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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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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).
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Financial statements compilation
We help in the preparation of financial statements of clients in accordance with Philippine Standard on Related Services (PSRS) 4410.
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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.
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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.
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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.
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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.
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Tax compliance
We aim to minimise the impact of taxation, enabling you to maximise your potential savings and to expand your business.
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Transfer pricing
We provide comprehensive Transfer Pricing (TP) solutions suited to the needs of the client.
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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.
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Tax education and advocacy
We offer seminars and trainings on tax-related developments and special issues of interest to taxpayers.
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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.
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Business consulting services
We help organisations improve their operational performance, efficiency, sustainability, and effectiveness in today’s dynamic business landscape.
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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.
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Forensic advisory
We provide support to organisations on dispute resolution, fraud prevention and detection, insurance claims, and other situations requiring detailed investigations.
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ProActive Hotline
We empower organisations to uphold integrity through safe and anonymous reporting.
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Sustainability
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 Academy
P&A Grant Thornton's unwavering commitment to relevance extends to its learning arm - P&A Academy.
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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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Payroll Services
We streamline payroll operations with secure, technology-driven solutions that enhance accuracy, ensure compliance, and free organisations to focus on strategic priorities.
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Human Capital Outsourcing Services
We deliver highly trainable and experienced accounting professionals matched to client requirements, covering center and attrition management, and special projects.
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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.
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Global culture
Our people tell us that our global culture is one of the biggest attractions of a career with Grant Thornton.
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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
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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.
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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.
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In the community
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
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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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Fresh Graduates
Fresh Graduates
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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.
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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.
Corporate Recovery and Tax Incentives for Enterprises Act (Part 1)
07 Apr 2021On March 31, 2021, the Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 42-2021 in relation to Republic Act 11534, or the Corporate Recovery and Tax Incentives for Enterprise (CREATE) Act signed by President Rodrigo Duterte on March 26, 2021 with line-item vetoes. The following are the salient provisions of the Create Law, which amends some provisions outlined under the National Internal Revenue Code of 1997:
A. Lower corporate income tax
Effective July 1, 2020, the CIT rate for corporations will be reduced as follows for those entities or transactions subject to CIT:
1. Reduced CIT rate of 20 percent shall be applicable to domestic corporations with net taxable income not exceeding P5, 000,000 and with total assets not exceeding P100 million (excluding land on which the business entity’s office, plant, and equipment are situated)
2. Reduced CIT rate of 25 percent shall be applicable to all other domestic corporations and resident foreign corporations
In addition, starting July 1, 2020 until June 30, 2023, a reduced Minimum Corporate Income Tax rate of one percent of gross income shall be applicable to all domestic corporations and resident foreign corporations.
B. Repeal of improperly accumulated earnings tax (IAET)
By virtue of the Create Act, the IAET has been repealed.
C. Lower income tax on proprietary educational institutions and non-profit hospitals
From the period July 1, 2020 to June 30, 2023, proprietary educational institutions and non-profit hospitals will be subject to one percent tax on taxable income, provided that gross income from unrelated trade or business activity does not exceed 50 percent of the total gross income derived by such entities; otherwise, such institutions shall be subject to the regular corporate income tax of 25 percent or 20 percent, as the case may be.
D. Lower percentage tax
Effective July 1, 2020 until June 30, 2023, a reduced percentage tax rate of one percent from three percent shall be applicable to non-VAT taxpayers. After June 30, 2023, percentage tax shall revert to three percent.
E. Tax exemption on inter-corporate dividends received by domestic corporations
Dividends received by domestic corporations shall be exempt from tax, provided that:
1. The funds from such dividends received or remitted into the Philippines are reinvested in the business operations of the domestic corporation within the next taxable year from the time such dividends were received.
2. These shall be limited to funding the working capital requirements, capital expenditures, dividend payments, investment in domestic subsidiaries, and infrastructure projects.
3. The domestic corporation holds directly at least 20 percent of the outstanding shares of the foreign corporation and has held the shareholdings for a minimum of two years at the time of the dividends’ distribution.
F. Regional or area headquarters and regional operating headquarters of multinational companies
Regional or area headquarters shall be exempt from income tax. However, effective Jan. 1, 2022, regional operating headquarters shall be subject to the regular corporate income tax.
G. Tax on certain incomes received by a resident foreign corporation
A final income tax rate of 15 percent is applicable to:
Interest income derived by a resident foreign corporation from a depositary bank under the expanded foreign currency deposit system [previously subject to a final income rate of seven- and one-half percent
Capital gains from sale of shares of stock not traded in the stock exchange (previously subject to five percent for those not over P100,000 and 10 percent for any amount more than P100,000)
Meanwhile, interest from any currency bank deposit and yield or any other monetary benefit from deposit substitutes and from trust funds and similar arrangements and royalties derived from sources within the Philippines shall be subject to a final income tax rate of 20 percent.
Source:
P&A Grant Thornton
As published in SunStar Cebu, dated 07 April 2021