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We put our clients in the centre of the conversation. Our experts across various service lines deliver quality work and value-added services tailored to your...

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We help you manage your fiscal responsibilities with prudence and foresight.

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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.
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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 & Compliance

We help you identify the opportunities and pitfalls that can significantly affect your bottom line.

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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.

Advisory Services

We believe there is an optimal solution to every business challenge. Let’s work together to find it.

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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.
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We promote responsible and innovative practices that reduce our environmental footprint, promote social responsibility, and ensure long-term economic viability
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P&A Grant Thornton's unwavering commitment to relevance extends to its learning arm - P&A Academy.

Business Process Solutions

We provide solid, first-rate support for your key accounting and administrative activities.

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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.
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.

Japan Desk

We connect Japanese businesses with trusted local expertise.

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With our unique culture and opportunities, our organisation is a place where you can grow. Wherever you are in your career, we help you to make a difference...

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We value each of the 50,000 people in our member firms equally and appreciate every contribution across Grant Thornton.

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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.
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One of the biggest attractions of a career with Grant Thornton is the opportunity to work on cross-border projects all over the world.
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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.

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If you would like to join Grant Thornton, you may have a few questions about our organisation, how we do business, our culture and our global opportunities....

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Industries

By ensuring that our clients are matched with professionals most familiar with their industry, P&A Grant Thornton aims to provide a seamless onboarding...

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Consumer products

Emerging markets and shifting consumer demand are creating new opportunities in food and beverage, with business leaders investing in new products, markets,...

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Education

Our vision is to help learning institutions and business organisations go beyond and create powerful learning cultures through technology integration,...

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Energy and natural resources

Energy markets worldwide are undergoing major changes. P&A Grant Thornton can help you understand and navigate ensuing challenges and make sure you have the...

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Financial services

Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To truly go...

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Not for profit

Across the globe, not for profit organisations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...

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Outsourcing

The outsourcing industry is one of the fastest growing sectors in the Philippines. Growth in the industry is at an annual average rate of 20%. The industry is...

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Public sector

Across the globe, countries are moving towards leaner, more commercial, locally focused, and responsive government and public sectors. At P&A Grant Thornton,...

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Real estate and construction

Opportunity and optimism have emerged within the retail estate and construction industry. At P&A Grant Thornton, it’s our goal to help you benefit from these...

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Technology, media and communications

At P&A Grant Thornton, we’ll work with you to capitalise on all opportunities, manage the inherent risks the industry has to offer, and provide relevant...

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Travel, tourism and leisure

Dynamic businesses need to move with speed and purpose if they want to capitalise on opportunities in hospitality and tourism. At P&A Grant Thornton, we know...

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Retail industry

With operational cost, price competition, and currency volatility, pressure on profits continues to pile on retailers. Advancements in e-commerce are also...

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Tax Notes

BIR introduces new package for the eBIR facility

12 Dec 20232 min read

Contents

As we gear towards year-end, corporations and individuals engaged in business are busy preparing their financial statements and income tax returns to comply with the requirements of the different regulatory agencies such as the Securities and Exchange Commission and the Bureau of Internal Revenue (BIR). The part of the BIR is to ensure that their online and offline filing facilities are up-to-date to serve taxpayers well.

On December 1, 2023, the BIR issued Revenue Memorandum Circular (RMC) No. 122-2023 which announced the availability of the Offline eBIRForms Package Version 7.9.4.1. This new version introduces updated Income Tax Returns for both individuals and corporations. To note, here are some of the modifications made to the new version:

1. Additional ATC codes for BIR Form No. 1702-RTv2018C or the annual income tax return for corporations, partnerships, and other non-individual taxpayers subject only to regular income tax rate;

2. Updated the 2023 income tax rates for the following returns:

a. 1700v2018 – Annual income tax return for individuals earning purely compensation income (including non-business/non-profession-related income)

b. 1701v2018 - Annual income tax return for individuals (including mixed-income earner), estates, and trusts

c. 1701A - Annual income tax return for individuals earning income purely from business/profession (those under the graduated income tax rates with OSD as mode of deduction or those who opted to avail of the 8% flat income tax rate)

3. Bug fixes for BIR Form No. 1702-MXv2018C - Annual income tax return for corporations, partnerships, and other non-individuals with mixed income subject to multiple income tax rates or with income subject to special/preferential rates.

Taxpayers who are mandated to file using the eBIRForms facility are required to update to this new package to avoid penalties for filing incorrect returns. This new package can be downloaded through the following websites:

Please be guided accordingly.

Source:

P&A Grant Thornton

Certified Public Accountants

P&A Grant Thornton is the Philippine member firm of Grant Thornton International Ltd.

As published in SunStar Cebu , dated 12 December 2023