Services
We deliver value-added audit and assurance services to our clients, helping them manage their fiscal responsibilities with prudence and foresight.
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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.
We help you identify the opportunities and pitfalls that can significantly affect your...
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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.
We believe there is an optimal solution to every business challenge.
Using our Firm's breadth and depth of specialized expertise, we work with you to find...
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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.
We provide solid, first-rate support for your key accounting and administrative activities, such as outsourced accounting, payroll, and accounting-related...
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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.
Japan Desk
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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.
If you wish to develop your talents to the fullest and build a fulfilling career, join P&A Grant Thornton, where you will be part of a dynamic...
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Fresh Graduates
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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.
If you would like to join Grant Thornton, you may have a few questions about our organisation, how we do business, our culture and our global opportunities....
By ensuring that our clients are matched with professionals most familiar with their industry, P&A Grant Thornton aims to provide a seamless onboarding...
Emerging markets and shifting consumer demand are creating new opportunities in food and beverage, with business leaders investing in new products, markets,...
Our vision is to help learning institutions and business organisations go beyond and create powerful learning cultures through technology integration,...
Energy markets worldwide are undergoing major changes. P&A Grant Thornton can help you understand and navigate ensuing challenges and make sure you have the...
Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To truly go...
Across the globe, not for profit organisations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...
The outsourcing industry is one of the fastest growing sectors in the Philippines. Growth in the industry is at an annual average rate of 20%. The industry is...
Across the globe, countries are moving towards leaner, more commercial, locally focused, and responsive government and public sectors. At P&A Grant Thornton,...
Opportunity and optimism have emerged within the retail estate and construction industry. At P&A Grant Thornton, it’s our goal to help you benefit from these...
At P&A Grant Thornton, we’ll work with you to capitalise on all opportunities, manage the inherent risks the industry has to offer, and provide relevant...
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With operational cost, price competition, and currency volatility, pressure on profits continues to pile on retailers. Advancements in e-commerce are also...
Line of Sight
Tax Reform for MSMEs
06 Dec 2016The Philippine Chamber of Commerce and Industry (PCCI) in cooperation with the USAID is currently conducting roadshows to inform taxpayers and solicit comments and suggestions that may be considered in the proposed tax reforms. These events are co-hosted by the Department of Finance (DOF) from whom the proposed tax reform packages originated.
Emphasis is given to the situation of the micro, small and medium enterprise (MSME) sector which comprises majority of the country’s income earners. An MSME in the Philippines is any business activity or enterprise engaged in industry, agri-business and/or services that has an asset size (excluding land) of up to PhP100 million with less than 200 employees. Statistics from the Department of Trade and Industry (DTI) show that 99.6 percent of local business enterprises are MSMEs, which include sari-sari stores, groceries and convenience stores. However, most MSMEs are discouraged from paying taxes due to the complicated tax system. To address this issue, tax reform advocates recommend the simplification of our tax system. Upon consultation, MSMEs identified some areas that may be simplified to encourage their tax compliance:
- Business registration. Streamline the registration process and requirements. At present, post- registration includes applications to print receipts, registration of books, securing permits to use Cash Register Machines (CRM), Point of Sale (POS) Machines and registration of Computerized accounting systems (CAS). Combining some of these procedures may alleviate the burden of MSMEs to register.
Additionally, consider the removal of the registration fee of PhP500.00 that taxpayers are required to pay every year. The filing of tax returns is sufficient enough to inform the BIR that such taxpayer is still registered and existing.
- Tax forms and filing requirements. Taxpayers are required to file at least 23 kinds of tax returns every year; these include monthly, quarterly, and annual returns. Alphalists (annualized withholding taxes), summary lists, and other supporting schedules and documents are also required to be filed. Annual ITR forms consist of 12 pages for individuals and eight pages for companies. Payroll-related payments particularly take up plenty of man-hours. Compliance requirements should be simplified for MSMEs to reduce the cost and time of doing business.
- Tax payment methods. Simplify the payment procedure especially for MSMEs which have limited ways to pay. Aside from tax payment through authorized agent banks (AAB), online and the use of credit/debit/prepaid card and G-cash, consider accepting payments via bayad centers and malls as alternative venues for paying taxes. Provide computer stations in BIR district offices that taxpayers can use especially in those remote areas where internet access is limited.
- Tax Regime. Most MSMEs are single proprietorship and are taxed using the graduated rates based on their income brackets under the Tax Code. This means that their tax rate increases as the taxable amount increases. In the pending bill entitled “The Small Business Tax Reform Act” of Senator Bam Aquino, a flat single tax rate on small businesses was proposed to simplify tax computation and encourage voluntary payment. The same bill exempts small businesses from paying income tax for the first three years of operations to allow them to thrive first before they could pay taxes.
The proposed increase in the VAT threshold that would exempt MSMEs with a total annual sales of PhP3 million and below from paying VAT will likewise excuse them from the difficulties in complying with the complicated VAT regulations.
- Information dissemination. Aside from using the BIR website, increase taxpayer awareness by providing more ways to circulate BIR issuances such as television and radio broadcasts, social media postings, pamphlets, etc.
A taxpayer kit may also be provided upon registration with guidelines on tax compliance and tax filing deadlines to educate MSMEs.
- BIR assistance. Similar to the Large Taxpayer Assistance Division of the BIR, a separate BIR division for MSMEs may be created to assist in tax compliance and specialize in resolving issues relevant to MSMEs.
Simplifying our current tax system can ease the plight of MSMEs and enable their businesses to flourish and later on translate to an increased tax collection from their voluntary compliance.
The author is a tax manager at the Cebu and Davao Branches of Punongbayan & Araullo. P&A is a leading audit, tax, advisory and outsourcing services firm and is the Philippine member of Grant Thornton International Ltd.
As published in Mindanao Times, dated 6 December 2016
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