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In one of the seminars I attended, a participant asked about the seemingly unbridled right of the Bureau of Internal Revenue (BIR) to assess and collect internal revenue taxes.

Recently, I had a meeting with a client regarding pending tax assessments. He was flying in from his office in another Asian country and had scheduled his quarterly meeting with me so we can discuss various tax issues.

Can you imagine an Information Technology (IT) company using manual books of account?

“The scene of this world is changing. I can’t live in the past. Please help me to keep running because we’re moving fast…”

Tax reform has been in the headlines lately. After almost two decades, we are about to see more concrete action towards the much-awaited comprehensive reform of the 1997 National Internal Revenue Code.

Our fast-growing economy presents a wide array of opportunities for entrepreneurs. This is especially true with the unveiling of the “Dutertenomics” program by the government’s economic team.

Time flies — in three months, we will bid 2017 goodbye. For us accountants, the end of the year means the start of busy season! There is the closing of books, the annual audit, and the filing of annual tax returns — tasks that often lead to sleepless nights.

Various portions of the Tax Code of 1997 will be deemed obsolete once the President approves the first package of the Tax Reform and Acceleration and Inclusion Act (TRAIN) which is scheduled to be implemented by January next year.