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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.

In August 2015, the Cebu Chamber of Commerce and Industry (CCCI) together with the Financial Executives Institute of Cebu, Inc. (FINEX Cebu), the Confederation of Philippine Exporters Foundation (Cebu), Inc. (PHILEXPORT Cebu), and the Philippine Institute of Certified Public Accountants -- Cebu Chapter (PICPA -- Cebu) submitted a position paper to the Department of Finance (DoF) requesting amendments to the Bureau of Internal Revenue Importer Clearance Certificate (BIR-ICC) and BIR Customs Broker Clearance Certificate (BIR-BCC) requirements in relation to the accreditation of the importer and customs broker, respectively. To date, the petitioners have not received feedback from the DoF. Hence, I reprint below the significant parts of the position paper.

Tax rules seem to be constantly changing. Unless the taxpayer regularly looks up the latest issuances from the Bureau of Internal Revenue (BIR) and court decisions, or has a battery of tax advisors to do these for him, or attends periodic tax seminars, keeping track of developments in the rules can be difficult.

Does your company have an on-going tax assessment covering tax year 2012? If yes, then it is likely that you have already been asked to execute a waiver on the statute of limitations.

Every business can benefit from the Internet of Things – just start small and choose wisely when deciding which operations you want to target Does your workplace have smart lighting that only comes on when it detects motion? Does your heating and air conditioning work in a similar way? Or maybe you have a refrigerator in the kitchen that orders food direct from the supermarket when supplies run low.

It is day 12 of 2016. Corporations, partnerships, professionals and sole proprietorships should already be working on the renewal of their respective business registration/permits with the local government units (LGUs). I’m sharing in this article some issues that business establishments may encounter in the renewal of their business registration.