On Friday, October 26, the Tax Hub was open to provide guidance to taxpayers about handling taxes. Specifically, one that has a significant impact on running a business – the BIR Audit. The entire audit process has gathered a notorious reputation and is generally regarded as vulnerable to corruption.
To avoid being harassed, taxpayers need to learn how to deal with these problems.
The tax seminar revolved around the different types of letters that the BIR issues and how they can be used to invalidate the BIR Audit. Several relevant cases from both the Supreme Court and the Court of Tax Appeals were discussed as well. Learning from these cases, taxpayers can protect themselves from unscrupulous examiners.
As part of its advocacy, the Asian Consulting Group promotes tax education as a means to create tax savings. Lack of tax education is one of the leading causes of failed compliance and, inevitably, penalties. Since the start of its operations, ACG has helped taxpayers save more than P1-B from the avoidance of unnecessary compromises.
Later in the day, ACG also conducted an Executive Tax Briefing for business owners. Tax experts provided guidance on how to handle the BIR audit and how they can avoid penalties in the process.
On November 16, the Philippines’ first Tax Hub will continue its regular tax seminars. Continuing the streak, ACG will discuss the BIR Audit process and what exactly should and should not happen.
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