. It sets, either directly or indirectly, any of the terms and conditions under which the supply of goods is made; or
b. It is involved in the ordering or delivery of goods, whether directly or indirectly.
Non-resident DSPs shall not be allowed to claim creditable input tax.
IV. Transactions not covered by VAT on digital services
The following digital services are exempt from 12% VAT:
a. Online courses, online seminars, and online trainings, rendered by private educational institutions, duly accredited by the Department of Education (DepEd), the Commission on Higher Education (CHED), the Technical Education and Skills Development Authority (TESDA), and those rendered by government educational institutions; and sale of online subscription-based services to DepEd, CHED, TESDA, and educational institutions recognized by said government agencies; and
b. Services of non -bank financial intermediaries performing quasi-banking functions, and other non-bank financial intermediaries rendered through digital platforms.
V. Withholding of Percentage Taxes
The Secretary of Finance may, upon the recommendation of the Commissioner, require the withholding of percentage taxes imposed under Title V – Other Percentage Taxes of the Tax Code.
VI. Transitory Clause
Non-resident DSPs shall immediately subject to VAT after one hundred twenty (120) days from effectivity of implementing rules and regulations.
VII. Implementing Rules and Regulations
The Department of Finance (DOF), upon the recommendation of the BIR, and in coordination with the DICT and the NTC, and upon consultation with the stakeholders, shall issue rules and regulations for the effective implementation of this Act not later than ninety (90) days from the effectivity of this Act.
VIII. Effectivity
The Republic Act shall take effect fifteen (15) days after its publication in the Official Gazette or in a newspaper of general circulation. The Act was published in the Official Gazette last October 3, 2024.