TAX info and updates

[vincedin]

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WATCH OUT!!!

Sharing of information among government agencies and BIR...

Executive Order #53 required the following agencies to provide data to the BIR on a regular basis as follows:
*DTI - production and sales of manufacturing companies per industry.
*DOTC - gross receipts of land, sea, and air transport firms per company and revenue of telecommunication/telephone
*CENTRAL BANK OF THE PHILIPPINES - amount of interest income and other income such as royalties, profits from foreign exchange transactions, rental of property of banks and their branches per company.
*All departments, agencies, and instrumentalities of the goverment including GOCC - contracts entered into with private contractors.
*SEC - names and addresses of all active registered corporations and partnerships, with their financial statements.
(Revenue Memorandum Circular No. 13-200


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For affordable accounting & bookkeeping services --> https://www.istorya.net/forums/specia...nterprise.html
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[freudz]

for tax info and updates... naasad ni sa tax calendar... just get yourself a copy...

[vincedin]

SEC Memorandum Circular No. 7

The Securities and Exchange Commission (SEC) has issued guidelines on the staggered filing of audited financial statements (FS) by companies with fiscal year ending December 31, 2008

The objective is to do away with mass filing of the annual FS on the last day or close to the current single due date. Currently, the audited FS of ordinary corporations shall be filed within 120 calendar days after the end of the fiscal year, as specified in the by-laws.

Under SEC Memorandum Circular No. 7, the following are the deadlines for filers depending on the last numerical digit of their SEC registration number:
......... Filing Dates.................. Last Digits
......... April 20-24, 2009 - ...... 1, 2, and 3
......... April 27-30, 2009 - ...... 4 and 5
......... May 4-8, 2009 - ....... 6, 7, and 8
......... May 11-14, 2009 - ....... 9 and 0

All corporations may file their FS before April 20, 2009 regardless of the last numerical digit of their SEC registration number.

Late filings shall be accepted only starting May 15, 2009. The prescribed penalties for late filings shall be computed from the last day of filing allowed for specific grouping. Filings made before or after the scheduled dates shall not be accepted, unless done before April 20, 2009 or after May 14, 2009.

The financial statements filed shall have the required stamp of the Bureau of Internal Revenue (BIR).

On the other hand, companies whose fiscal year ends on a date other than December 31 shall comply with thier original filing schedule.

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For affordable accounting & bookkeeping services, contact 0922-2228612
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...https://www.istorya.net/forums/specia...nterprise.html

[ladymarie]

up for this very informative topic...

[vincedin]

BIR COMPLIANCE REQUIREMENTS

SEC. 232. Keeping of Books of Accounts. -

(A) Corporations, Companies, Partnerships or Persons Required to Keep Books of Accounts. - All corporations, companies, partnerships or persons required by law to pay internal revenue taxes shall keep a journal and a ledger or their equivalents: Provided, however, That those whose quarterly sales, earnings, receipts, or output do not exceed Fifty thousand pesos (P50,000) shall keep and use simplified set of bookkeeping records duly authorized by the Secretary of Finance where in all transactions and results of operations are shown and from which all taxes due the Government may readily and accurately be ascertained and determined any time of the year: Provided, further, That corporations, companies, partnerships or persons whose gross quarterly sales, earnings, receipts or output exceed One hundred fifty thousand pesos (P150,000) shall have their books of accounts audited and examined yearly by independent Certified Public Accountants and their income tax returns accompanied with a duly accomplished Account Information Form (AIF) which shall contain, among others, information lifted from certified balance sheets, profit and loss statements, schedules listing income-producing properties and the corresponding income therefrom and other relevant statements.



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For Affordable Accounting & Bookkeeping Services, contact 511-5631 or 0922-2228612 look for Jalyn
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[vincedin]

(B) Independent Certified Public Accountant Defined. - The term 'Independent Certified Public Accountant', as used in the preceding paragraph, means an accountant who possesses the independence as defined in the rules and regulations of the Board of Accountancy promulgated pursuant to Presidential Decree No. 692, otherwise known as the Revised Accountancy Law.


__________________________________________________ _____________________________________
For Affordable Accounting & Bookkeeping Services, contact 511-5631 or 0922-2228612
__________________________________________________ _____________________________________


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[vincedin]

SEC. 233. Subsidiary Books. - All corporations, companies, partnerships or persons keeping the books of accounts mentioned in the preceding Section may, at their option, keep subsidiary books as the needs of their business may require: Provided, That were such subsidiaries are kept, they shall form part of the accounting system of the taxpayer and shall be subject to the same rules and regulations as to their keeping, translation, production and inspection as are applicable to the journal and the ledger.

__________________________________________________ ____________________________
For Affordable Accounting & Bookkeeping Services, contact 511-5631 or 0922-2228612
__________________________________________________ ____________________________


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[the_guardian]

can anyone give me details of PERA, katong new bill gi-approve ni gloria about not having tax for investments gani...thanks!

[vincedin]

last call...

deadline for alphalist (1604-E & 1604-CF) will be on tuesday, next week... be sure you made your filing to avoid penalties!

[vincedin]

I have the implementing rules & regulation of the Personal Equity and Retirement Account (PERA) Act of 2008, if you are don't mind i may send this to your email address. It's on PDF file man gud, i'm still looking for a way to post it here, pero taas kaayo...

can anyone give me details of PERA, katong new bill gi-approve ni gloria about not having tax for investments gani...thanks!