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We deliver value-added audit and assurance services to our clients, helping them manage their fiscal responsibilities with prudence and foresight.

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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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We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
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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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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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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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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

Updated proof of payment of DST for certificates issued by the government

29 Jul 20232 min read

Contents

Pursuant to Revenue Regulations (RR) No. 02 - 2023, loose documentary stamps are now replaced with the constructive affixture of documentary stamps as proof of payment of the DST on the certificate issued by the government for the purpose of establishing proof of a fact. Such constructive affixture means the attachment of the original copy of the official government receipt and stamping on the certificate the words "Documentary Stamp Tax Paid”, indicating both the serial number and the date of payment.

Further, such official receipt must indicate the amount of DST collected. The use of one (1) official receipt to cover two (2) or more certificates is allowed if the following items are clearly indicated on the face of the receipt:

The serial or control number printed and consecutively assigned for every issuance of a certificate
The serial or control numbers of the certificates and the total amount of DST due, among others

Required Maintenance of Record

For purposes of BIR audit, a record of all official receipts issued is updated daily and always kept at the premises of the government agency or instrumentality, in hard and soft copy, consisting of the

Serial or control number of the official receipt
Serial or control numbers of certificates covered in the official receipt, in case of 2 or more certificates issued in one receipt
Date of issue
Name of applicant for the certificate
Description of the certificate
Amount of DST collected

Automation of the Constructive Affixture of Documentary Stamp

If automated, it shall be duly registered with the BIR where the government agency or instrumentality is registered as a taxpayer. A separate revenue issuance prescribing the applicable procedures for such shall be issued by the BIR.

Filing of the DST Return

The collected DST shall be remitted monthly by filing the BIR Form No. 2000 and paying the tax through the BIR available payment facilities on or before the 5th day of the following month.

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 29 July 2023