Date: June 11, 2024
Time: Registration starts at 6PM
Venue: Shangri-La the Fort Manila
FICCI Members came together for the “Unraveling the Mystery: Mastering BIR Audits for Business Succes” event on June 11, 2024, sponsored by RCBC. Since BIR season has officially started, when is the best time to discuss some tips to survive an audit without compromise? Mr. Raymond “Mon” Abrea, Chief Tax Advisor of Asian Consulting Group will help guide you.
Mr. Abrea began his talk by discussing the two criteria for BIR audit selection: mandatory and prior audit cases. He then provided an overview of the BIR process, starting from the moment you receive a Letter of Authority. He continued his lecture by explaining the three BIR letters, including their purpose, what to do upon receipt, and how to address them. He emphasized that the first step upon receiving any BIR letter is to stay calm and conduct your assessment. Additionally, common findings in BIR assessments were categorized into two areas: Income Tax and Value Added Tax. Finally, he concluded his lecture with six tips on surviving BIR audits without compromise, which the attendees diligently noted.
The “Unraveling the Mystery: Mastering BIR Audits for Business Success” event underscored the importance of staying informed about the ever-evolving landscape of tax policies. The event highlighted the need for businesses to be adaptable, vigilant, and committed to regularly updating their knowledge base. By doing so, businesses can ensure compliance, avoid penalties, and ultimately thrive in this dynamic tax environment.