Source: www.mb.com.ph
MANILA, Philippines – Certified public accountants (CPA) from all over the country agreed Wednesday help the Bureau of Internal Revenue (BIR) in curbing the incidence of tax evasion which problem has been causing the government to lose billions of pesos in taxes annually.
Officers and members of various CPA organizations like the Philippine Institute of Certified Public Accountants and the Tax Management Associations made the pledge when they attended a forum organized by BIR to discuss the salient points of a new Revenue Regulations 15-2010 requiring them to make full disclosure of the financial statements of their clients and submission of previously not required documents.
They said they are willing to assist the BIR in collecting the correct taxes by presenting accurate financial statements of their individual and corporate clients.
They appealed, however, to delay the implementation of the said regulations to enable them to comply fully with its detailed and tedious requirements.
According to the CPAs they have no more time to comply with the presentation of additional papers as the April 15 deadline in the submission of 2010 income tax returns nears.
Anyway, they said the BIR has already the records it sought, including importation of documents from the Bureau of Customs as well as in the monthly and quarterly value-added-tax (VAT) reports.
They said many of them have already reviewed and signed the 2010 financial reports of their clients in time for the April 15 deadline.
Among the new requirements requested by the BIR are schedule of taxes and license paid during the taxable year, the detailed amount of VAT output tax (expenses) declared and amount of VAT input taxes (deduction) claimed.
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