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.
Course Outline
SECOND SESSION: February 10, 2025 | 1:00 pm - 5:00 pm (4 Hours) C. Withholding Tax Findings 1. Non-Withholding or Under-Withholding of Expanded and Final Withholding Taxes • Non-compliance with applicable rates for professional fees, rentals, etc. 2. Failure to Withhold on Fringe Benefits or Compensation • Fringe Benefit Tax (FBT) errors and documentation • Compensation withholding for bonuses, commissions, and non-cash benefits D. Documentary Stamp Tax (DST) 1. Non-Payment or Underpayment of DST • Common omissions: Loan agreements, leases, or share issuances • Proper filing and payment procedures 2. Documentation of DST-Exempt Transactions • When exemptions apply and how to substantiate them E. Other Common Findings 1. Unfiled or Late Tax Returns • Understanding penalties (surcharge, interest, and compromise) 2. Reconciliation Discrepancies • Matching issues: Sales and purchases, financial statements, tax returns • Cross-checking with third-party information View the Course Outline here: https://bit.ly/4hXa6xd
What You'll Learn in This Session
Discover strategies to address common BIR audit findings
Master compliance techniques to safeguard your business
Apply practical knowledge to real-world audit scenarios
Gain insider tips to navigate audits with confidence
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"