Accounting, Audit and Tax Matters

[r3roble]

gawd! i missed the amnesty. i have to pay 4,500 +++ to get a certificate of good standing. tsk. sayang!

oh... sayang jud.. my guess is that you're using the certificate to work abroad?

by the way, May 16 is (PICPA) Chapter Council Members election day, since you're already a member, exercise your right to vote. I would like to campain for Mr. Arnold Supilanas to be on top of your voting list. see you on friday...

May 16 is also the election for the National Board, just visit PICPA cebu for floor voting.

[bizaid.cebu]

Now that Tax Amnesty is about to end, we will expect BIR's audit notices in our company's doorstep soon. If you don't have what it takes by the time BIR will audit your company you better attend this seminar:

"How to Survive Your BIR Audit"

Conducted by SGV & Co to be held @ City Sports Club on May 23, 2008. for more info kindly contact 231-7551 to 55.

will be attending this one. see you there.

[r3roble]

will be attending this one. see you there.

okz... this one could really help a lot, especially when dealing BIR audit...

[arnz11277]

Thanks for the campaign Rey.Yes, you can always pm me for your audit and tax needs.

[r3roble]

Updates on PhilHealth:

starting July 2008, submission of reports will be on a monthly basis (deadline: 15 days after end of the month) and not quarterly. for more info, kindly call PhilHealth @ 233-7407, 233-7523 & 233-3270.

[r3roble]

Another PICPA Tax Seminar on May 23, 2008 (Friday), 1:00 to 5:00 @ Sacred Heart Center.

The seminar will take up recent pronouncements from BIR, namely:

RR 5-2008: Increase in the amount of "De Minimis" benefits
RMC 34-2008: Tax Treatment of Director's Fees for Income & Business Tax purposes
RR 6-2008: Rules on the Taxation of sale, barter, exchange or other disposition of shares of stocks
Other Tax Updates

The speaker is Mr. Ipher Q. Tabañag from BIR.

For more info, kindly call PICPA @ 254-3040 or 255-0163

[r3roble]

Tax notes: VAT on trade fair sales by Peza firms

A COMPANY registered with the Philippine Economic Zone Authority (Peza)
that has sold some of its products to its employees and to customs
territory buyers during a trade fair organized by the ecozone shall be
liable to the customs duties and the applicable internal revenue taxes
such as value-added tax (VAT).

The court rejected the argument that these were technical importations for
which the buyer shall be liable to the applicable taxes and duties.

Section 5 of Rule VIII of the Peza rules requires that domestic sales be
subject to all applicable rules and regulations, including the payment of
customs duties and internal revenue taxes. Section 3, Rule X of the same
rules provides that merchandise or goods may be taken into or brought out
of the restricted areas of the ecozones only upon prior approval or permit
by the Peza in accordance with its documentation and security procedures.

Hence, domestic sales are allowed, subject to certain conditions to be
complied with by the Peza entity, particularly regarding the payment of
taxes and duties and the documents required for the entry and exit of
goods to and from the restricted areas. (CS Garments Inc. v. Commissioner
of Internal Revenue, CTA EB No. 287 re: CTA Case No. 6520, Jan. 14, 200

Although the company presented supporting documents to prove that said
local sales were in fact importations by the buyers from the customs
territory, these were not adequate.

The Informal Import Entry Declaration was undated and in the name of ?Peza
Trade Fair.? The Bureau of Customs (BOC) official receipt for the duties
and taxes paid on the importation as well as the application for permit to
bring goods from the zone into the customs territory were both in the name
of the Peza entity as consignee.

The documents do not correspond to the taxable period in question.

In addition, sales to employees cannot be considered importations because
Peza rules have specific provisions regarding ?sales to employees?
requiring prior written permission from the Peza, and this was not secured
by the company.

The term ?customs territory? shall mean the national territory of the
Philippines outside of the proclaimed boundaries of the ecozones, except
those areas specifically declared by other laws and/or presidential
proclamations to have the status of special economic zones and/or free
ports. (Source: Punongbayan & Araullo)

[bizaid.cebu]

Now that Tax Amnesty is about to end, we will expect BIR's audit notices in our company's doorstep soon. If you don't have what it takes by the time BIR will audit your company you better attend this seminar:

"How to Survive Your BIR Audit"

Conducted by SGV & Co to be held @ City Sports Club on May 23, 2008. for more info kindly contact 231-7551 to 55.

up lang. kinsay muapli ani ugma? see you tomorrow.

[r3roble]

up lang. kinsay muapli ani ugma? see you tomorrow.

basin kita ra duha ang moapil ani na istorya member...

[r3roble]

the seminar re: How to survive your BIR audit is really fruitful. although kulang kaayo ang time alloted sa seminar..
we also found out that BIR's target collection for this year (200 is P845 billion. so expect rampant BIR audit soon. however, the ratio of BIR examiner to the assigned companies is around 1:345,000 (if i'm not mistaken), so dli kaau ta kulbaan.