The Tax Whiz Academy opened the Asian Consulting Group’s Tax Hub for a three-part event on Friday, February 15. During the first part, Philippine Tax Whiz Mon Abrea held a tax seminar on common tax violations and ITR filing. Right after, Resident Financial Advisor and Writer at the ABS-CBN News Channel, Salve Duplito, led a seminar on personal finance.
OC Records’ Rockalyt held a special performance to top off the day’s back-to-back seminars.
As part of ACG’s advocacy of promoting tax education, all the events of the day were free.
The Philippine Tax Whiz noted the bottlenecks and inefficiencies present in the tax system. In order to actually promote the ease of paying taxes, the BIR must remove these redundancies and unnecessary bureaucracy.
“At the end of the day,” said the Founding Chairman of the Asian Consulting Group, “the BIR collects taxes, not documents.”
As the first topic of his talk, he began discussing the civil penalties incurred by taxpayers. The three civil penalties – surcharge, interest, and compromise – can cause tax dues to double (if not more so). However, on top of civil penalties, extreme cases can cause the imposition of criminal liabilities which include fines and imprisonment.
He then explained the newly-released BIR Form No. 1901A. Circularized by RMC 17-2019, the new form is used for the annual ITR filing of those earning purely business income. He then discussed the new form part by part.
The tax expert’s talk was followed by the financial expert’s. Financial literacy advocate Salve Duplito held a seminar on Personal Finance.
The financial expert discussed the importance of starting a business or any investments with clear goals in mind. Among the topics she discussed were insurance
She also noted that insurance should not be seen as an investment but rather as a safety net. She then discussed the various investments along with the risks.
“If we don’t put money in financial instruments, we’ll never be able to retire well,” the financial literacy advocate said.
To finish the day’s events, OC Records’ Rockalyt held a special performance. After an entire day of learning, the attendees relaxed by listening to the performers’ heartfelt music.
The Asian Consulting Group holds the Open House monthly, and it is always free. As a social enterprise, the free tax seminars are part of ACG’s way of giving back. As its next episode, the Asian Consulting Group will be providing an ITR Helpdesk at its monthly Open House. To learn more, you can reach us at [email protected] or (02) 622-7720.