Handling tax assessments and tax updates

Handling tax assessments and tax updates

Thursday, June 24, 2010
8:00 am to 5:00 pm
Dusit Hotel
Makati City

The BIR has been increasingly under pressure to collect more taxes to finance the growing expenditures of the government.  As a consequence, more intensive and stricter audit and investigation are expected in order for the BIR to meet its revenue targets.   In fact, the BIR has announced that it will already start issuing assessment notices  for taxable year 2009. Knowing the laws and regulations are the best ways to ensure that, during tax audits, taxpayers are able to exercise your rights and avail of the remedies accorded by the Tax Code. 

Moreover, in order to avoid tax audits, it is essential that taxpayers keep themselves abreast of recent tax developments.  An up-to-date knowledge of tax  laws, rules, and regulations will help ensure that taxpayers comply properly with their tax obligations and manage tax-related risks and exposure.      

The seminar will cover the following topics: 

1. Laws and regulations on BIR investigations/assessments 

       a.    Nature and purpose of assessments
       b.    Situations that trigger BIR assessment
       c.    Types and forms of assessments/investigation – LA, LN, TVN,  MO
            - What are they
            - Why are they issued
            - What is their scope
            - What is required from the taxpayer
       d.    Surveillance and compliance verification drives
             - Standard procedures
             - Requirements from taxpayers
             - Penalties and consequences
       e.    Stages of assessments
             - Investigation stage
             - Informal Conference Notice
             - Preliminary Assessment Notice (PAN)
             - Final Assessment Notice (FAN)
        f.    Collection stage
              - Warrant of distraint and levy
        g.  Records and documents required during assessments
             - Penalties in case of failure to submit documents
             - What to do when issued a subpoena duces tecum
         h. Usual tax issues raised during tax examinations

2.  Remedies of taxpayers - Assessments 

        a.    Prescriptive period for assessment
            - Counting of the prescriptive period
        b.    Issuance of waiver of statute of limitation
            - Requisites of a valid waiver
        c.    Responding to an asses sment
              - Addressing legal and factual issues raised in the assessment
              - Filing of protests (reconsideration or reinvestigation)
        d.    Appealing the assessment to the Court of Tax Appeals (CTA) 
 
3.   Remedies of taxpayers – Collection cases

        a.    When assessments become collection cases
        b.    Compromise and abatement of tax liability
        c.    Handling warrants of distraint, levy or garnishment

4.  Recent Tax Developments
     
        a.     Latest laws
             -  Expanded Senior Citizens Act (RA 994)  
             -  Reduction of taxes on life insurance (RA 10001 )
             -   Incentives to lawyers for free legal services (RA 10021)
             -  Expanded Breastfeeding Act  (RA 10028)
             -  Others
        b.  BIR issuances 
        c.  BIR Rulings
        d.  Court Decisions

Registration

Please download attached registration form. The registration fee is: 

       ·  P9,500.00  plus 12% VAT – includes handouts, snacks, lunch and CPE accreditation
       · 5% discount if payment is made by June 18, 2010

Resource Persons

       ·  P&A Tax Partners/Managers

Participants

This tax seminar is recommended for tax compliance officers, tax accountants, controllers, and legal officers who handle their company’s tax compliance requirements.