Course Description
This comprehensive training program is designed to help participants identify and address common findings during Bureau of Internal Revenue (BIR) audits while equipping them with strategies to ensure compliance. The course covers income tax-related issues such as the understatement of income, improper expense deductions, and transfer pricing concerns, including adherence to the arm’s-length principle and transfer pricing documentation. Participants will gain insights into VAT and percentage tax issues, including reporting output VAT, substantiating input VAT claims, and correctly applying VAT zero-rating in export and PEZA transactions. The program also addresses withholding tax findings, such as errors in withholding expanded, final, and compensation taxes, along with fringe benefits tax compliance. It also delves into Documentary Stamp Tax (DST) concerns, emphasizing correct filing, payment, and documentation of exemptions. Additional topics include handling unfiled or late tax returns, understanding penalties, and reconciling discrepancies in financial statements, tax returns, and third-party information. Ideal for tax professionals and business owners, this course aims to enhance compliance and minimize exposure to penalties.
What You'll Learn:
Identify frequent issues in income tax reporting, deductions, and compliance to avoid penalties and disputes.
Understand the key differences between VAT and percentage tax, including registration, computation, and filing requirements.
Learn how to spot inconsistencies in tax filings, improper tax treatments, and potential areas of audit exposure.
Gain insights into best practices for accurate tax filing, record-keeping, and addressing tax deficiencies.
Meet Our Expert Speakers:
Atty. Arnold A. Apdua, CPA
Managing Partner of AAA and Co., CPAs
Former BIR Revenue Officer Resource Speaker of various CPD seminars and webinars Author of the book, "1000 Tax Questions...To Save You Millions"
Course Outline
FIRST SESSION: March 4, 2025 | 1:00 pm - 5:00 pm (4 Hours) I. Common BIR Findings and How to Prevent Them A. Income Tax-Related Findings 1. Understatement of Sales or Income • Common triggers • Prevention tips: Regular reconciliation of books and records 2. Improper Expense Deductions • Examples of disallowed deductions • Documentation required: invoices and contracts 3. Transfer Pricing Issues • Arm’s-length principle and related-party transactions • Compliance with Transfer Pricing Guidelines and submission of the Transfer Pricing Documentation B. VAT and Percentage Tax Issues 1. Failure to Report Output VAT • Reasons for discrepancies (e.g., mismatches with Sales Register) • Strategies for proper tracking of sales transactions 2. Erroneous Input VAT Claims • Risks of claiming input VAT from fictitious or invalid invoices • Substantiation with valid VAT invoices and supplier registration checks 3. Incorrect VAT Zero-Rating Claims • Misapplication in export-related or PEZA transactions • Ensuring proper documentation (e.g., proof of export, certificates) View the Course Outline here: https://bit.ly/4hXa6xd