Be familiar with new taxation, SMEs told

ALL businesses in Davao City, especially small and medium enterprises (SMEs), have been urged to be familiar with the new interpretations of taxation laws that are being implemented by the present administration, an official of one of the country's leading auditing firm said.

Wendell D. Ganhinhin, CPA Tax and Payroll Outsourcing director of Punongbayan and Araullo's Davao and Cebu branches, in a recent tax seminar held earlier in Davao City, said the government is now implementing new interpretations to the existing tax laws.

Ganhinhin specifically referred to the National Tax Code of 1997, that the government has new interpretation, by virtue of separate rulings issued by the Supreme Court (SC).

Aside from the fact that government’s new interpretations to existing tax laws will matter to the clients of auditing firms, Ganhinhin said it is equally important for all business regardless of the scale of operation to be familiar with the new interpretations of these tax laws in order to avoid future glitches.

While the auditing industry has nothing against this new development, Ganhinhin said this should be balanced and must be implemented accordingly.

"There should be stability in the policies of the government," Ganhinhin said.

The seminar, which was attended by some 30 accountants and representatives of their clients in Davao City, aims to educate auditors both from their company and its partner on the government's current policies in taxation that will significantly affect individual company.