Accounting, Audit and Tax Matters

[r3roble]

---

Good news to all (esp. to minimum wage earners).

Senate yesterday passed on third and final reading, SB 2293 (the bill which grants higher exemption).

More importantly, SB 2293 said that holiday pay, hazard pay, overtime pay and nightshift differential pay have been exempted from tax under Sen. Escudero's proposal, which was not included under HB 3971 (House version).

(courtesy of Journal online Phils)

[Bobbybabes]

What are the common accounting/business issues facing the commerce and industry sector of PICPA, that can be discussed and resolved?

Are all companies ready for its corporate governance? Is it operating effectively? What are the challenges and issues in implementing the corporate governance and accounting policies of the companies?

Does anyone know that SEC would be stricter these days about corporate governance and reportorial requirements?

I need your input guys.....we are looking for topics to be discussed in the incoming conference..

[r3roble]

good news to all.

Pres. Arroyo already sign into law tax exemption measure. please see link below:

GMANews.TV - (Update) Arroyo signs into law tax exemption measure - Nation - Official Website of GMA News and Public Affairs - Latest Philippine News - BETA

[maiagabrielle]

wow yey i likey

[r3roble]

Let's Talk Tax

P&A's Let's Talk Tax column appears in The Economy section of
BusinessWorld every Tuesday.

The BIR has recently issued Revenue Memorandum Order No. 24-08 which
defines the policies and guidelines for the development, investigation,
and prosecution of cases under the Run After Tax Evaders (RATE) Program.
This issuance reinforces the fact that the BIR is serious in its campaign
to collect taxes, by investigating and subsequently prosecuting those
taxpayers who they believe are violating tax laws. It is important for
taxpayers to be aware of these programs so that they may be armed with the
proper tools to protect and safeguard themselves. This should likewise
serve as a warning to taxpayers to pay the correct taxes to avoid the full
and avenging force of the law.

Find out how the BIR intends to implement the RATE program in this week's
article "Strengthening the RATE program" by P&A senior tax manager Atty.
Kristine Casa-Siervo. You may access the article through the link below.

http://www.punongbayan-araullo.com/p...IB559C_24-6-08

(courtesy of P&A)

[r3roble]

To all concerned (related to the law on tax exemption recently signed by Pres. Aroyo):

A draft revenue regulation has been issued by BIR for the implementation of pertinent provisions of Republic Act No. 9504. for further details kindly access the link below (in pdf format):

ftp://ftp.bir.gov.ph/webadmin1/pdf/4...XEMPTION-2.pdf

[maiagabrielle]

9504, there will be two (2) withholding tax tables to be used in
computing withholding taxes for calendar year 2008.
1) Employer making payment of compensation from January 1 to June
___, 2008 shall deduct and withhold from such compensation a tax
determined in accordance with the prescribed Revised Withholding
Tax Tables effective January 1, 2006 (old table) showing existing
exemptions for the period (Single P20,000, Head of the Family
25,000, married P32,000 and P8,000 for each qualified dependent
chief not exceeding four) and apportioned over a period of six (6)
months only.
2. Employer making payment of compensation from July 6 6 ___, 2008
to December, 2008 shall deduct and withhold from such
compensation a tax determined in accordance with the prescribed
REVISED TRANSITIONAL WITHHOLDING TAX TABLES (Annex A)
using exemptions per RA 9504 (single/married, head of the family
P50,000; P25,000 for each qualified dependent child not exceeding
four) apportioned over a period of six (6) months only.

gilisud lisud man ni nila oi. if they want to give this to the people jd, dapat retroactive for the whole year. ngano na sa july pman isugod ang kwenta sa new exemption.


gudluk sa mga accountants ani. specially those from big companies daghan jd ta e compute ani

[r3roble]

wahaha... mao jud... i'm sure the draft regulation will still be the final one...
so mangandam nalang ta ani himo ug formulas in excel para dali ra... he he...

and to all concerned, i'm sure there will be seminars for this one so if you want be sure to attend or ask your tax consultant for proper application of the law and shy away BIR from your doorstep...

[maiagabrielle]

rey na approve na ung draft? unsa na balita?

[r3roble]

rey na approve na ung draft? unsa na balita?

as i've heard from BIR the final regulation will be circulated within one or two weeks after the hearing last July 1.

We at AMCA (Association of MEPZ Controllers and Accountants) will hold a seminar regarding this one with Mr. Ipher Tabañag (from BIR) as our resource speaker. the tentative date will be on July 25...

Hopefully, i could share with you the result after the seminar.