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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.
Updated Floor Price of Cigarette, Heated Tobacco and Vapor Products
(Revenue Regulations No. 16-2024, September 16, 2024)
This Tax Alert is issued to inform all the concerned the updated floor price of cigarette, heated tobacco and vapor products prescribed in Revenue Memorandum Circular (RMC) No. 49-2023, which revised the floor prices set forth in Section 6 of Revenue Regulations (RR) No. 14-2022 and RMC No. 79-2022.
I. Definition of Terms
1. Floor price – refers to minimum price of cigarette, heated tobacco, and vapor products per unit, which shall be equivalent to the total reasonable production cost/expenses of the cheapest brand per tobacco product and the sum of the excise tax and VAT.
2. Heated Tobacco Products (HTPs) – refer to tobacco products that may be consumed through heating tobacco, either electrically or through other means sufficiently to release an aerosol that can be inhaled, without burning or combustion of the tobacco. Heated tobacco products include liquid solutions and gels that are part of the product and are heated to generate an aerosol.
3. Vapor Products – this shall mean Electronic Nicotine and Non-Nicotine Delivery systems (ENDS/ENNDS), which are combinations of a liquid solution or gel that transforms into an aerosol without combustion through employment of a mechanical or electronic heating element, battery, or circuit that can be used to heat such solution or gel, and includes, but is not limited to:
a. Cartridge
b. Tank
c. The device without a cartridge or tank
It is commonly known as nicotine salt/salt nicotine, and conventional ‘freebase’ or ‘classic’ nicotine, and other similar products. All vapor products shall be covered regardless of its nicotine content.
4. E-marketplace – refers to an online intermediary that allows participating merchants to exchange information about products or services to enter into an electronic commerce transaction.
5. Seller – a person engaged in the business of selling consumer products directly to consumers. It includes online sellers or merchants, or any person or entity selling products or services to customers through an e-marketplace. It shall also include a supplier or distributor if:
a. The seller is a subsidiary or affiliate of the supplier or distributor; or
b. The seller interchanges personnel or maintains common or overlapping officers or directors with the supplier or distributor; or
c. The supplier or distributor provides or exercises supervision, direction, or control over the selling practice of the seller.
I. Updated Floor Prices
A. Cigarettes
| Packaging | Content per Packaging | Production Cost/Total Landed Cost | Excise Tax (2024) | 12% VAT | Total Tax | Floor Pirce |
| Pack | 20 sticks | 7.16 | 63.00 | 8.42 | 71.42 | 78.58 |
| Ream | 10 packs | 71.60 | 630.00 | 84.20 | 714.20 | 785.80 |
B. Heated Tobacco Products
| Packaging | Content per Packaging | Production Cost/Total Landed Cost | Excise Tax (2024) | 12% VAT | Total Tax | Floor Price |
| Pack | 20 sticks | 19.54 | 34.13 | 6.44 | 40.57 | 60.11 |
C. Vapor Products
1. Nicotine Salt or Salt Nicotine
| Packaging | Pack/Fill | Content per Packaging | Production Cost/Total Landed Cost | Excise Tax (2024) | 12% VAT | Total Tax | Floor Price |
| Pod | 1 | 2 ml | 52.11 | 109.20 | 19.36 | 128.56 | 180.67 |
| Bottle | 1 | 10 ml | 60.36 | 546.00 | 72.76 | 618.76 | 679.12 |
2. Conventional ‘Freebase’ or ‘Classic’ Nicotine
| Packaging | Pack/Fill | Content per Packaging | Production Cost/Total Landed Cost | Excise Tax (2024) | 12% VAT | Total Tax | Floor Price |
| Bottle | 1 | 10 ml | 99.25 | 63.00 | 19.47 | 82.47 | 181.72 |
| Bottle | 1 | 30 ml | 46.47 | 189.00 | 28.26 | 217.73 | 263.73 |
The above floor prices shall only be used as reference for taxation purposes in the absence of other documents/proof as to the actual price of the product that is higher than the identified floor price.
The seller of any tobacco products, heated tobacco products, and vapor products who price lower than the excise and value added taxes imposed shall be punished with a fine of not less than ten (10) times the amount of excise plus value-added taxes due but not less than Two hundred thousand pesos (P200,000.00) nor more than Five hundred thousand pesos (P500,000.00), and imprisonment of not less than four (4) years but not more than six (6) years pursuant to Section 145 (C) and Section 263-A of Tax Code, as amended.
The Regulations shall take effect fifteen (15) days following the publication in the Official Gazette or the BIR’s official website, whichever comes first. These Regulations were posted on the BIR’s website last September 17, 2024.