BIR chief cites private sector role in financial reporting, tax rules gab

BUREAU of Internal Revenue Commissioner Romeo D. Lumagui Jr. met with external stakeholders from associations of accountants and other representatives of accounting firms recently to discuss the proposed revenue issuances pertaining to the reconciliation of tax laws/regulations and accounting standards.

The meeting, which centered on proposed Revenue Memorandum Circulars in relation to Philippine Financial Reporting Standards (PFRS), was a two-day activity to discuss the proposed revenue issuances relating specifically to Lease (Lessee), Interest Expense, Foreign Currency Transaction, and Retirement Benefit.

“We give importance to these activities as it is from these that we understand how best we can be of help to you, because ultimately this will only redound to the benefit of our country—payment of taxes will be made easier and faster with these kinds of activity,” said Lumagui, speaking partly in Filipino.

Associations of accountants present at the meeting were Philippine Institute of Certified Public Accountants (PICPA); Government Association of Certified Public Accountants (GACPA); and Tax Management Association of the Philippines (TMAP). Representatives from accounting firms, namely, JL2T Consulting; CRC-ACE Review School; and Punongbayan & Araullo were also present.

The BIR chief encouraged all attendees to share their experience and expertise on the issues saying such will contribute to a holistic discussion. He explained that taxpayers, accountants, accounting firms, and associations representing these groups are BIR partners in nation-building.

“The main thrust of our administration now is excellent taxpayer service and I believe that we can only achieve this through this consistent dialogue and communication with all the stakeholders,” said the Commissioner.

Recently, the BIR established and created the PFRS Project Management Team to oversee and identify the gaps between tax laws/regulation/reporting and the PFRS, and correspondingly recommend measures by drafting revenue issuances to address the identified gaps for standard implementation.

BIR meets Finex

IN a separate development, Lumagui attended the 2nd General Membership Meeting of Financial Executives Institute of the Philippines (Finex), delving on the recalibration of the BIR from a collection goal-driven agency to a service-oriented one.

Addressing Finex members on Feb-