The workshop was attended by over a hundred young adults.
The Philippine Tax Whiz Mon Abrea discussed basic tax knowledge for new entrepreneurs. During the first part of the event, he discussed the most common questions asked by startups. He also briefly discussed the ongoing tax reform as a crucial part of starting a business.
In his social enterprise, the Asian Consulting Group (ACG), the tax expert promotes tax education as a means of creating tax savings. Due to the BIR’s near-constant discovery of violations, most entrepreneurs regard penalties as regular expenses. By learning about taxes, entrepreneurs can improve their compliance and in turn avoid hefty penalties.
The morning’s brief presentation was followed by a question and answer session over lunch. After, the attendees were divided for breakout sessions.
During the breakout session, the Founding President of ACG discussed in detail the provisions of the tax reform. Specifically, he covered how entrepreneurs can take advantage of TRAIN Law, and the other upcoming packages of the tax reform.
In the Philippines’ first Tax Hub, ACG conducts regular tax seminars and offers tax consultation, tax coaching, and tax assessments. ACG’s services all aim to minimize, and eventually remove, penalties from compliance violations.
However, violations do not just come from failed compliance. The more expensive penalties result from the BIR Audit. A practice prone to corruption, taxpayers need to arm themselves with sufficient knowledge to prepare for the unavoidable process.
Through an Executive Tax Briefing, ACG guides taxpayers not only on how to prepare for the audit but to get rid of it entirely.