Latest Issuances for Effective Tax Compliance and Interpretation of Tax Laws: New Administrative Issuances and Latest Court Decisions
About the Training/Workshop
Overview
Wish you knew the latest compliance requirement and issuances of the BIR? If you will notice, the BIR continuously issues new rules, regulations, orders, and circulars requiring the taxpayers on the proper reportorial requirements and submissions of reports and schedules for different kinds of taxes. If not properly compliant, the BIR would impose the corresponding penalties and sometimes deficiency taxes. Thus, constant update of the new issuances of the BIR is necessary to avoid penalties and tax exposures.
We also include the latest court decisions to apprise you with latest interpretation of the courts with the laws, rules, and regulations implemented by the BIR.
For easy understanding, the latest issuances and court decisions were included and arranged in accordance with the topics as arranged in this seminar.
Objectives
• To know the rules on registration of business
• To learn the basic bookkeeping requirements
• To learn the rules on Invoices and Official Receipts
• To know the rules on Cash Register Machines
• To know the rules on Inventory List
• To learn the prevailing rules on filing tax returns.
• To know the latest issuances affecting Income Tax, VAT, Expanded Withholding Tax and Withholding Tax on Compensation
Who Should Participate
• Business owners (single proprietor or stockholders)
• Business managers and other employees
• Accountants (whether employee or practitioner)
• Others who want to know the latest issuances and court decisions for effective tax compliance and interpretation of tax laws
Key Topics
I. Registration of taxpayers
a. Who is required to register
b. What is required to be registered
c. When to register
d. Where to register
II. Books of accounts
a. Who are required to keep books of accounts
b. Kinds of books of accounts
c. Registration of books of accounts
d. Preservation of books of accounts
III. Invoices and receipts
a. Who is required to issue
b. Rules in printing invoices and receipts
c. Principal receipts/invoices
d. Supplementary receipts/invoices
e. The Validity of invoices and receipts
IV. Cash Register Machine (CRM)
a. Use of non-thermal paper
b. Information in CRM tape
V. Inventory list
a. Coverage
b. New requirement
VI. Tax returns and schedules
a. Tax returns
• EFPS and eBIR forms
• TAMP taxpayers
b. Income tax
• Tax exemption rulings
• Marginal income earners
• Destruction/verification of loss
• Retirement and benefits plan
c. Value-added tax
• Raw cane sugar
d. Expanded withholding tax
• Requirements for deductibility of certain expense
• Summary alphalist of withholding agents/Payors of income payments subjected to Creditable Withholding Tax at Source (SAWT)
e. Withholding tax on wages
• New De Minimis benefits
• Increase of other benefits
• Issuance of TIN Card
• Update of employment status (BIR Form 2305)
VII. Other matters
a. Effect and validity of issued rulings
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