Tax compliance service
in the Philippines.

Keep your tax filings up to date with the help of our expert tax team. We are familiar with working with the Bureau of Internal Revenue (BIR) in the Philippines and will make sure your tax filings are accurate, delivered on time and reduce your tax liability.

Tax compliance service in Singapore

Stay on top of your tax compliance.

On-time flings & returns

We calculate and file your tax returns accurately and on time, making sure you won’t face any penalties or late fees.

Always up to date

Our professionals always stay current with the regional and local tax regulation changes.

Strategic tax advisory

We offer strategic tax advice on topics such as optimising your tax spending, decreasing the risk of double taxation, tax incentive systems and more.

Corporate & personal annual tax compliance

Our tax compliance services.

Corporate tax compliance.

  • Corporate tax

    Our tax team will help you stay up to date with your corporate tax filings and keep you compliant with the tax regulations. Our corporate tax services include:

    • Assisting in the application for tax incentives
    • Assisting with withholding tax compliance
    • Attending to investigations and queries raised by the Bureau of Inland Revenue (BIR) and/or SEC
    • Lodging objections and submission of appeals
    • Preparing and filing of estimated chargeable income
    • Preparing and submitting the corporate annual income tax returns
    • Verifying the assessments issued by BIR/SEC

    Annually

  • Value added tax (VAT)

    Businesses with a turnover of more than PHP 3m per annum must register for VAT. If a company has a turnover of less than PHP 3m in a year, the company can voluntarily register for VAT. Any company registered for VAT needs to file a quarterly VAT return. Acclime can assist with:

    • Advice as to whether a company with turnover of less than PHP 3m should voluntarily register for VAT
    • Registration of a company for VAT purposes
    • Quarterly computation and filing
    • Classification of goods and services into taxable, non taxable or zero rated items

    Quarterly

  • Withholding tax

    Under Fillipino law, both individuals and corporations engaged in business have to withhold tax when payment of a stated type has been made to non-residents. The Philippines’ withholding tax rate is generally 25%, depending on the nature of payment. The basic withholding tax rate can be reduced if the payment is made to a tax resident of a country with which the Philippines has a Double Tax Treaty. Calculating the rates is rather complicated, and many of Acclime’s clients appreciate our hand-holding.

    Annually

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Personal tax compliance.

  • Personal income tax return

    In personal tax return preparation, we help identify the reliefs and deductions you are entitled to and make sure they are factored into your returns in the most tax-efficient way. If you receive income from other sources such as rental property, shares or other assets, we help you ascertain the expenses that can be off-set against your income or avail of tax exemptions where applicable. Our other personal tax services include:

    • Preparing and filing your annual tax return
    • Verifying the assessments issued by the BIR and lodge objections or appeals
    • Develop and structure remuneration packages to enhance tax efficiencies for expatriate employees
    • Advise on special schemes and tax residency
    • Advise on the taxability of shares or options received
    • Obtain tax clearance upon termination of employment in the Philippines

    Annually

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FAQ

Common questions & answers.

Do I have to submit audited accounts?
The vast majority of companies in the Philippines are required to prepare the Annual Financial Statement that must then be audited by a qualified and idependent auditor. This audited Annual Financial Statement must be filed with both the BIR and the SEC every year.
Do I need to register for VAT?
It is compulsory for businesses to come forward to register for VAT when their taxable turnover exceeds PHP 3m per year. Businesses that do not exceed PHP 3m in taxable turnover may register for VAT voluntarily. There are some exemptions for e.g. exporting companies. Ask Acclime’s experts for advice.
Why do I need record keeping for my company?

In addition to being required by BIR and SEC to keep proper records and accounts of business transactions, record-keeping also lets you gain insights into how your business is performing. It allows you to see which products or services are profitable and what changes you can apply. Having good records also makes preparation of financial statements easy and accurate, resulting in efficient and on-time tax returns filing.

How do I change from Excel to Xero or Excel to QuickBooks?

Before you can convert from Excel to Xero, you need to set your Xero start date (also conversion date), which is recommended to be the start of the financial year or the start of the sales tax reporting period. To move your data from Excel to Zero, you need to download Xero’s CSV import template. Copy your data over to the template and save it as a CSV. Then import the file into Xero. A conversion date is important as matching all historical data from years ago will be time-consuming and costly. So, it is more practical to set a conversion date and simply entering bills and invoices during that time.

To move your data from Excel to QuickBooks, you need to install first the QuickBooks Import and CSV toolkit. From your Excel, you can import customer, vendor, items, and chart of accounts data. The toolkit wizard will instruct you on how to enter your data in the provided spreadsheet template and how to map your accounts.

What is cloud accounting? Can I use it?
Cloud accounting is a new method of accessing your accounting software from any web browser. It is different from a traditional accounting software where you need to install the application on your desktop hard drive. Cloud accounting lets you log in to your records anytime, anywhere. It can help improve your bookkeeping efficiency, streamline your financial processes, and provide real-time and secure access to your financial data.
How can I change accountants?

Changing accountant is a simple and straightforward process. First, you find and engage a new accountant through a formal latter that also states agreement for services. When all has been agreed upon, you need to inform your existing accountant about your intentions of changing to a new one. Your new accountant may also issue a notice of takeover. Both parties will proceed to courier of files and information from your existing accountant to a new one. You will be set up in your new accountant’s system, and the takeover is finalised and closed.

What is the difference between a bookkeeper and an accountant?

A bookkeeper is tasked with recording a company’s financial information, while an accountant is to analyse and develop insightful reports out of the data. A bookkeeper’s job is transactional and administrative where it involves handling of the daily tasks of recording purchases, receipts, sales, payments, and other financial transactions. On the other hand, an accountant’s job is subjective, where it involves providing financial insights that are based on the bookkeeper’s recorded data.

What is a financial statement?

A financial statement is a document that shows a company’s business activities and financial standing. It is audited by government agencies, accountants, and business partners for purposes of accuracy, tax, financing, and investment.

A financial statement is comprised of three main parts. An income statement or profit and loss statement that indicates how much profit or loss a company has incurred. A balance sheet or statement of financial position that shows a company’s assets, liabilities, and shareholder’s equity. And a cash flow statement that provides information as to how a company generates cash to fund activities, investments, and debt obligations

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Marla Aquino Batallones, Operations Director

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