Plan Your Taxes

Plan-Your-Taxes-Right

April 29, 2020
9:00 AM – 5:00 PM | Wednesday
Project T Solutions Bonifacio Global City Taguig, Philippines

Empowering corporate taxpayers through understanding Philippine taxation (Income Tax, VAT & Withholding taxes) that will help in complying with the tax rules and regulations. Knowledge of the TRAIN Law updates and recent jurisprudence will be useful for the companies in their tax planning/strategy.

Course Outline:

I. Withholding Taxes
– Expanded Withholding Taxes (EWT), Final Withholding Taxes (FWT), Withholding Tax on Compensation & Fringe Benefits Tax (FBT)

  1. Nature and purpose of Withholding Taxes
  2. Persons/Entities Required to Withhold
  3. Timing of Withholding
  4. Compliance Requirements
  5. Withholding Tax Computation
  6. Common Transactions Subject to EWT
  7. Withholding Tax Updates (TRAIN Law)
  8. Others:
    • Taxation on Bonuses (ING Bank v. CIR, G.R.No. 167679)
    • Taxation on Payments to Minimum Wage Earners (Soriano, et. Al. v. Sec. of Finance, et. al, G.R. No. 148850)
    • Guidelines in Securing Tax Exemption Ruling for Separation Pay

II. Value-Added Tax (VAT)

  1. Nature and purpose of VAT
  2. Persons/Entities Liable to VAT
  3. Overview of VAT-able, VAT Zero-Rated and VAT-Exempt Transactions
  4. Sources of Output and Input Taxes
  5. VAT Payable Computation (including apportionment of input VAT on mixed transactions and input VAT allocation on capital goods)
  6. Compliance Requirements
  7. TRAIN Law Updates

III. Income Tax

  1. General Overview of Corporate Taxation
  2. Gross Income (Taxable and Exempt Income)
  3. Deductions
    • Cost of Sales
    • Itemized Deductions
  4. Rules on Specific Type of Deductions
  5. Net Income per Books vs. Taxable Income (Reconciliation)
  6. Minimum Corporate Income Tax (MCIT)
  7. Tax Credits/Payments (includes irrevocability rule on excess tax credit under Sec. 76 of the NIRC)
  8. Compliance Requirement
  9. TRAIN Law Updates and Recent Jurisprudence