CRISTINA LANNAO MILLET BIGLAEN SUPPLEMENTARY INFORMATION.

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Presentation transcript:

CRISTINA LANNAO MILLET BIGLAEN SUPPLEMENTARY INFORMATION

Supplementary Information in Relation to Financial Statements Dating the Auditor’s Report on Supplementary Information The Auditor’s Report on Supplementary Information should not be dated earlier than the date on which the auditor completed the procedures in relation to the Financial Statements as a whole. When the auditor complete those procedures subsequent to the date of the auditor’s report on the audited financial statements, the auditor is not required to obtain additional evidence with respect to the audited financial statements. When reporting on the Supplementary Information (either in a separate report or in an other-matter paragraph within the auditor’s report on the financial statements) after the date of the auditor’s report on the financial statements, how may an auditor make it clear that no additional procedures were performed on the audited financial statements subsequent to the date of the auditor’s report on those financial statements? Report on the Supplementary Information Required Under RR & (An other-matter paragraph within the auditor’s report on the Financial Statements ) Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information required under Revenue Regulations and in Note No. to the financial statements presented for purposes of filing with the Bureau of Internal Revenue and is not a required part of the basic financial statements. Such information is the responsibility of the management of the company. The information has been subjected to the auditing procedures applied in our audit of the basic financial statements. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

SUPPLEMENTARY Revenue Regulations No Subject: Amending Certain Provisions of Revenue Regulations No , as amended, Implementing section 6 (H) of the Tax Code of authorizing the commissioner of internal Revenue to Prescribe additional Procedural and/or Documentary Requirement in Connections with The Preparation and Submission of Financial Statements Accompanying the Tax Returns. In addition to the disclosures mandated under the Philippine Fianncial Reporting Standards, and such other standards and/or conventions as May heretofore be adopted, the Notes to Financial Statements shall Include information on tax, duties and licenses fee paid or accrued during the taxable year.

Revenue Memorandum Circular No Proposes the Use of Basic Standard Format in Complying with the Requirements of RR No on the Additional Notes to Financial Statements Relative to Taxpayers’ Tax Compliance RR Propose Notes to Financial Statements relative to taxpayers’ taxes and licenses Provisions In compliance with the requirements set forth by RR hereunder are the information on taxes, duties and license fees paid or accrued during the taxable year. 1. The amount of Value Added Tax (VAT) output tax declared during the year and the account title and amount/s upon which the same was based. If there are zero-rated sales/receipts and /or exempt sales/receipts, a statement to that effect and the legal basis therefor: The company is a VAT-registered company with VAT output tax declaration of P______ for the year based on the amount reflected in the Sales account of P______. The company has zero-rated/exempt sales amounting to P_____ pursuant to the provisions of _______law/regulations. The company is a non-VAT registered company engaged in the business of _____ and paid the amount of P______ as percentage tax pursuant to _____ law/regulations and based on the amount reflected in the Sales/Gross Income Received Account of P______.

RR Propose Notes to Financial Statements relative to taxpayers’ taxes and licenses 2.The amount of VAT input taxes claimed broken down into: a.Beginning of the year; b.Current year’s domestic purchases/ payments for : I. Goods for resale/manufacture or further processing II. Goods other than for resale or manufacture III. Capital goods subject to amortization IV. Capital goods not subject to amort. V. Services lodged under cost of goods sold VI. Services lodged under other accounts. c.Claims for tax credit/refund and other adjustments ; and d.Balance at the end of the year. The amount of VAT input taxes claimed broken down as follows: Beginning of the year…… P________ Current year’s purchases: I. Goods for resale/manufacture or further processing …_____ II. Goods other than for resale or manufacture _____ III. Capital goods subject to amortization ………..... _____ IV. Capital goods not subject to amortization ………. _____ V. Services lodged under cost of goods sold….. _____ VI. Services lodged under other accounts………..._____ c. Claims for tax credit/refund and other adjustments......_____ (INCLUDE here all kinds of adjustments whether additional sources of inputs or other deductions from available inputs) d. Balance at the end of the year P_______

RR Propose Notes to Financial Statements relative to taxpayers’ taxes and licenses 3. The landed cost of imports and the amount of customs duties and tariff fees paid or accrued theron: The landed cost of the company’s importations amounted to P_______ for the year, with paid / accrued amount of P_______ as customs duties and P_______ as tariff fees. 4.The amount of excise tax/es classified per major product category, i.e. tobacco products, alcohol products, automobiles, minerals, oil and petroleum, etc. paid on- a. Locally produced excisable items; and b. Imported excisable items. The amount of excise tax/es, classified as follows: Product Category Excise Tax/es Paid/Accrued Locally ProducedImported Tobacco Alcohol Automobiles Oil/Petroleum

RR Propose Notes to Financial Statements relative to taxpayers’ taxes and licenses 5.Documentary Stamp Tax (DST) on loan instruments, shares of stock and other transactions subject thereto; The DST paid/accrued on the following transactions are : TrasactionAmount DST thereon Loan Instruments P P Shares of stocks P P 6.All other taxes, local and national, including real estate taxes, license and permit fees lodged under the Taxes and Licenses account both under the Cost of Sales and Operating expense accounts; Other Taxes & Licenses a. Local Real Estate Taxes P________ Mayor’s Permit ________ PTR ________ b. National BIR Annual Registration P________ Percentage Taxes ________ 7.The amount of withholding taxes categorized into : i. Tax on compensation and benefits ii. Creditable withholding tax/es iii. Final withholding tax/es The amount of withholding taxes paid/ accrued for the year amounted to: i. Tax on compensation and benefits P________ ii. Creditable withholding tax/es ________ iii. Final withholding tax/es ________

RR Propose Notes to Financial Statements relative to taxpayers’ taxes and licenses 8. Periods covered and amount/s of deficiency tax assessments, whether protested or not; The company has received a final assessment notice from the Regional office of _______ covering the taxable year ____ amounting to P_______ inclusive of penalties, for deficiency income/ VAT/ Percentage/withholding tax, which has been protested/agreed upon. (Management may include here their opinion on the probable outcome of their protest, if protested; or the probable outcome of their application for installment/compromise/abatement, in case of agreed assessment). 9. Tax cases, and amounts involved, under preliminary investigation, litigation and/or prosecution in courts or bodies outside the BIR.” The company has a RATE case under preliminary investigation of the Department of Justice (DOJ) involving deficiency income tax for taxable year ______ amounting to P_________. This format may be modified to make it more appropriate to the business peculiarities of the concerned taxpayer/s.