Featured Speaker: Ms. Rhodora G. Icaranom
Former Revenue District Officer – B.I.R.

February 16, 2021
9:00am – 12:00nn
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Regular Rate           Php 1,499.00 + VAT starting Febuary 10, 2021
Early Bird Rate        Php 1,399.00 + VAT until Febuary 9, 2021
Group Rate              Php 1,299.00 + VAT per pax for 5 or more pax

Inclusive of the Webinar Session, the presentation materials and the Digital Certificate

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ALL ABOUT VAT ESSENTIALS

 

INTRODUCTION

Value Added Tax is a system of taxation adopted by the government to capture transactions of taxpayers as goods and services are transferred which ends at the ultimate consumers. The manner of accounting is simplified to seller being subject to output tax and the buyer or purchaser engaged in business is to avail of the input tax. In the process of implementation, certain transactions have been subject to exemptions, zero rate, gradual or allocated claim for input tax, modification of VAT zero rating availment processes, limitation of input tax availment, strict invoicing requirements, rigid documentation for refunds and returns compliance including information returns.

 

PROGRAM OVERVIEW

This topic covers the VAT system that a taxpayer should know especially in the areas of exemption, compliance and zero rating particularly with the PEZA entities.

A timely webinar is here to discuss the latest regulations, memorandum order and circulars covering the relevant information you have to learn to be safe from untoward tax deficiencies when subjected to a VAT audit.

At the end of the day, it is what you know that keeps you away from the harm of getting caught for non-compliance. Your knowledge of the latest tax developments shall confidently prepare you for any incidence of VAT audit.

 

COURSE OUTLINE

I. VAT

What is VAT really about?
Nature of VAT
VAT as a Tax

II. Rates of VAT in the Philippines

Zero Percent 0%
Twelve Percent 12%
(Five Percent 5%)
Who are really EXEMPT from VAT?

III. Transactions Subject to VAT

Sale of Goods or Properties
Importation of Goods
Sale of Services and Use or Lease of Properties

IV. Transactions Subject to 0% VAT

Cross Border Doctrine
Export Sales Threshold
Registered Enterprises within a separate Customs Territory
Registered Enterprises within a TIEZA
Entities of Foreign Mission/Diplomatic Missions
        a) Automatic Zero Rating
        b) Reimbursement/Refund Process
        c) Vat Exemption Certificate/Vat Identification Card

V. Zero Rating for Horizontal and Vertical Economic Zone Areas

Customs Territory

• Vatable sales to Horizontal Ecozone
• Vatable Supplier Sales within Ecozone
• Exempt Sale to Trade Partners

Customs Territory Vatable Sales to Vertical Ecozone and Zero Rating to Exports

VI. Application for Refund of VAT

Documentary Requirements
Procedures of Refund
90-day commitment period of Refund
Resident Foreign Diplomatic Missions (based on Tax-Treaty)

VII. Exempt from VAT Transactions and Services

Agricultural Products
Personal Household Effects
Educational Services (DepED/CHED/TESDA)
Medical drugs for Diabetes and Hypertension
Senior Citizens/PWD
Cooperatives
Banks
Resident Foreign Diplomatic Missions (based on Tax Treaty)
Regional Headquarters/Regional Operating Headquarters
Lease of Residential Units
Sale of Residential Dwellings (Low-Cost & Socialized Housing)

VIII. Creditable Input Taxes

Sources of Input VAT
Extent of Amortization of P1M worth of Capital Goods to 60 months
Limitation of Input VAT to vehicle purchase of up to P2.4M
Treatment of Input tax for CONSRUCTION IN PROGRESS (CIP)
Government Money Payments: EWT or FWT?

IX. BIR VAT Audit Approach

Structure of BIR VAT Audit Offices (Separate Letter of Authority)
Compliance to Invoicing Requirements
Verification of VAT Information Returns Submissions
Grounds for Oplan Kandado/Suspension of Business Operations

X. Compliance Requirements

Minimum Purchase to issue OR/Invoice
Registration Requirements
Non-revocation of registration for 3 yrs/perpetual VAT registration
Accounting Requirements
Return and Payment of Tax

 

Resource Speaker – MS. RHODORA G. ICARANOM

• Ms. Rhodora G. Icaranom is the former Revenue District Officer(RDO) of the Bureau of Internal Revenue. Her tax experience was mostly spent in the Financial District Makati where she was assigned as Asst. Revenue District Officer for almost nine years. She had a one-year stint in the Large Taxpayers’ Division as Head of the Banks and Financial Intermediaries.
• In her career with the tax authority she received a distinguished award  on the nationwide BIR search for Outstanding Group Supervisor-Centennial Year during the BIR’s Centennial Celebration in 2004 for her consistent exemplary performance in Audit and Tax Collection being the Head of the Special Task Force in Manila Region. As a member of the BIR Pool of Speakers, she was a regular lecturer of BIR in various tax topics usually focused on updates. At the same time, she is an accredited PICPA speaker in the PICPA National office and various regions for the last two decades. She is also a former professor of Accounting at the De La Salle University.
• During her years of tax service in the government, she attended various trainings held by BIR, some of which were sponsored by Germany, Japan, US and by the big Auditing Firms. In November 2012, she was sent to a month-long training and conference for International Taxation on a Senior Executive Program in Tokyo, Japan sponsored by JICA. Subsequently, in October 2015, she also represented BIR for the International Taxation on Financial Instruments in Kuala Lumpur, Malaysia sponsored by the Malaysian Internal Revenue Authority and the International Bureau of Fiscal Documentation IBFD of London.

 

IMPORTANT REMINDERS

LIMITED SLOTS. Limited slots are available. To avoid last-minute delays and inconveniences, we advise you to please register at the latest two days or one day before the webinar event.

REGISTRATION. You must register or be registered by someone else to be able to join our webinars.  Webinar access links are strictly sent through email therefore make sure you indicate the right email addresses for the participants. Please indicate how many participants you wish to include before hitting the REGISTER NOW button.

CHECK OUT. When you go to the Checkout Page, double-check the number of participants you have to register, if you change your mind or wish to make last-minute adjustments, do not forget to update your cart by clicking the UPDATE CART button.  Once everything is final, you may now click the PROCEED TO CHECK OUT button.

BILLING DETAILS AND THE NAMES OF THE PARTICIPANTS. On the upper portion, you have to enter your details (esp. your email address) as the one paying for the registration. Underneath, you have to enter the details (esp. the email addresses) of the participants you wish to join the webinar.

PAYMENT

POWERMAX provides three (3) payment options:
(1) Bank Deposit/Online Bank Transfer
(2) G-Cash
(3) PayPal/Credit or Debit Card Through PayPal

Bank Deposit or Online Bank Transfer / G-Cash
If you choose Bank Deposit/Online Bank Transfer or G-Cash, you have to send the proof of payment to info@powermax.ph.

IMPORTANT:  Proof of payment must be sent to info@powermax.ph.  Failure to send the proof of payment to info@powermax.ph means the participants will not receive the webinar links even if the proof of payment is sent to other contact details of Powermax or its representatives (e.g., Facebook, Messenger, Viber, other email addresses, etc.).

Payment Through PayPal
If you choose to pay for your registration using PayPal you may do so.  Please take note that PayPal also accepts Debit Cards and Credit Cards bearing the VISA and Mastercard logo. Unlike the Bank Deposit/Online Bank Transfer, the PayPal process automatically updates our system to issue the participants their access to our webinars.

WEBINAR ACCESS LINKS.  Once payment is made and verified, we can activate the spot on the webinar then we can send the webinar access links to the email addresses of the participants – this only goes with Bank Deposit/Online Bank Transfer / G-Cash.  However, for payments made using PayPal, the activation process is automatic. Note that your webinar access link cannot be shared with anyone else.  If you cannot attend on the date and time of the webinar kindly advise us at the latest one day ahead.

POWER WEBINARS. Powermax live webinars are designed to give you an incisive insight into a plethora of interesting and relevant topics using Zoom technology. It aims to uncork the latest updates, best practices, useful strategies, and tactics, and/or practical tips and techniques not just to widen your horizon but also to equip you with the essential knowledge and skills. Hopefully, this will also encourage you to register for the other webinars of Powermax. Just visit our site – www.powermax.ph to see our other webinars.

A PLEASANT WEBINAR EXPERIENCE

To ensure a pleasant webinar experience, we recommend to registrants to:

1. Download and install the Zoom application beforehand
2. Ensure that there is a proper internet WIFI connection
3. Use a working webinar streaming device.

 

TERMS AND CONDITIONS

1. Definition of Terms
   • REGISTRANT – The person who has registered himself or other people for a webinar of Powermax
   • ENROLLEE(S) – The person(s) registered by the REGISTRANT
   • PAID REGISTRANT – The registrant who has paid in full for the registration of the ENROLLEE(S)
   • ATTENDEE(S) – The enrollee(s) who has / have actually attended the webinar

2. The Official Receipts will be made available for pick up at the office of

Powermax Consulting Group. If you need a soft copy, we can take a picture of it and send you a copy online. However, if you want the physical copy delivered to your office, you can arrange with and pay for a local courier service like Lalamove or Grab Express.

3. Sharing of the presentation materials depends on the webinar speaker.

(a) Some speakers willingly share their materials while others don’t.
(b) For the speakers who are willing to share their presentation materials

• Some prefer that the materials be sent in advance while others prefer that they be sent after the webinar
• Some prefer that the handouts to be given to the attendees are different from the PowerPoint files that they use and will not share the PPT files

Powermax cannot guarantee that the presentation materials of each webinar will be shared, or shared in advance, or will be the same as the PPT file of the speaker.

4. Any form of video, image or audio recording during the webinar is not allowed unless with the express permission of the speaker and the management of Powermax Consulting Group.
5. Your registration fee entitles your enrollee(s) to a slot in a webinar you have paid for but no record of the video of the webinar will be given.
6. If an enrollee fails to join the webinar because Powermax fails to give the webinar link, the payment of his / her REGISTRANT will be refunded in full or if the REGISTRANT prefers, the payment will be rolled over to other webinars of his / her choice.
7. If an enrollee advises Powermax five (5) days before the scheduled date of the webinar that he / she cannot attend it, the payment for that slot will be rolled over to another webinar. But if he / she avails of the presentation materials of that webinar (assuming the speaker has shared the materials), the payment cannot be rolled over to another webinar.
8. If an enrollee fails to attend a webinar and also fails to advise Powermax five (5) days before the scheduled date of the webinar, the presentation materials of that webinar (assuming the speaker has shared the materials) will be given to him / her but there will be no option for rollover.
9. If an enrollee fails to attend a webinar because of a technical glitch on his / her device but other enrollees manage to join the said webinar, there will be no liability on the part of Powermax unless it can be established that there is a clear fault by a representative of Powermax.
10. Certificates will be given to the ATTENDEES only.
11. Questions or clarifications about the subject matter of a webinar can only be entertained by the speakers during the holding of the webinar. After the webinar, the speaker cannot be obliged to answer them through email, Facebook chat or some other means.

 

Thank you and enjoy!

Keep safe and God Bless!