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• TAXATION ADVANCED REVIEW SOLUTIONS
• FLOOR LAPERA GO BLDING MORAYTA COR PAREDES STREET, MANILA CITY 1008
• CONTACT 09489712041/09472722534
• TAX 02
• IPA REGISTERED ENTITIES/FIRB AND BIR
• BOARD OF INVESTMENT (BOI)


  Lead government agency responsible for the promotion of investments in the Philippines. Taking the lead in the promotion of investments, BOI assists Filipino and foreign investors to venture and prosper in desirable areas of economic activities.
• PHILIPPINE SPECIAL ECOZONE AUTHORITY (PEZA)


  Promotes the establishment of economic zones in the Philippines for foreign investments; Tasked to extend assistance, register, grant incentives to and facilitate the business operations of investors in export-oriented manufacturing and service facilities inside selected areas throughout the country proclaimed by the President of the Philippines as PEZA Special Economic Zones.
• BASES CONVERSION & DEVELOPMENT AUTHORITY (BCDA)

  Development corporation vested with corporate powers under Republic Act (RA) 7227 (Bases Conversion and Development Act of 1992), signed into law by former President Corazon C. Aquino last March 13, 1992.
• PURPOSE OF BCBDA


  • To own, hold and/or administer the military reservations
  • To adopt, prepare and implement a comprehensive and detailed development plan embodying a list of projects including but not limited to those provided by Legislative-Executive Bases Council
  • To serve as a holding company of subsidiary companies created under Sec 16 of RA 7227 and to invest in Special Economic Zones declared under Sec 12 and 15 of RA 7227
  • To plan, program and undertake the adjustment, relocation or resettlement of population within Clark and Subic military reservations and their extensions as may be deemed necessary.
• INVESTMENT PROMOTION AGENCIES


  • Board of Investment (BOI)
  • Regional Board of Investments-Autonomous Region in Muslim Mindanao (RBOI-ARMM)
  • Philippine Economic Zone Authority (PEZA)
  • Bases Conversion and Development Authority (BCDA)
  • Subic Bay Metropolitan Authority (SBMA)
  • Clark Development Corporation (CDC)
  • John Hay Management Corporation (JHMC)
  • Poro Point Management Corporation (PPMC)
  • Cagayan Economic Zone Authority (CEZA)
  • Zamboanga City Special Economic Zone Authority (ZCSEZA)
  • PHIVIDEC Industrial Authority (PIA), Aurora Pacific Economic Zone and Freeport Authority (APECO)
  • Authority of the Freeport Area of Bataan (AFAB)
  • Tourism Infrastructure and Enterprise Zone Authority (TIEZA)
• FISCAL INCENTIVES REVIEW BOARD (FIRB)


  Interagency government body given the authority by the Philippine law to grant tax incentives to registered business enterprises. Created by Presidential Decree no. 776, August 24, 1975; Pursuant to Republic Act (RA) No. 11534, otherwise known as the "Corporate Recovery and Tax Incentives for Enterprises" or "CREATE" Act, the powers and functions of the Fiscal Incentives Review Board (FIRB) are enhanced.
• ENHANCED FUNCTIONS OF FIRB

  • Policy making and-oversight on the administration and grant of tax incentives
  • Approve or disapprove the grant of tax incentives or tax subsidies
  • Formulate place-specific strategic investment plans
  • Cancel, suspend, or withdraw the enjoyment of tax incentives or tax subsidies
  • Require submission of incentives and benefits data
  • Recommend the grant of non-fiscal incentives for highly desirable projects
  • Adopt policies for supply chain development and expansion
  • Submit annual report to the President
  • Evaluate tax incentives granted to registered entities
• MEMBERS OF BOARD OF FIRB

  • Chairperson/Co-Chair - Secretary of Finance
  • Executive Secretary of the Office of the President
  • Secretary of Budget and Management (DBM)
  • Director General of the National Economic and Development Authority (NEDA)
• STRATEGIC INVESTMENT PRIORITY PLAN is formulated by the Fiscal Incentives Review Board (FIRB), Board of Investments, Investment Promotion Agencies, and other government agencies administering tax incentives, in consultation with the private sector, to be submitted to the president. It is valid for 3 years and subject to review every year.
• The Strategic Investment Priority Plan shall contain priority projects or activities that are included in the Philippine Development Plan or its equivalent, or other government programs, as well as the scope and coverage of location and industry tiers, and the terms and conditions on the grant of enhanced deductions.
• BUREAU OF INTERNAL REVENUE (BIR)


  Revenue service for the Philippine government, which is responsible for collecting more than half of the total revenues of the government. It is an agency of the Department of Finance and it is led by a Commissioner.
• BIR ORGANIZATIONAL CHART


  • Commissioner: Romeo D. Lumagui, Jr.
  • OIC-Deputy Commissioner/Operations Group: Maridur V. Rosario
  • Deputy Commissioner / Legal Group: Marissa O. Cabreros
  • Deputy Commissioner / Information Systems Group: Ma. Rosario Charo G. Enriquez-Curiba
  • Deputy Commissioner / Resource Management Group: Teresita M. Angeles
• FUNCTIONS AND POWER OF BIR

  • Assessment and collection of all national internal revenue taxes, fees, and charges, and the enforcement of all forfeitures, penalties, and fines connected therewith, including the execution of judgments in all cases decided in its favor by the Court of Tax Appeals and the ordinary courts
  • Power of the Commissioner to Obtain Information, and to Summon, Examine, and Take Testimony of Persons
  • Power of the Commissioner to Make Assessments and Prescribe Additional Requirements for Tax Administration and Enforcement
  • Authority to Examine of Return and Determination of Tax Due
  • Authority to Conduct Inventory-taking, Surveillance and to Prescribe Presumptive Gross Sales and Receipts
  • Authority to Terminate Taxable Period
  • Authority to Prescribe Real Property Values
  • Authority to Inquire into Bank Deposit Accounts and Other Related information held by Financial Institutions
  • Authority to Accredit and Register Tax Agents
  • Authority to Prescribe Additional Procedural or Documentary Requirements
  • Authority to Delegate Power
• Penalties for failure to file and/or pay any internal revenue tax at the time or times required by law or regulation include a fine of not less than P10,000 and imprisonment of not less than one (1) year but not more than 10 years, with compromise amounts ranging from P1,000 to P50,000 depending on the amount of tax unpaid.
• Penalties for failure to make/file/submit any return or supply correct information at the time or times required by law or regulation include a fine of not less than P10,000 and imprisonment of not less than one (1) year but not more than ten (10) years, with compromise amounts ranging from P1,000 to P25,000 depending on the gross sales, earnings, receipts, or gross estate or gift.
• Administrative penalties for violations of the Tax Code or any rule or regulation promulgated by the Department of Finance, for which no specific penalty is provided by law, include a fine of not more than One Thousand Pesos (P1,000) or imprisonment of not more than six (6) months, or both.
• BIR REPORTS AND DEADLINES

  • Form 0605 - Payment Form Annual Registration (January 31) P500
  • Form 1601C Monthly Remittance Return of Income Taxes Withheld on Compensation - Every 10th day of after the end of each month
  • Form 0619E-Monthly Remittance Form for Creditable Income Taxes Withheld Expanded) Every 10th day of after the end of each month
  • Form 0619F Monthly Remittance Form for Final Income Taxes Withheld Every 10th day of after the end of each month
  • Form 1601EQ-Quarterly Remittance Return of Creditable Income Taxes Withheld (Expanded) (together with the Quarterly Alphabetical List of Payees) Every Last Day of the month after the end of each quarter
  • Form 1601FQ Quarterly Remittance Return of Final Income Taxes Withheld Every Last Day of the month after the end of each quarter
  • Form 1604CF Annual Information Return of Income Taxes Withheld on Compensation of Final Withholding Taxes - January 31
  • Form 1603Q-Fringe Benefits Paid to Employees Other Than Rank and File - 30 days following the close of the quarter
  • Form 1604E - Annual Information Return of Creditable Income Taxes Withheld (Expanded) - March
  • Form 2550Q-Quarterly Value Added Tax Return (Together with Summary List of Sales and Payments) - Every 25th day after the end of each quarter
  • Form 2551Q-Quarterly Percentage Tax Return - Every 25th day after the end of each quarter
  • Form 1701 or 1701A or 1700 - Annual Income Tax Return (for individuals) - April 15
  • Form 1701Q-Quarterly Income Tax Return (for self-employed individuals) - 1st Quarter May 15; 2nd Quarter August 15; 3rd Quarter November 15
  • Form 2000 - Documentary Stamp Tax Declaration - 5th day after the end of transaction month
  • Form 1702 Annual Income Tax Return (for corporations and partnerships) - April 15 or 105 days after end of each year
  • Form 1701Q Quarterly Income Tax Return (for self-employed individuals) - 1st Quarter May 29 or 60 days after end of each quarter; 2nd Quarter August 29 or 60 days after end of each quarter; 3rd Quarter November 29 or 60 days after end of each quarter
  • Form 1905 Registration renewal of manual books of accounts - December 29
  • Form 1905 Registration of New Corporation
  • Form 1902 Registration of Single Proprietor
  • Form 1900 Registration of computerized books of accounts and other accounting records (together with affidavit attesting the completeness of the computerized accounting books/records) - January 30 or 30 days after the end of the fiscal year
  • Form 1900 Registration of permanently bound computer-generated/loose leaf books of accounts and other accounting records - January 15 or 15 days after the end of the fiscal year
  • Inventory List - January 30 or 30 days after the end of the fiscal year
• Market


  A group of buyers and sellers of a particular good or service
• Demand


  The quantity demanded of any good is the amount of the good that buyers are willing and able to purchase
• Demand Schedule


  A table that shows the relationship between the price of a good and the quantity demanded, holding constant everything else that influences how much of the good consumers want to buy
• Law of Demand


  Other things being equal, the quantity demanded of a good falls when the price of the good rises
• Demand Curve


  A graph of the relationship between the price of a good and the quantity demanded

  
• Market Demand


  The sum of all the individual demands for a particular good or service
• Shift in Demand Curve

  If something happens to alter the quantity demanded at any given price, the demand curve shifts

  
• Variables that can shift the demand curve

  • Income
  • Prices of Related Goods
  • Tastes
  • Expectations
  • Number of Buyers

  
• Normal Good


  A good for which, other things being equal, an increase in income leads to an increase in demand
• Inferior Good


  A good for which, other things being equal, an increase in income leads to a decrease in demand
• Substitutes


  Two goods for which an increase in the price of one leads to an increase in the demand for the other
• Complements


  Two goods for which an increase in the price of one leads to a decrease in the demand for the other
• Supply


  The quantity supplied of any good or service is the amount that sellers are willing and able to sell
• Supply Schedule


  A table that shows the relationship between the price of a good and the quantity supplied, holding constant everything else that influences how much producers of the good want to sell

  
• Law of Supply


  Other things being equal, the quantity supplied of a good rises when the price of the good rises
• Supply Curve


  A graph of the relationship between the price of a good and the quantity supplied

  
• Market Supply


  The sum of the supplies of all sellers
• Shift in Supply Curve

  If something happens to alter the quantity supplied at any given price, the supply curve shifts