TAX info and updates

[C.P.A.]

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i agree... para naa interaction & answers sa mga question & query... forum man kaha ni?

na banned na ang thread starter? i.lift ang ban mods kay murag helpful au iyang g.pang post na information dire...

[C.P.A.]

Section 232 of the National Internal Revenue Code (NIRC)

provides that corporations, companies, partnerships or persons whose gross quarterly sales, earnings, receipts or output exceed P150,000 shall have their books of accounts audited and examined yearly by Indedendent Certified Public Accountants and their income tax returns accompanied with a duly accomplished Account Information Form which shall contain among others, information lifted from certified balance sheets, profit and loss statement, schedules listing income-producing properties and the corresponding income therefrom and other relevant statements.

[C.P.A.]

BIR Padlocks Business Establishment in Manila

“Warns Other Tax Violators Will Follow”

True to his word that he will not spare any “padlock” to sanction tax
violators, Commissioner of Internal Revenue Sixto S. Esquivias IV has once
again led the Bureau of Internal Revenue (BIR) in closing down a business
establishment in Paco, Manila for violating the Value-Added Tax (VAT) Law.
Suspended from operating its Grocery (Wholesale and Retail) business
was Hilton Mart Corporation (Hilton), owned and operated by Chun Chun
Wong as President and Rey Kenneth Chan as Treasurer.
The suspension came after the said corporation failed to comply with
the 48 Hour Notice and Five Day VAT Notice giving the taxpayer (Hilton) the
opportunity to explain and present evidence to dispute the BIR findings.
The BIR discovered an underdeclaration of 956% sales amounting to
P1,244,217,524 which resulted to a basic VAT deficiency of
P149,306,102.88. The discovery was a result of the reading by the BIR of
eleven (11) Point-of-Sales (POS) Machines of Hilton and comparison of the
said reading against returns filed by the same taxpayer for the Calendar Year
2008.

To date, Hilton is the eleventh (11

th) closure of business
establishments effected by the BIR nationwide for violating tax laws
especially on VAT. And many more non-complying taxpayers are still in the
pipeline – waiting to be padlocked! Among those earlier padlocked under this program by the BIR are: 1) La Suerte Grocery & Bakery in Magalang, Pampanga for failure to declare more than P50M income in 2008; 2) Charmy Food Phils., Inc., a
manufacturer of soybean products in Pasig City, for not declaring P40M of its
sales for 2005-2008; and 3) Arra’s Fine Dining, a Korean Restaurant in
Makati City for understatement of its taxable sales in 2008 by more than
P20M.

Oplan Kandado is the flagship project of the BIR initiated by
Commissioner Esquivias which aims to strictly enforce sanctions for noncompliance by business establishments with requirements of the Tax Code.
He believes that through this enforcement program, taxpayers will be
compelled to comply with the requirements of the Tax Code and pay the
correct taxes in conducting business, lest their operations will be subject to
closure by the BIR. Commissioner Esquivias was assisted by BIR Revenue Region (RR) No. 6, Manila Regional Director Arnel SD. Guballa and his Assistant Director
Manuel Mapoy in enforcing the closure order on Hilton Mart Corporation.
Guballa incidentally was also the Regional Director of RR No. 4, Pampanga
when the BIR padlocked La Suerte Grocery and Bakery in Magalang,

Pampanga

[jalyn]

FYI: Deadline for BIR filing this coming monday, April 26, 2009

Filing of Quarterly VAT; &
Quarterly Summary List of Sales/ Purchases by VAT-Registered Taxpayers - NL Taxpayers
TQ ending March 31, 2009

[maze_me]

when ang deadline sa Quarterly VAT?

[dhonz]

For the 1st quarter of 2009, deadline will be on April 27 (monday).

Quarterly VAT is payable not later than 25 days after the end of the quarter, but since April 25 is Saturday, deadline will be on the next working day which is on Monday, April 27.

when ang deadline sa Quarterly VAT?

For accounting & bookkeeping services you may contact the thread starter with his number on the 1st page.

[miyay]

bitaw, very informative jud ni na thread. i hope ilift ang ban sa TS

[dhonz]

I think there is no need for that. In behalf of my officemate (the thread starter) I may answer all your questions to the extent of my knowledge.

bitaw, very informative jud ni na thread. i hope ilift ang ban sa TS

As per vincedin (thread starter), he is very sorry daw for the infractions he made. He deserve daw the sanction given by the moderator. The ban will be lift off on Oct 1, and he also hope that he will be forgiven earlier than expected.

[dhonz]

Just to correct lang with this one...
As per vincedin (thread starter), this is only applicable in SEC Head Office.
For SEC Cebu, April 30 will be the deadline regardless of the last numerical digit of your registration number.

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.

__________________________________________________ ______________
For affordable accounting & bookkeeping services, contact 0906-4224796
__________________________________________________ ______________

[C.P.A.]

FYI lang...

NO OR(Official Receipt) COMPLAINTS: Complaints on non-issuances of Official Receipts (OR) by business establishments can now be reported to the BIR through no-or-complaint@bir.gov.ph. Just e-mail the name and address of the establishment being complained of for the appropriate action of concerned BIR Office.