Affordable Accounting & Bookkeeping Services for Small Business Enterprise

[C.P.A.]

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April 20 Monday

FILING & PAYMENT 2550M & 2551M together w/ the Summary Alphalist of W/holding Agents of Income Payments Subjected to W/holding Tax (SAWT)

[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

[C.P.A.]

seems like competition already started...

i still prefer the thread starter, naa man gud daghan mangilad & imong contributions/payment kay dili i-remit... naa na daghan nabiktima mga storyan.

Choose someone nga naa credibility, & kadto dugay na sa industry.

[cheaptech]

can you pm me the location of your office.

I want to discuss some things especially barangay micro business

[jalyn]

can you pm me the location of your office.

I want to discuss some things especially barangay micro business

Hello ma'am! Our office is located at Flores Street, Pasil, Cebu City. For your convenience, we may visit you in your office or any location or meeting place you may feel convenient for you. Just call or txt with this number 0906-4224796 or 236-2598, look for jalyn or donde.

[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...

e-FILING/FILING &
e-PAYMENT/PAYMENT
1702Q together w/ the Summary Alphalist of W/holding Agents of Income Payments Subjected to W/holding Tax (SAWT) -L ,SNL & NL Taxpayers
TQ ending
Feb. 28, 2009

deadline will be tomorrow, April 29, 2009

[C.P.A.]

Requirement to issue invoices and official receipts

The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Order No. 3-09 launching "Oplan Kandado". The program is aimed at intensifying BIR's enforcement operations through the imposition of the applicable administrative sanctions for non-compliance. Surveillance activities will be instigated for this purpose.
The issuance invoices and official receipts is among the compliance requirements targetted under the program. Under the Tax Code, all persons subject to internal revenue tax are required to issue an invoice for each sale of goods and an official receipt (OR) for services rendered valued at P25.00 or more.
For VAT-registered taxpayers, invoices and ORs are required for all transactions. Failure to issue invoices/receipts is a ground for suspension of business operations and temporary closure of the business establishment.
Failure to issue invoices/ORs could also be a basis for assessing undeclared revenues if the revenues declared in the income tax or VAT returns are less than the revenues estimated from the surveillance operations.
Also make sure that the required information are indicated in the invoices/ORs and that the required registration/authorization for the printing of receipts and the use of cash register machines or point of sale machines are complied with.

[dhonz]

As a buyer, are you cautious of the contents of official receipts (OR) or invoices you receive from a seller?

Most of us are not.

Taxpayers beware: simple non-compliance of ORs or invoices you receive from your suppliers may cost your business.

In fact, the absence of the address or Tax Identification Number (TIN) of the buyer may render the value-added tax (VAT) OR/invoice noncompliant and, therefore, make it a ground for disallowance of input VAT claimed by the taxpayer. This is the position taken by the Court of Tax Appeals (CTA) in one of its recent case decisions.

The VAT regulations specifically provide that input taxes (i.e., VAT related to importation of goods or the domestic purchase of goods, properties or services) made by taxpayers in the course of their trade or business must be substantiated and supported by the following documents:

1. For the importation of goods: import entry or other equivalent document showing actual payment of VAT on the imported goods;
2. For the domestic purchase of goods and properties: invoice showing the information required under Sections 113 and 237 of the 1997 Tax Code, as amended;
3. For the purchase of real property: public instruments (i.e., deed of absolute sale, deed of conditional sale, contract/agreement to sell, etc., together with VAT invoice issued by the seller);
4. For the purchase of services: OR showing the information required under Sections 113 and 237 of the 1997 Tax Code, as amended.

[dhonz]

Section 113 of the 1997 Tax Code, as amended, requires a VAT-registered person to issue an invoice or receipt for every sale transaction and to indicate on such invoice or receipt the following information:

VAT/ taxpayer identification number (TIN) of the seller;
total amount payable, with the VAT indicated as a separate item;
date of transaction;
quantity and unit cost;
description of merchandise or nature of service;
name, business style (if any), address and TIN of the buyer/client, if the sale amounts to at least P1,000 or where the buyer is also VAT-registered;
The term "VAT-exempt sales" and "zero-rated sales for sales exempt from VAT and subject to zero percent VAT", respectively are written or printed prominently.