AS THE country’s tax rules continue to shift, and as the government strengthens its enforcement, businesses are advised to manage their taxes properly.
Cebu Chamber of Commerce and Industry president Virgilio Espeleta said they will hold tax management clinics to guide their members on the latest issuances.
“Government regulation is a mandatory function every organization needs to comply with. As business organizations, we need to adhere to certain laws, regulations, guidelines and specifications covering everything, from human resources to financial practices relevant to our industry,” he said, in an advisory.
He said the sessions aim to provide relief from taxation worries, especially since fines on tax offenses are heavy.
“Failure to do so could lead to legal penalties, which include enormous monetary fines. One particular vulnerable point of business compliance in the Philippines is taxation. With increasingly complex tax rules and more rigorous and coordinated enforcement by tax authorities, tax management continues to be a challenge among businesses,” he said.
In partnership with the Philippine Institute of Certified Public Accountants (Picpa), the chamber will provide assistance in the management of taxes through its Tax Compliance Cliniquing Sessions, which will be launched during the Entrepreneurs’ Summit of the Cebu Business Month 2019, on June 12-14, 2019.
“Picpa will conduct free counseling during the Summit. There will be an action session on June 14,” he added.
“Coming up with a comprehensive tax compliance management program for your business can reduce risk, increase efficiency, provide an organization with insights into their businesses, facilitate better strategic alignment and enhance the organization’s brand,” Espeleta said. (JOB)