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National Internal Revenue Code of 1997 5th Edition
If there’s one truth in today’s cyber age, it’s that no business is immune from a cyberattack. Given the increasing amount of business information that’s stored online—or in external-facing (aka Internet-connected) devices—it shouldn’t come as a surprise that there are a seemingly endless number of cyber criminals out there vying for your data and pertinent information.
In the recent years, auditing the auditors has become a global development in the accountancy profession amid news of inappropriate financial reporting or accounting scandals happening around the world. A number of national professional regulators have responded accordingly to these inauspicious events in the accountancy profession and have set up a regulatory body to oversee the conduct of an audit of companies by the auditors [hereinafter, interchangeably referred to as external auditors or Certified Public Accountants (CPA) practitioners] in their respective countries.
One needs to undertake 16 steps for more than a month (34 days) to start a business in the Philippines, according to the World Bank's Doing Business Report 2015. Newly appointed Trade Secretary Adrian Cristobal Jr. said that among his first priorities is to reduce the process to three steps in three days.
Of the P3.002-trillion national budget, P702.9 billion is intended for infrastructure in 2016. The P702.9-billion capital outlay budget represents 23.4% of the 2016 total budget, and represents a 29.8% rise from 2015. According to the government, the programmed increase of infrastructure spending will bring the Philippines almost at par with the global benchmark of 5% infrastructure spending. Robust spending is good for the economy as it aims to link lagging communities to growth centers and people to opportunities. A significant increase in infra spending is also expected during this election year. Thus we see ongoing government projects all over the Philippines in various stages of completion.
Undoubtedly, Senior Citizen Discount (discount) is a great benefit given to the senior citizens of the country. I am one of those benefited. The discount is 20 percent on the selling price plus exemption from 12 percent VAT, or a combined reduction of about 32 percent, depending upon how the VAT is computed in the invoice. That’s quite a lot.
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 4-2016 dated Jan. 25, 2016, which provides for additional guidelines on the BIR’s internal processing of applications for compromise settlement, abatement or cancellation of internal revenue tax liabilities provided for under Section 204 of the Tax Code, as amended.
It’s helpful to start by clarifying the definitions of terms that are widely used but often confused. Simply put, outsourcing is the provision of specialist skills by a specialist third party service provider who focuses solely in this area. Insourcing is the provision of those services by an in-house team. Offshoring relates to the provision of those services by an outsourcing provider based in a different country (or continent) to that of the purchaser or user.
This is the maiden issue of our column, From Where We Sit, which The Manila Times has graciously permitted us, Partners of P&A Grant Thornton, to write on a weekly basis. We consider this privilege a great honor. This first issue will cover accounting and will dwell on an ongoing controversy relating to the enforcement of business management’s responsibility in preparing the company’s financial statements (FS) before these are audited by external auditors.
