BIR chief welcomes private sector role in financial reporting, tax issuances forum

Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui, Jr. met with external stakeholders from associations of accountants and other representatives of accounting firms last February 21, 2023 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), is a two-day activity that intends to discuss the proposed revenue issuances relating specifically to Lease (Lessee), Interest Expense, Foreign Currency Transaction, and Retirement Benefit.

“Binibigyan po namin ng importansya ang ganitong uri ng mga aktibidad dahil dito rin kami natututo kung ano ba talaga ang nararapat para makatulong sa inyo because ultimately this will only redound to the benefit of our country mas mapapadali ang pagbabayad ng buwis sa mga ganitong uri ng activity,” said Commissioner Lumagui.

Associations of accountants present during 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). Meanwhile, other representatives from accounting firms, namely: JL2T Consulting; CRC-ACE Review School; and Punongbayan & Araullo were also present.

He encouraged all who attended the meeting to share their experience and expertise on the issues to be presented for it will contribute to a holistic discussion. The Commissioner explained that taxpayers, accountants, accounting firms, and associations representing these groups are partners in nation-building of the BIR.

“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,” added the Commissioner.

Recently, the BIR through the leadership of Commissioner Lumagui, has established and created the PFRS Project Management Team who shall 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.