Philippine Edition

   Issue No. 3 >> July 2005

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    M  A  I  N     P  A  G  E :  News & Events

  Seminar on Income Tax and VAT (cont...)

     There was an overwhelming response from the clients from all areas as the forum hall was full packed.  Clients from Subic and Tarlac even arrived so early to attend the seminar. It was also wonderful to see that the audience included not only the accountants but the Import and Export personnel as well!

     Both speakers skillfully answered the questions. One most common concern is the reimbursement of expenses, to which Atty. Christina Barroga, cited RMC 72-2004 which states that:

•         Deposits or advance payments for transportation, overtime, and facilitation fees are part of gross receipts, thus subject to VAT

•      But advance payment for arrastre, wharfage, form or waybills, magna scale, documentation, handling and trucking charges, if invoiced directly in client’s name will not be subject to VAT

     Parañaque Regional District Office fully endorsed our initiatives, as the Assistant Revenue District Officer himself, Atty. Alejandro Polca, came to show his support for this Yusen Phils.’ own tax information campaign.

     Ms. Eugene Garcia – Revenue Officer,  Assessment Section of Parañaque, discussed the No Audit Program.

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By: Vivian Arago / Accounting & Finance Supervisor