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P&A publishes tax book

P&A publishes definitive resource guide on the taxation of financial institutions

The tax system that governs financial institutions such as banks, insurance companies, and investment houses is a complex and dynamic structure that is difficult to capture.

But in keeping with its commitment to thought leadership, public accounting firm Punongbayan & Araullo (P&A) endeavored to do just that. Early last year, P&A chairman and CEO Ben Punongbayan issued the challenge to Atty. Dick Du-Baladad, a partner in the Tax Advisory and Compliance division: write a book on the tax theories and practices concerning the financial services sector that can stand as the definitive reference guide for professionals and policy-makers.

The result is the first edition of Taxation of Financial Institutions in the Philippines.

“When Ben asked me to write this book, I was excited and, I admit, a bit intimidated, because I knew it would be a big challenge on so many levels,” says Ms. Du-Baladad.

Her experience as a tax administrator in the government and as a private tax practitioner and tax consultant at P&A—both of which enabled her to work with the financial services sector—has given her not only firsthand knowledge of the complicated nature of the business of financial institutions, but also a clear appreciation of the complexities in crafting a workable, responsive tax system to govern such institutions.

“It is difficult to paint a complete picture of the current tax structure governing these institutions, but we felt that there was a strong need to do so for a number of reasons: First, these same institutions play such a major role in the growth of our economy and, consequently, the development of our country. Supporting them in what ever manner—from helping them appreciate our local tax system to making them aware of their tax responsibilities—is ultimately a service to the country.

“Second, these institutions make up a significant part of P&A’s client portfolio, so this book is our way of providing the highest standard of service to these companies that have entrusted their business to us. And finally, this book is my way of giving back to all the people who have been a part of my tax practice. Everyday is a learning experience, and I want to be able to share with them what insights I have gained from my work,” shares Ms. Du-Baladad.

Taxation of Financial Institutions is a reference guide on the tax practices governing the financial services sector. It also discusses some of the more pertinent issues and difficulties concerning the taxation of financial institutions.
The book was formally launched on June 28, 2006 at Bocarinos, New World Renaissance Hotel, Makati with Bureau of Internal Revenue Commissioner Mario Buñag as guest of honor.

(Open attachment to view pictures from the book launch.)