-
Annual and short period audit
We perform audit engagements in accordance with the Philippine Standards on Auditing (PSA), as required by required by national legislation or other regulations of agencies such as the Bureau of Internal Revenue (BIR), Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP), Insurance Commission (IC), Cooperative Development Authority (CDA), etc.
-
Review engagement
We provide a limited or moderate level of assurance that financial statements are free from material misstatements, in accordance with the Philippine Standard on Review Engagements (PSRE).
-
Financial statements compilation
We help in the preparation of financial statements of clients in accordance with Philippine Standard on Related Services (PSRS) 4410.
-
Security offerings services
We provide assurance services for our clients’ debt and equity security offerings. These include audits or reviews of financial statements, examination of prospectuses, and issuance of comfort letters as required.
-
Agreed-upon procedures
We perform agreed-upon procedures in accordance with applicable professional standards, delivering factual findings reports tailored to the specific needs of our clients and relevant third parties. Our services include asset and inventory count observations, financial statement translations, and assistance with regulatory applications such as capital stock increases and debt-to-equity conversions.
-
Other related services
We help our clients stay ahead of the evolving complexities in the accounting landscape. Our offerings include training programs, transition and implementation planning, and impact assessments related to newly adopted accounting standards, such as Philippine Financial Reporting Standards (PFRS Accounting Standards) and other relevant frameworks.
-
Tax advisory
With our knowledge of tax laws and regulations, we help safeguard the substantive and procedural rights of taxpayers and prevent unwarranted assessments.
-
Tax compliance
We aim to minimise the impact of taxation, enabling you to maximise your potential savings and to expand your business.
-
Transfer pricing
We provide comprehensive Transfer Pricing (TP) solutions suited to the needs of the client.
-
Corporate services
For clients who want to do business in the Philippines, we help set up the business and assist in determining the appropriate and tax-efficient operating business or investment vehicle.
-
Tax education and advocacy
We offer seminars and trainings on tax-related developments and special issues of interest to taxpayers.
-
Business risk services
We cover a wide range of solutions that help you identify, address, and monitor the risks of your business.
-
Business consulting services
We help organisations improve their operational performance, efficiency, sustainability, and effectiveness in today’s dynamic business landscape.
-
Transaction services
We help organisations provide strategic advice and support throughout the transaction process and provide financial reporting advisory services to help companies successfully navigate the complex financial requirements in a broad range of scenarios.
-
Forensic advisory
We provide support to organisations on dispute resolution, fraud prevention and detection, insurance claims, and other situations requiring detailed investigations.
-
ProActive Hotline
We empower organisations to uphold integrity through safe and anonymous reporting.
-
Sustainability
We promote responsible and innovative practices that reduce our environmental footprint, promote social responsibility, and ensure long-term economic viability
-
P&A Academy
P&A Grant Thornton's unwavering commitment to relevance extends to its learning arm - P&A Academy.
-
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.
-
Payroll Services
We streamline payroll operations with secure, technology-driven solutions that enhance accuracy, ensure compliance, and free organisations to focus on strategic priorities.
-
Human Capital Outsourcing Services
We deliver highly trainable and experienced accounting professionals matched to client requirements, covering center and attrition management, and special projects.
-
Our values
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.
-
Global culture
Our people tell us that our global culture is one of the biggest attractions of a career with Grant Thornton.
-
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
-
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.
-
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.
-
In the community
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
-
Behind the Numbers: People of P&A Grant Thornton
Discover the inspiring stories of the individuals who make up our vibrant community. From seasoned veterans to fresh faces, the Purple Tribe is a diverse team united by a shared passion.
-
Fresh Graduates
Fresh Graduates
-
Students
Whether you are starting your career as a graduate or school leaver, P&A Grant Thornton can give you a flying start. We are ambitious. Take the fact that we’re the world’s fastest-growing global accountancy organisation. For our people, that means access to a global organisation and the chance to collaborate with more than 40,000 colleagues around the world. And potentially work in different countries and experience other cultures.
-
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.
2019 ITR filing reminders
09 Apr 2019Summer is here! As the school break starts, everyone is excited to plan where to spend their holidays. But before gearing up for the vacation, corporate taxpayers adopting calendar taxable year and individual taxpayers can’t think of enjoying summer yet until the April 15 annual income tax return (ITR) deadline passes.
As the deadline draws closer, here are some reminders for the ITR filing:
1. BE MINDFUL OF THE APRIL 15 DEADLINE
As expected, there have already been news reports saying that the Bureau of Internal Revenue (BIR) will not extend the upcoming April 15 income tax deadline. The BIR has been warning taxpayers to file their income tax returns earlier to avoid penalties for late filing. The penalties for late filing include a 25% surcharge of the tax due plus 12% interest per annum (from the payment deadline until the amount is fully paid), and a corresponding compromise penalty, on top of the income tax due.
So, for the taxpayers, April 15 this year is a crucial day that should not be missed.
2. USE THE CORRECT VERSION OF ITR
As of writing, all new/revised versions of annual ITRs (BIR Form No. 1700 for individuals earning purely compensation income, BIR Form No. 1701 for individuals under graduated income tax rates availing of itemized deductions including mixed income earners, BIR Form No. 1701A for individuals earning income purely from business/profession under graduated income tax rates availing of Optional Standard Deduction or those who opted to avail of the 8% flat income tax rate, and BIR Forms No. 1702-RT/EX/MX for corporations, partnerships and non-individuals exempt from tax and subject to regular tax rate, respectively) have been released by the BIR.
For the individual ITRs, the revised version of BIR Form No. 1701 and the new BIR Form No. 1701A are already available in eBIR Forms package v7.4.1, but are not yet available in the electronic Filing and Payment System (eFPS). Thus, the BIR advised eFPS filers to file using the eBIRForm facility and pay manually through AABs. BIR form No. 1700, on the other hand, is not yet available in the eBIRForms facility. Hence, this shall be filed and paid manually.
For corporate ITRs, all new versions of the ITRs are not yet available in the eFPS and eBIRForms facility. Thus, the BIR advised the eFPS and eBIRForm filers to use the existing/old version available in the eFPS and eBIRForms package. However, taxpayers filing 1702-MX who opted for optional standard deduction as their method of deduction shall use the manual return and pay manually.
For the detailed guidelines on the filing and payment of annual ITRs, taxpayers may refer to Revenue Memorandum Circulars No. 41-2019, 37-2019, 19-2019, and 17-2019.
3. FILE AT THE PROPER VENUE
Under the rules, wrong venue filing or filing of tax returns at a different Revenue District Office (RDO) than where they are registered, is subject to a penalty of P1,000 per return and a 25% surcharge of the tax due to be paid. The P1,000 penalty may be nominal, but the 25% surcharge could mean millions to some taxpayers depending on the amount of tax due.
Hence, taxpayers, especially individuals, are recommended to verify first with the BIR and check which RDO they are registered at before proceeding to the nearest Authorized Agent Bank (AAB) or RDO to file their annual ITR.
Wrong venue filing also includes a situation wherein taxpayers, who are mandatorily required to file their returns through eFPS or eBIRForms, erroneously file their tax returns manually.
4. KEEP ABREAST OF BIR ADVISORIES
At this time of the ITR filing season, it is not uncommon for taxpayers to encounter downtime or traffic in the eFPS facility due to network congestion.
There have been certain instances in the past wherein a taxpayer tried to file an ITR on the morning of April 15 only to find himself in front of the computer the whole day and until midnight without successfully filing the ITR. This is why taxpayers are advised to file their tax returns early to avoid this kind of inconvenience.
Nonetheless, taxpayers should be alert about BIR advisories, wherein the BIR makes announcements about work-around procedures in case of problems in the eFPS facility.
5. COMPUTE YOUR INCOME TAX DUE CAREFULLY
When computing for the income tax due, taxpayers should always practice due diligence. Even though a taxpayer can amend an ITR to correct a mistake, that mistake may incur large cost depending on its significance. This is because in the event that the tax payable per amended ITR is higher than what is remitted in the filed original ITR, a 25% surcharge, 12% interest per annum, and compromise penalty shall be imposed based on the additional tax to be paid per amended return. Better be safe than sorry.
With just a few days left before the deadline, I hope everyone can successfully file their ITRs on time and have a meaningful Holy Week with no worries. Fingers-crossed!
Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.
Juvy de Jesus is a manager from the Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd. For comments and inquiries, please email
As published in BusinessWorld, dated 09 April 2019