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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.
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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.
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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.
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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.
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Forgetting the past and moving forward for taxpayers
21 May 2019Last Saturday, I had my monthly checkup with my gynecologist. Unfortunately, on our way to the hospital, I slipped off the last stair in our condominium lobby. With my right foot sprained, I thought of rescheduling my checkup, as it was so difficult to walk. With a baby inside me, however, I needed to push through. I needed to ensure that she (Yes, it’s a girl!) is fine and was not harmed due to my carelessness. Thankfully, I was able to proceed with my checkup, and the baby is fine.
Recalling this fearful experience while writing this article, I thought of what Philippine taxpayers go through during a Bureau of Internal Revenue (BIR) audit or assessment. To most Philippine taxpayers, tax assessments are a bad experience that they just want to forget, so that they can move forward with their business.
What are the remedies in order to avoid or at least minimize tax assessments? Is there any remedy if the BIR assessment has become final and executory? How can the taxpayer move forward?
On April 9, while every taxpayer was busy preparing for the filing of their 2018 annual income tax return, the BIR published Revenue Regulations No. 04-2019, providing the much-awaited implementing rules and regulations for the Tax Amnesty on Delinquencies (Revenue Regulations (RR) No. 04-2019).
Under the Tax Amnesty on Delinquencies, a taxpayer with final and executory assessments can now opt to close and forget the assessment by paying only a certain percentage of the basic tax assessed.
The table shows the instances when the taxpayer can avail of tax amnesty on delinquencies, and the applicable tax amnesty rates:
If the delinquencies consist only of unpaid penalties due to late filing or payment, and there is no basic tax assessed, the taxpayer may avail of tax amnesty on delinquencies without any payment due.
Tax amnesty on delinquencies may be availed of by qualified taxpayers until April 24, 2020.
To provide further guidelines on and procedures for the processing of applications for a tax amnesty on delinquencies, the BIR also issued Revenue Memorandum Order (RMO) No. 23-2019 on May 8.
To avail of the tax amnesty on delinquencies, a Certificate of Tax Delinquencies/Tax Liabilities (CTD) must be secured from the appropriate BIR office. Under RMO No. 23-2019, the issuance of a CTD shall be based on the list of Accounts Receivable/Delinquent Accounts to be issued by the Accounts Receivable Management Division of the BIR. Such a list shall, however, not include tax liabilities arising from the taxpayer’s own declaration. Does this mean that the former, even if covered by assessment notices that have become final and executory, cannot be covered by tax amnesty?
If the taxpayer validly protested a Final Assessment Notice/Final Letter of Demand, RMO No. 23-2019 explicitly allows the withdrawal of the protest letter. The withdrawal, however, should have been done prior to the effectivity of RR No. 04-2019. Such an option to withdraw is not specifically provided in RR No. 04-2019. Since RR No. 04-2019 took effect on April 24, but RMO No. 23-2019 was issued on May 8, the option to withdraw may no longer be availed of by taxpayers. Many could have benefited from this option had it been specifically provided in the earlier implementing rules and regulations.
As cited in various fora, the tax amnesty on delinquencies is a welcome development for taxpayers who want to move forward from tax assessments that have become final and executory. Moving forward, however, we hope that the BIR will be more transparent on its implementing rules and regulations. Ample time must be given to taxpayers to avail of the options available.
My sprained foot is now slowly healing with the help of an ice pack. The most important lesson that I learned, though, is that I should always be careful for my baby and myself, just like a taxpayer must always be careful about their tax compliance. Tax compliance must be reviewed quarterly or at least annually to minimize issues in case of a tax assessment. Personnel must always stay updated on the latest rules, options, and updates to minimize compliance costs.
With this, P&A Grant Thornton is offering a half-day seminar on Updates on the IRR of the Tax Amnesty Act, The Revised Corporation Code, and Recent Tax Issuances at Holiday Inn and Suites on June 20.
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.
Ma. Lourdes Politado-Aclan is a director from the Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.
As published in BusinessWorld, dated 21 May 2019