ETM BELIEF AND CONVICTION

LOA, PLEASE!
A PRIVILEGED COMMUNICATION AND NOT A LEGAL EVIDENCE

JUNE 12, 2011

ETM cannot help it but

to admire and be amazed at the geniuses of the BIR Commissioner and involved revenuer officers. Before 2010 ended, the BIR issued a rule that mandated Filipino-taxpayers and their external CPAs to prepare and release financial statements and tax returns having the nine (9) fresh schedules. Despite its obligatory nature, many, upon the advise of their trusted consultants, deliberately failed and refused to abide. Understanding their minds, the BIR, again, released in 2011 its lethal weapon that is 2010 audit selection criteria. An audit selection criterion authorizes the issuance of electronic Letter of Authority for the collection of deficiency taxes from and prosecution and harassment (oooopps!, Sorry, joke only.) of taxpayers. Its newest criterion is the failure of taxpayers to fully include and present the nine schedules in their Notes to Financial Statements. Unconfirmed reports reaching Emelino T Maestro said that most of the 4,000,000 businesses miserably failed to comply. Well, if there is only 50,000 pesos penalty, the BIR can easily collect 200,000,000,000 pesos. However, during a conversation with CLD Aguilar and RDO Galicia, no specific penalty is imposable as this is not provided in the rule. ETM stated that in lieu of receiving a LOA, is it possible just to pay the penalty. Information shared confirmed that only the BIR top management could decide. Moreover, as they said, public policies and orders should be adhered to at all times. Having been said, taxpayers shall face the truth and brace for a new and exciting 2010 BIR audit. ETM encourages the taxpaying public to educate themselves and trust their existing consultants but leave an elbow room to verify their suggestions and advises. Enroll @ School for Tax Consultants or School for Tax Accountants because no formal school is offering a career as and business of a Tax Consultants. Thank you
VISIT EXPLAININGTAXMISTAKES.COM NOW.