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VAT bookkeeping making tax accounting easier for non-accountants RESIBO.PH continues

0 Views· 11/26/23
Aryel Narvasa
Aryel Narvasa

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Emelino T Maestro
Bank of the Philippines Islands
Savings Account No. 1969-0986-91

This video explained how you may extricate yourself from tax ignorance and declare your independence and self-reliance today. Read our laws. Comprehend their meanings. Know their immediate and future effects. Apply them timely and consciously. Section 257, Tax Code. Penal Liability for Making False Entries, Records or Reports, or Using Falsified or Fake Accountable Forms. - (B) Any person who (3) Offers any taxpayer the use of accounting bookkeeping records for internal revenue purposes not in conformity with the requirements prescribed in this (Tax) Code or rules and regulations promulgated thereunder; shall, upon conviction for each act or omission, be punished by a fine not less than Fifty thousand pesos (P50,000) but not more than One hundred pesos (P100,000) and suffer imprisonment of not less than two (2) years but not more than six (6) years. If the offender is a Certified Public Accountant, his certificate as a Certified Public Accountant shall be automatically revoked or cancelled upon conviction. In the case of foreigners, conviction under this Code shall result in his immediate deportation after serving sentence, without further proceedings for deportation.  In case of difference between the provisions of the Tax Code and the rules and regulations implementing the Tax Code, on one hand, and the generally accepted accounting principles (GAAP) and the generally accepted auditing standards (GAAS), on the other hand, the provisions of the Tax Code and the rules and regulations issued implementing said Tax Code shall prevail. -  Revenue Memorandum Circular (RMC) No. 22-2004 Revenue Audit Memorandum Order (RAMO) No. 2-95 (Now, RAMO 1-2020) is clear-cut on the rule on when to recognize deductions for taxpayers using the crop method of accounting. The rule prevails over any GAAP (generally accepted accounting principles; now, PFRS - Philippine Financial Reporting Standards), including the matching concept as applied in financial (a.k.a. financial accounting) or business accounting (a.k.a. managerial accounting) - G.R No. 183408

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