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Our audit approach will allow our client's accounting personnel to make the maximum contribution to the audit effort without compromising their ongoing responsibilities
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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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We help you identify the opportunities and pitfalls that can significantly affect your...

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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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We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
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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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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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We believe there is an optimal solution to every business challenge. Using our Firm's breadth and depth of specialized expertise, we work with you to find...

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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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We provide solid, first-rate support for your key accounting and administrative activities, such as outsourced accounting, payroll, and accounting-related...

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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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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 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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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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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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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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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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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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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

Revised BIR Form Nos. 1707 and 1707-A Version 2021 Now Available

22 Dec 20212 min read

Contents

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 119-2021 to circularize the availability in the agency’s website of BIR Form No. 1707 (Capital Gains Tax Return for Onerous Transfer of Shares of Stock Not Traded through the Local Stock Exchange) and BIR Form No. 1707-A (Annual Capital Gains Tax Return for Onerous Transfer of Shares of Stock Not Traded through the Local Stock Exchange) which were revised due to the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

The forms are not yet available in Electronic Bureau of Internal Revenue Forms (eBIRForms). Manual and eBIRForms filers shall download the PDF version of the forms, print the forms, and fill out completely all the applicable fields; otherwise, they shall be subjected to penalties under Sec. 250 of the Tax Code, as amended. Payment of the tax due thereon, if any, shall be made thru:

a. Manual Payment

An Authorized Agent Bank (AAB) located within the territorial jurisdiction of the Revenue District Office (RDO) where the seller/transferor is required to register; or
In places where there are no AABs, the return shall be filed and the tax due shall be paid with the concerned Revenue Collection Officer (RCO) under the jurisdiction of the RDO using Revenue Collection Officer System (MRCOS) facility.

b. Online Payment

Landbank of the Philippines (LBP) Link.Biz Portal - for taxpayers who have Automated Teller Machine (ATM) accounts with LBP and/or holders of Bancnet ATM/Debit Card/Prepaid Card or taxpayer utilizing PCHC PayGate or PesoNet for depositors of Rizal Commercial Banking Corporation (RCBC), Robinsons Bank, UnionBank, Bank of the Philippine Islands (BPI) and Philippine Savings Bank (PSBank); or
Development Bank of the Philippines (DBP) Tax Online - for taxpayers-holders of VlSA, MasterCard Credit Card, and/or Bancnet ATM/Debit Card; or
UnionBank Online Web and Mobile Payment Facility - for taxpayers who have accounts with UnionBank;
Mobile Payment (GCash/PayMaya); or
A Taxpayer Software Provider (MYEG.Ph)

eBIRForms filers who will pay online shall file the return manually to the RDO having jurisdiction over the place where the seller is required to register.

In case of “No Payment Return”, the taxpayer shall file the return to the RDO having jurisdiction over the place where the seller/transferor is required to register.

Please be guided accordingly.

Source:

P&A Grant Thornton

Certified Public Accountants

As published in SunStar Cebu, dated 22 December 2021

Revised BIR Form Nos. 1707 and 1707-A Version 2021 Now Available

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Revised BIR Form Nos. 1707 and 1707-A Version 2021 Now Available

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