The Asian Consulting Group (ACG) conducted an Exclusive Tax Coaching (ETC) at the Lots’a Pizza Franchisee Training event held on Wednesday, August 15, 2018. The event was held at the Lots’a Pizza’s Head Office at Las Piñas, attended by franchise partners and employees of Lots’a Pizza Franchise Systems, Inc. The Philippine Tax Whiz and Founding President of ACG, Mon Abrea headed the coaching session.
The tax expert discussed the dos and don’ts of handling tax compliance, common violations and how to avoid them, and the various types of taxes that business owners need to pay, among others. As a tax reform advocate, Abrea also presented the situation that prompted the ongoing tax reform by the current administration and explained the issues that TRAIN Law addressed along with the opportunities it presents.
As a social enterprise, ACG advocates the empowerment of small and medium enterprises. In his discussion, Abrea also addressed the benefits provided by the Go Negosyo Act, the BMBE Act, and more recent Ease of Doing Business Act.
One of the main issues in the tax system is the inefficiency and rampant corruption. According to Abrea, there needs to be implemented four reforms to address this – raising the salaries of BIR examiners, increasing the budget of the BIR, implementing paperless bookkeeping, and performing risk-based audits. Alternatively, he also notes that the proposal by House Speaker Arroyo to abolish the BIR is a possible option.
The ongoing tax reform includes administrative reforms that could be worth noting for businesses. Failure to catch up with these changes could cause unnecessary and expensive fines and penalties, especially without professional guidance. Startups and small businesses can engage in Exclusive Tax Coaching to learn about tax compliance early on.
To learn more about ETC, e-mail us at firstname.lastname@example.org or call us at (02) 622-7720.