Tax Accounting for VAT Registered SMEs September 25, 2014 | 2-5pm September 26, 2014 | 9am-12pm & 2-5pm @ SEDA HOTEL, DAVAO CITY According to the Bureau of Internal Revenue, the use of this type of accounting created a huge disparity (IN OTHER WORDS, TAX TROUBLES) as compared to the tax accounting rules that it mandated. Thus, it required that aside from or before using the commonly recommended accounting, the tax accounting must be first to be used. The BIR is consciously promoting this when it hastily required the taxpayers to use the new BIR Forms (1701/2). As you can see in these forms, the taxpayers are provided with a pre-formatted balance sheet and income statement together with the accompanying schedules thereto that must be filled up in accordance with the National Internal Revenue Code (Tax Code) and not in conformity with the Philippine Financial Reporting Standards (PFRS). Because the BIR itself is using the TAX ACCOUNTING in auditing and examining the tax returns of a taxpayer (in other words, your tax returns), the use of Tax Accounting and its rules is an important protection (insurance) against a very high deficiency tax assessment as well as a defence against any BIRs criminal prosecution and its accompanying public humiliation. Tax Accounting is an OBLIGATION not only by the revenue officers to the State but most importantly, by a taxpayer to himself. Let ETM or Katax remind you that AN OBLIGATION IS A JURIDICAL NECESSITY TO GIVE, TO DO OR NOT TO DO. LEARNING OBJECTIVES 1. to remove self/client from being so dependent on the advises of external CPAs, lawyers, influence-peddlers, consultants and the likes who are pretending to be competent 2. to know the peculiarities and similarities of tax accounting, financial accounting and managerial accounting 3. to understand why tax accounting is superior over financial accounting and managerial accounting 4. to grasp/explain the applicable tax rules, regulations and doctrines 5. to evaluate the existing accounting policies and practices 6. to develop accounting procedures in tune with the regulatory requirements 7. to figure out the favorably uses of the three (3) layers of tax accounting 8. to prepare, maintain, store and retrieve all admissible source documents 9. to identify which evidences are either for internal use only/confidential or for external/BIR/public purposes 10. to design/use all understandable tax accounting titles/names 11. to make the correct and on-time accounting entries in the books of accounts 12. to prepare and produce relevant returns, reports, lists, statements and schedules 13. to submit the required returns and reports on time and at the appropriate BIR-office/s 14. to collect, collate and comprehensively connect all legal information 15. to avoid any BIR attempt in criminally prosecuting and public humiliating self/client 16. to prevent the payment of fines, surcharges, interest and penalties 17. to identify/solve all tax problems 18. to identify/profit from tax advantages/opportunities for details call (02) 921-6107, 330-2874, 437-4027 Investment Fee: Promo Rate: 8,000 + VAT if you invite a paying attendee Early Bird Rate: 15,000 + VAT (valid until July 16, 2014) Regular/Walkin Rate : 20,000 + VAT
Posted on: Thu, 10 Jul 2014 04:46:55 +0000
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