Hey, what about BIR Revenue Regulations (RR) 15-2010!

Hey, what about BIR Revenue Regulations (RR) 15-2010!

January 21, 2011

Hear ye, hear ye, hear ye!

Guys and gals, lend me your ears…

So, what about the BIR RR 15 of 2010?

Well, this is the new regulation by the BIR providing for additional requirements in financial statements attached to returns such as the amount of input value-added tax (VAT) claimed, including details on purchases and payments; landed cost of imports and amount of customs duties and tariffs paid; as well as tax cases under preliminary investigation, litigation or prosecution and the amounts involved.

Anyhow, I heard the BUREAU of Internal Revenue (BIR) will hold dialogues with corporations and accountancy firms to “clarify” provisions of Revenue Regulations (RR) 15-2010 that require additional information for financial statements that are attached to income tax returns.

Here is the link to the Schedule of Public Hearings/Consultations

Let us wait and see what will happen next.

Posted by

Bong Corpuz & Co. CPAs

10 responses to “Hey, what about BIR Revenue Regulations (RR) 15-2010!”

RR 15 of 2010 « Buziness 1

February 8, 2011 at 1:34 am

[…] 15 of 2010 Last January 21st, I posted a topic about Revenue Regualtion number 15 of 2010 (BIR RR 15-2010). Now, I would like to share a copy of the regulation for your […]
CLARITA T. ZARRAGA

February 17, 2011 at 8:59 am

Please send me a copy of the regulation. Thanks!
Bong

February 17, 2011 at 9:25 am

you can download the regulation in here….

Thanks.
Rich Otiong

March 5, 2011 at 1:55 am

What are the advantages and disadvantages of RR 15-2010?
Bong

March 8, 2011 at 5:29 am

In relation to this regulation, the advantages or disadvantages are relative to what side you are in. Generally, the issues are but about information, workload/procedures, documentation, ethics and the system per se. However, as I’ve said I do agree on this move by the BIR. It will funnel things from both sides of the scale.
Michael Angelou

March 9, 2011 at 1:21 pm

Good day,
what are the advantages and disadvantages on the part of the government as well as on the part of the business?

thankyou
Bong

March 10, 2011 at 4:05 am

Hello Mike, seems your query is so consistent with Rachelle. Anyhow, let us break the two. For BIR, these are the advantages. (1) Availabilityof information to accomplish the Beareu’s purpose. What does this mean? We all know the implication of lack of information. Thus, the availability of such only enables the Beareu to process the “interlink age or inter-agency transactions”. Like for example, paid business permits to LGU as part of the taxes and licenses. Taxes and tariff paid to imports. It will be so easy to cross check based on the available information as required by the regulation. It is now a matter of drilling down to the reference documents, whether a certain tax is paid fairly or otherwise. (2) Access to a needed or particular information aids the BIR in terms of systematic process, cutting of the work load, and it will of course generate faster action to a specific issue. Like for example, tax case and/or litigation. They can focus on the “real audit”. These are but just the advantages and there are so many more to think about. However, to put it simply “information is power”. Now for the disadvantages, what I will give you are questions. Given the availability of information, do you think the BIR will handle it right? Is the BIR is doing it right in terms of solving the same problem like for example tax evasion and corruption? How do we know that this regulation will fairly solve the biases and shuts down creation of an uneven playing field in terms of taxes? And how about consistency?

Anyhow, this is only my opinion. When we talk about taxes, we talk about hide and seek, we talk about left and right just like we talk about the BIR and Tax payers. Therefore, I will not talk about the business side anymore…
yuki

March 10, 2011 at 8:42 pm

but when it comes to the side of the auditors and/or tax payers, what are the advantages and disadvantages of this regulation?
SUSANBELOPASAQUIAN

July 25, 2011 at 2:27 pm

The BIR employees will be the one to prepare the financial statements and the cpas, will signed, to save the time and effort for additional requirements.
Kawawa ang small businesses to pay additional fees for us. to avoid additional burden to the taxpayers and cpas, let the BIR MAKE AN AUDIT ENGAGEMENT. THANKS FOR CURTAILING THE POOR CPAS/PRACTITIONERS.TO CONTINUE THEIR ADVOCACY IN LIFE. TO MAKE AUDIT ENGAGEMENT TO THE LOWEST PROFILE BUSINESSES.
Bong

July 26, 2011 at 12:26 am

Thank you for dropping by Ms. Susan. =D