Preserving the books of accounts and other accounting records for the period of ten (10 years) - BIR

Keeping, storing and preserving your books of accounts and other accounting records from the date that you filed your annual income tax return up to ten (10) thereafter are unfair, unreasonable and so ridiculous.

Katax mobile and email account had been flooded with reminders, forward messages, complaints, etc... Most of which is pointing to the direction of BIR's Revenue Regulations No. 17-2013.

My friends and students complained that the BIR's personnel who are manning its front line offence and informed them that they have to keep their books of accounts and other accounting records for the period of ten (10) years. For example, if you filed your annual income tax return for the taxable year 2013 on April 15, 2014, then, you have to store, keep and preserve all the books and records used to prepare and make such return up to April 16, 2024.

The National Internal Revenue Code is very clear that you don't have to panic because it guarantees you that you have to store, keep and preserve your books of accounting for the period of three (3) years and not for the period of ten (10) years (Section 203, NIRC). Thus, the above regulations are not intended for your consumption and does not create any obligation on your part.

You would only be required to maintain and keep your books of accounts for the period of ten (10) years if and only if you, by your legal and moral standards, are convinced that your have performed a false and fraudulent act. If that is the case, you are mandated to maintain and keep your books and records for the period of ten (10) years. However, if in good faith, you believe that your didn't do anything false or fraudulent when preparing all your tax returns and paying the corresponding taxes thereto, then, you have all the legal rights in this State to dispose them after three (3) years from the date of such filing.

This privileged communication shall be used for your personal consumption and shall not constitute as a replacement to a relevant advise from Katax (ETM).

For seminars and training schedules, please call his Manila Office 439 3918 and 921 6107.
For your queries, please text name, mobile and email address to 0998 979 3922 and 0922 801 0922.

Announce and attend
TAX CONSULTING COURSE
Level 101 - May 8-9, 2014
-Letter of Authority
-Subpoena Duces Tecum
-Letter Notice

Level 102 - April 22-23, 2014
-Tax Mapping
-Benchmarking
-Oplan Kandado
-Inventory Taking

TAX ACCOUNTING COURSE
Level 101 - April 29-30, 2014
-Value Added Tax Accounting
-Withholding Tax Accounting
-Income Tax Accounting

CPA-financial statements may cause your DOWNTIME

CPA-financial statements may cause your DOWNTIME

45,000 taxpayers every year suffer a syndrome called 'Bribing'. Each has to cash-out 350,000 pesos in order to appease their hearts and minds against the bombardments being perpetuated by the BIR-friends of their CPAs. Thus, 15 billion peso bribe money changed and will change hands annually.

To stop this century old problem, please ask your CPAs to prepare your financial statements using only the provisions of the Tax Code. Don't mind the threat of the Securities and Exchange Commission that you would be penalised if you would not use the Philippine Financial Reporting Standards. The SEC's rules say that you just need to justify the use of the tax basis financial statements. Thus, its officials and employees cannot do anything to harm you. Ignorance of the law which is the Tax Code has a corresponding criminal penalty. If the rule of SEC is contrary to the Tax Code, the latter shall prevail over the former. However, the SEC rule altogether respects the Tax Code over their administrative rules and regulations. You cannot be faulted if you are just following the language of the laws of this State.

To help you and your CPA, please read, comprehend and use Section 257(A), NIRC and connect it with Section 232(A), NIRC. These are the governing rules in the accepting and signing a CPA engagement letter.

Kataxpayer or Katax is also a CPA as well as his daughter but he should expose to you the incompetent and unnecessary practices of many CPAs.

DON'T BUY SERVICES OF A CPA THAT YOU DON'T NEED AND UNDERSTAND.

DON'T SUBMIT FINANCIAL STATEMENTS THAT ARE NOT IMPORTANT AND RELEVANT TO THE BIR. Because at the end of the day or in June/July 2014, you will be the one to receive a BIR's electronic Letter of Authority. Keep this in your mind, your CPA-prepared financial statements are the source of your yearly BIR audit.

DONATE YOUR PRELIMINARY ASSESSMENT NOTICE AND/OR FORMAL LETTER OF DEMAND AND/OR FINAL ASSESSMENT NOTICE TO ETM because he would you them to profile the indecent practices of many Revenue Officers assigned in the assessment function. Call 439 3918/921 6107

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subject to change without notice and demand
a privileged communication
Katax's personal belief and conviction