October 22, 2012

Numerous tax related criminal cases were filed by the Bureau of Internal Revenue (BIR) before the Department of Justice and even in courts since the year 2008.  This includes filing of cases against well-known politicians, businessmen, celebrities and other public figures.

The Philippine tax authority is really persistent in its goal to run after tax evaders. Gone are the days that one can hide or conceal its tax liabilities due to computerization or use of third party information. You may not be declaring your actual income or expenses but the BIR may check it from other taxpayers, government records and best evidence obtainable. One of your clients or customers may be a tax examiner and you will be caught by surprise.

The best thing to do is to start complying properly. Furthermore, it is recommended that tax planning be considered especially in transactions that may have big tax effect. While tax evasion is illegal and must be penalized, tax avoidance is a legal way in order to minimize tax effects.

If you need an expert to advise and assist you in your tax planning , Triple i Consulting can help you plan properly and strategize your tax related matters in accordance with laws.

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