File your Income tax on Time. Deadline for filing of Income Tax Return (Individual and Corporate ) is on April 15, 2015.
For assistance, Preparation of Financial Statements, Auditors Report, and other accounting services, please don’t hesitate to contact us and be worry free.
Taxation is a very important aspect in every business. Taxation planning and consultancy are needed in determining current and future strategies for the business. GBS are professional practitioners in this field and are very much willing to assist in any kind of business.
In line with this, are you spending for unnecessary huge penalties and interest in relation to your taxes? Or are you in doubt on how to file your tax returns especially this coming tax season?
Stop worrying and relax, GBS tax professionals are here to help you!!!
Contact us so we can discuss on how we can help you!
The BIR under Revenue Memorandum Order No. 4-2013 dated March 8, 2013, issued policies and guidelines that shall be observed in the continuing audit of tax returns by the Revenue District Offices:
1) ALL TAXPAYERS are considered as possible candidates for audit
2) Priority shall be given to the following taxpayers:
a.) Professionals and sole proprietorships whose –
* income tax due is less than two hundred thousand pesos (P200,000) per year;
* gross revenue is less than forty percent (40%) compared to the previous year’s reported gross revenue;
* tax payment for each type is less than thirty -five percent (35%) as compared to the previous year’s tax payment;
b) Those engaged in but not limited to the industries as follows:
* Importers/manufacturers/wholesalers/retailers of wrist watches and jewelry.
* Petroleum / gasoline dealers
* Hotels, motels, pension houses/lodging, houses/inns, dormitories/boarding houses
* Real estate Industry
* Schools, particularly for foreigners (e.g. English School for Koreans, review centers)
* Contractors of NGA’S LGU’S and government owned and controlled corporations
* Retailers / Wholesalers
* Restaurants, fast food chains, catering services, bars, coffee shops
* Hospitals, clinics, medical/dental laboratories
* Establishments / clinics for beauty enhancement centers.
* Manufacturers /dealers of beauty and health supplements
* Amusement / entertainment / event centers
* Advertising agencies
* Business processing outsorcing (BPO)
* E-commerce industry
* Manpower and other recruitment services agencies
* Other peculiar to the area of jurisdiction of the district office.
c) Those who fall below the established benchmarks of tax compliance; and
d) Those who maintained an ending inventory with value of 100% or more of it’s gross sales
Contact us and we will be glad to be of service to you!!!
SUBJECT : Prescribing the Mandatory Use of Electronic Bureau of Internal Revenue
Forms (eBIRForms) in Filing of All Tax Returns by Non-Electronic Filing and
Payment System (Non-eFPS) Filers Particularly Accredited Tax
Agents/Practitioners, Accredited Printers of Principal and Supplementary
Receipts/Invoices, and One-Time Transaction (ONETT) Taxpayers
Full text here:
Taxpayers have fear in dealing with the BIR officers because of significant tax assessments. Others even hate them for inflicting so much sleepless nights and anxiety to the owners and accountants.
Fear no more. Contact us, so we can discuss.
“Because, We mind your owned business”
MANILA, Philippines (UPDATE) – The Supreme Court has issued a temporary restraining order (TRO) on a Bureau of Internal Revenue (BIR) policy in favor of accountants.
The TRO is effective immediately until further orders from the court.
The Association of Small Accounting Practitioners in the Philippines Inc. earlier filed a petition asking the court to stop the implementation of BIR Revenue Regulation No. 4-2014, which requires self-employed professionals to submit an affidavit of fixed service rates and fees, register their appointment books and issue receipts even for free services.
The group’s petition was originally raffled to the Third Division but was referred to the en banc and was consolidated with similar petitions.
BIR Commissioner Kim Henares downplayed the TRO, saying it is “merely an interim measure.”
“The case will have to go through a full blown proceeding. With RR 4-2014, we are seeking to put on a zone defense. However, with the TRO, it merely means we have to apply a man-to-man defense like Jaworski – tight guarding,” Henares said.
The Integrated Bar of the Philippines (IBP), the Philippine College of Physicians, and the Philippine Medical Association have all
from the court.
The IBP had said that in issuing the regulation, the Department of Finance and BIR “transgressed their constitutional and statutory boundaries” and “encroached upon the exclusive authority and jurisdiction” of the high court to promulgate rules concerning the protection and enforcement of constitutional rights, legal practice, and the legal profession as a whole.”
Source: http://www.abs-cbnnews.com/business/06/25/14/accountants-get-tro-vs-bir-policy
File your Income tax on Time. Deadline for filing of Income Tax Return (Individual and Corporate ) is on April 15, 2014.
For assistance, Preparation of Financial Statements, Auditors Report, and other accounting services, please don’t hesitate to contact us and be worry free.
GBS will assist with formation procedure, planning, and registration with the relevant government agencies starting with the Philippines SEC.
Investment incentives such as income tax holidays are available to foreign investors engaged in activities that significantly contribute to national industrialization and socio-economic development, or are considered export-oriented enterprises such as BPOs, call centers, software and IT companies. Eligible businesses may apply for incentives with Philippine government agencies and can avail income tax holidays from four (4) – Six (6) years.
@ GBS, we mind your owned business!
Are you worried on the annual reportorial compliance’s? Contact us now so we can discuss how we can be of help to you!
File your Income tax on Time. Deadline for filing of Income Tax Return (Individual and Corporate ) is on April 15, 2014.
For assistance, Preparation of Financial Statements, Auditors Report, and other accounting services, please don’t hesitate to contact us and be worry free.
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