MARCH 11, 2008
BAHIA ROOM, HOTEL INTERCONTINENTAL MANILA , MAKATI CITY
In connection to ACPACI's celebration of its 35 th Founding Anniversary, and true to its advocacy of professional development among its members, the association held a General Membership Meeting coupled with SEC updates and Tax Seminar last March 11, 2008 in Bahia Room, Hotel Intercontinental Manila, Makati City .
The event started with a Thanks Giving Mass celebrated by Rev. Fr. Ely Santos, SDB, hereafter which the general meeting commenced and the celebration was formally launched by Ms. Nelly Favis-Villafuerte.
The second part of the activity is the seminar proper. It included SEC Year-end reminders and reportorial requirements, concerns about on-line submission of reports and the reports which are no longer required by SEC. Deadlines, fines and other reminders in connection with those requirements had been reiterated. During the seminar, SEC's General Accountant Ms. Monette Casals also discussed the form and basic contents of FS as per PFRS requirement, functional currency to be used in FS, and matters of Corporate Governance and Accreditation/ Reportorial Requirements for Independent Auditors.
As for matters of Taxation, Mr. Ruben Rubio of SGV & Co. gave updates and reminders, particularly on the topics of Income Taxation in general, including the 35% Regular Income Tax, 2% MCIT, 10% Improperly Accumulated Earnings Tax, 5%Tax on Gross Receipts and Special Income Tax Rates; and Special Deduction, like those for individual or corporation, Net Operating Loss Carry- Over, Interest expense or income, entertainment expenses, and charitable and other contributions with varying rates of either 5%, 10% or 100% depending on the circumstances of the contribution.
The speaker's tropic also included Basic FS Disclosures based on PFRS requirements, like exclusions from Gross Income and attachment to the ITR.
Aiming for further progress and desiring to continuously upgrade their professional competitiveness, CPA's in Commerce and Industry sector did not forgo the chance to become better in their field by attending the said event.