Who’s being fooled? A CHRISTMAS GIFT TO YOURSELF!
by EMELINO T MAESTRO, Father of Tax Accounting, Tax Guru
Dec 24, 2013 #CPASecretsPhilippines
Justifying that their existence is necessary and too important, many Certified Public Accountants and some BIR-revenue officers are promoting consciously the use of generally accepted accounting principles (GAAP) and Philippine Financial Reporting Standards (PFRS).
Are you familiar with statement “IGNORANCE OF THE LAW EXCUSES NO ONE FROM COMPLIANCE THEREWITH.”? It is your basic obligation not only to the State (Republic of the Philippines) but also most relevant to yourself. Failure to educate yourself with the laws of the State is a crime that is called ‘negligence’. In other language, you may be criminally prosecuted and also handsomely penalized for your neglect to perform a legal duty. And, part of your obligation to yourself is NOT TO BE IGNORANT OF THE LAWS OF THE PHILIPPINES.
GAAP/PFRS as they are emphasizing is just a “principle” and ‘standard’. They may a stepping stone in creating your own policies and procedures. To follow or not to use them is only an option. In short, you are neither required to learn nor follow/use them.
The truth is that GAAP and PFRS are irrelevant and immaterial as far as taxation is concerned. They are the reason for the miseries, troubles and problems of every taxpayer in the Philippines. For further enlightenment, please read Sections 232 and 257, National Internal Revenue Code.
In 2007, the BIR Commissioner has already clarified that GAAP and PFRS are for the observance of big and large corporations (see RR 8-2007). Thus, individuals, small corporations and partnerships are not obliged, mandated and bound to use GAAP and PFRS.
Scalawags and corrupt revenue officers are rejoicing whenever GAAP/PFRS-basis financial statements are the attachments to the income tax return because not only they are contrary to the laws of the State, their disparity thereto creates opportunity and illegal income to an enterprising revenue officer.
SEC, Board of Accountancy and many CPAs are saying that the financial statements that must be prepared by corporations and individuals residing in the Philippines should be within the principles and standards of GLOBALIZATION. Gumising ngay kayo... Walang foreigner na pupunta dito sa Pinas para lang kumuha ng financial statements ng isang corporation sa SEC. Ni wala nga sa SEC website ang mga financial statements ng mga partnerships at corporations... Pinagkakaperahan pa nga nila ito... Tinanggap nilang libre ang mga ito eh di dapat libre lang ang mga ito....
Para naman sa financial statements ng mga individuals, di ka papayagan ng BIR ng makasilip man lang ng mga financial statements ng ini-file dito..
E ngayon.. Ano ang gamit talaga ng financial statements na hindi ka puedeng makakuha o makabasa man lang?
Furthermore, the Philippine Supreme Court says that it is not and will not be bound to use the work of a CPA for they are using only, in making a decision or resolution, the laws of the State. So what really is the use of the CPA in the lives of the Filipino taxpayers.... Ala eh..
To liberate yourself from tax troubles, yearly bribing, mental and physical stress/disease brought by the works of many CPAs conniving with scalawag revenue officers, it is time to change your business policy and strategy... You can start learning and invoking the use of the laws of the State in your accounting and financial operations.
YOU'RE INVITED….
Topic…TOP SECRETS IN UNDERSTANDING A BIR ELECTRONIC LETTER OF AUTHORITY
* Venue: Boracay Mandarin, Kalibo Aklan
* Time: 9am-12pm
- Day: January 23, 2014
please click this link to register “https://www.facebook.com/events/735100689835797/”
* Venue: Seda Centrio, Cagayan De Oro
* Time: 9am-12pm
* Day: March 14, 2014
Topic…..TAX MAPPING
* Venue: Boracay Mandarin, Kalibo Aklan
* Time: 2-5pm
- January 23, 2014
please click this to register “https://www.facebook.com/events/497248617061444/”
* Venue: Seda Centrio, Cagayan De Oro
* Time: 2-5pm
* Day: March 14, 2014
For details pls. call Mario @
(02) 440-4816,
(02) 921-6107,
(02) 439-3918,
(0998) 9793922
You're also invited….
… Tax Accounting for Retailer, Wholesaler, Dealer, etc
Venue…. SEDA Hotel, Davao City
Jan 20, 2014…. 2-5 pm
Jan 21, 2014 … 9-12 am
Jan 21, 2014 … 2-5 pm
please click this link to register “https://www.facebook.com/events/1375765729347105/”
Venue …GREENLEAF Hotel, General Santos City
Jan 23, 2014…. 2-5 pm
Jan 24, 2014 … 9-12 am
Jan 24, 2014 … 2-5 pm
please click this link to register “https://www.facebook.com/events/502673169845983/”
Pay early to pay a lesser amount…
For details, please call Juliet and Eric
02-439 3918
02-921 6107
0998-979 3933
0922-802 0922
Huwag magpaalila sa mga taong pretending to be honest and competent in the field of taxation. Learn it. Love it. Live it. (it means income tax)
Thanks a lot for sharing this Christmas Gifts to others.
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