Large Taxpayers Service reaches out to large corporate taxpayers
The Large Taxpayers Service (BIR) of the Bureau of Internal Revenue (BIR) today started the first of a series of tax dialogues with its registered corporate taxpayers (regular and excise), their auditors/accountants and their Chief Executive Officers (CEOs)/Chief Operating Officers (COOs) in its bid to further improve its collection performance for the last semester of this year.
Assistant Commissioner of Internal Revenue (ACIR) NESTOR S. VALEROSO led the LTS in gathering together the country’s large corporate taxpayers in an industry-focused dialogue serving as a venue for both the BIR and large taxpayers to foster partnership and to discuss vital issues in a per industry basis, including services rendered by the LTS to enable the latter to fulfill its role as partners of BIR in nation-building.
The tax dialogue included a presentation of the collection performance of LTS and tax compliance per industry by ACIR Valeroso who also reiterated the extent of the responsibilities of responsible corporate officers and their auditors as signatories to the Statement of Management Responsibility for Financial Statements submitted to the BIR. The amiable and extremely hardworking ACIR also presented industry benchmarks for large taxpayers with a reminder to those falling below the said benchmarks to improve their compliance.
While stating that the LTS is in a communication mode for this month, he stressed that he will not hesitate to take enforcement actions in the next month of July using, among others, industry benchmarks to address the issue of low tax effort ratio in the country which translates to a revenue loss of hundreds of billions per year. He likewise clarified that benchmarks will not give rise to minimum tax payments but will instead give a measure of how much a large taxpayer within an industry or sector should be paying.
The LTS is responsible for more than 65% of the total BIR collection and has in its fold 2,142 large corporate taxpayers.
I FIND THIS NEWS ANNOYING AND IRRITATING BECAUSE IT DOES NOT HELP TAXPAYERS TO BE TAX COMPLIANT BUT NOT ONLY IT INSTIGATES THEM BUT IT INSTITUTES FEARS AND HATRED. ETM SUGGESTS THAT THE BIR SHOULD CHANGE ITS STRATEGIES AND FOCUS ON THE CPAs who are incompetent to prepare/issue a tax basis financial statements (see Section 232, NIRC). For more details on how to create and prepare a tax basis financial statements, please visit KATAXPAYER FACEBOOK or call his Manila Office 439 3918 0r 921 6107 .. thanks for sharing this...
The Large Taxpayers Service (BIR) of the Bureau of Internal Revenue (BIR) today started the first of a series of tax dialogues with its registered corporate taxpayers (regular and excise), their auditors/accountants and their Chief Executive Officers (CEOs)/Chief Operating Officers (COOs) in its bid to further improve its collection performance for the last semester of this year.
Assistant Commissioner of Internal Revenue (ACIR) NESTOR S. VALEROSO led the LTS in gathering together the country’s large corporate taxpayers in an industry-focused dialogue serving as a venue for both the BIR and large taxpayers to foster partnership and to discuss vital issues in a per industry basis, including services rendered by the LTS to enable the latter to fulfill its role as partners of BIR in nation-building.
The tax dialogue included a presentation of the collection performance of LTS and tax compliance per industry by ACIR Valeroso who also reiterated the extent of the responsibilities of responsible corporate officers and their auditors as signatories to the Statement of Management Responsibility for Financial Statements submitted to the BIR. The amiable and extremely hardworking ACIR also presented industry benchmarks for large taxpayers with a reminder to those falling below the said benchmarks to improve their compliance.
While stating that the LTS is in a communication mode for this month, he stressed that he will not hesitate to take enforcement actions in the next month of July using, among others, industry benchmarks to address the issue of low tax effort ratio in the country which translates to a revenue loss of hundreds of billions per year. He likewise clarified that benchmarks will not give rise to minimum tax payments but will instead give a measure of how much a large taxpayer within an industry or sector should be paying.
The LTS is responsible for more than 65% of the total BIR collection and has in its fold 2,142 large corporate taxpayers.
I FIND THIS NEWS ANNOYING AND IRRITATING BECAUSE IT DOES NOT HELP TAXPAYERS TO BE TAX COMPLIANT BUT NOT ONLY IT INSTIGATES THEM BUT IT INSTITUTES FEARS AND HATRED. ETM SUGGESTS THAT THE BIR SHOULD CHANGE ITS STRATEGIES AND FOCUS ON THE CPAs who are incompetent to prepare/issue a tax basis financial statements (see Section 232, NIRC). For more details on how to create and prepare a tax basis financial statements, please visit KATAXPAYER FACEBOOK or call his Manila Office 439 3918 0r 921 6107 .. thanks for sharing this...
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