Fields of Play
Driven to Exceed Your Expectations
As today’s business environment becomes increasingly complex with a host of tax rules and regulations, it is imperative that businesses equip themselves with the best advice on these matters to compete effectively and efficiently.
NOW, more than ever, enterprises need to find new ways to align their tax strategies with their overall business needs, while meeting their compliance obligations wherever they arise. Our Tax Services can help you make these things happen by assisting you in identifying and implementing the best possible approach to all tax and business concerns.
List of Tax services
Business Tax Compliance
Our tax professionals can provide assistance in determining a company’s tax liabilities and preparing/reviewing the related returns and attachments (e.g., BIR Form No. 1709-Information Return on Related Party Transactions).
Tax Health Check
Our tax professionals provide a diagnostic evaluation of a company’s tax position, practices, and procedures to determine whether they comply with Philippine tax laws and regulations.
Payroll Accounting and Operate (POS)
Our services provide end-to-end payroll delivery using our technology platforms. We provide accurate, on-time pay for employees, a consistent and manageable process, and dependable compliance with statutory requirements.
Accounting Compliance and Reporting (ACR)
We assist companies in various aspects of their accounting operations with our ACR services. Our Statutory Reporting Services help companies in the preparation of statutory financial 9The SGV advantage Tax |statements or other financial information. Among others, we assist entities in closing accounting records, producing a trial balance, reconciling the account balances to the underlying records and identifying adjusting entries, and reconciling statutory financial statements to group reporting through our Financial Statement Close Process. Meanwhile, Bookkeeping Services aims to assist in maintaining accounting records for the entity using manual books, our computerized accounting system (CAS) or the entity’s own CAS.
Tax Finance and Operate (TFO)
Tax Finance and Operate is a technology-driven tax service delivery model that helps organizations reimagine their tax and finance functions resulting in a sustainable corporate tax function that meets each company’s specific needs. It utilizes highly skilled global resources to help companies define a tax operating model that may further their strategic efforts and bring new innovation and transformation to their tax function. Our approach can increase the agility of an organization to respond to changes while providing access to leading edge technologies and innovation. Services may range from more traditional tax outsourcing focused on compliance preparation in non-core territories to broader TFO agreements that may include HQ country and other major countries. TFO agreements are typically more extensive in their scope, with options to operate end-to-end processes (including data extraction and cleansing), strategic planning and value-add activities.
International Corporate Tax Advisory
We provide globally consistent and cost-effective corporate income tax advice on all aspects of cross-border transactions. We provide tax advice on cross-border issues in relation to specific scenarios or transactions including, tax aspects of alternative cross-border structures, financing, refinancing and investments, transactions or reorganizations such as acquisitions, spin-offs, joint ventures, etc. We assist clients on tax planning and techniques to mitigate tax consequences of international transactions or cross-border structures, financing, investments including profit repatriation planning, advice on the application of anti-avoidance regimes and anti-abuse measures. We guide our clients on the use of common structuring tools and ideas exit mechanisms and strategies. We review the viability of the proposed investment structure vis-à-vis the company’s business objectives from both a Philippine and relevant country tax perspective. We help explore transaction structures that would maximize tax efficiencies, optimize the tax structure, and address any regulatory risks and issues which may impact the implementation following current effective rules and prevailing interpretations/positions of the Bureau of Internal Revenue.
Private Client Services
We equip clients to make better business decisions by bringing insights to the forefront. We recognize the unique needs of private businesses and their owners.
We support client’s ambitions with tailored tax services to unlock potential and enable them to create, preserve and transition value across generations. We provide distinctive services across all tax disciplines to clients, whether business-owning family, the leader of a private business or the owner of substantial private wealth and capital, to address private and business matters amidst the complex range of tax matters impacting business operations and private wealth.
We support client’s drive to define their own success as they create sustainable financial, societal and human value through our tax services that create, preserve and transition value across generations while developing a philanthropy strategy that fits in with the wishes of the family. We understand your resoluteness to protect wealth that has been built up over many years.
We offer a wide variety of services that are associated with supporting the ownership, management and preservation of privately-owned businesses and wealth. These include:
• Personal and family tax advisory
• Business tax advisory
• Structuring
• Compliance and reporting
• Family and business governance
• Wealth transfer and succession planning/estate planning
• Asset protection
• Family office advisory and support services
• Process improvement
• Capital raising
• International expansion and acquisitions
• Sensitive wealth transfers and philanthropic planning
• Personal, compliance and business tax planning services to owners,
families, family businesses, private equity and asset management
stakeholders as well as high net worth individuals
Estate/Family Wealth Planning
We offer advice on how to effectively reduce gift and estate taxes. We provide tax planning for wealth transfer, succession planning for family-owned businesses, tax advice on creation of trusts, and preparation of estate and donor’s tax returns.
Tax Planning Engagement
We help companies identify opportunities or areas where they can effectively generate tax savings within the parameters allowed by law. Tax planning can be done in the areas of regular and minimum corporate income taxation, withholding tax on compensation, fringe benefits taxation, 5% gross income tax (GIT) study, among others.
Tax Due Diligence Review
We provide Sell Side and Buy Side Tax Due Diligence Services. Sell Side Services consist of a review of a company’s tax position to provide the seller with an indication of tax exposure areas before the company is formally put up for sale. We can prepare sell side documentation such as a Fact Book or a Vendor Due Diligence Report that can be posted in the dataroom. Our Sell Side Services also include advice on alternative structures to dispose of unwanted assets or to exit (in whole or in part) from a business or company. Buy Side Services consist of a review of a target company’s potential tax liabilities, exposures, possible tax refunds, and tax attributes, as well as advice on alternative acquisition structures.
Tax Refinancing Services
We provide advice related to the extraction of cash from corporate or private equity investments or through debt or equity exchanges, the buyback of debt or equity instruments, and the raising of additional debt or equity financing.
Non-Bankruptcy Restructuring Services
We provide advice on legal entity rationalization or other tax effective organizational structure alternatives to help distressed debtors improve their cash flows, reduce operational costs and/or better manage risk where appropriate.
Real Estate Investment Trust (REIT) Advisory
We provide advice to potential REIT Sponsors embarking on a conversion to a REIT regime, including the tax implications of transfers of assets to the REIT, the initial public offering and secondary offering of REIT securities, and the reinvestment plans of the REIT Sponsors.
Center for Tax Policy
The Center for Tax Policy is a one-stop resource for tax reform, policy and legislation. Our leaders provide forward-looking views on the drivers and business implications of today’s most important tax policy and fiscal issues. We can help organizations track and assess tax policy and reform issues affecting their businesses, providing services that range from monitoring legislation and strategic planning to representation and economic modeling.
Tax Advocacy/Controversy Work
We assist clients in liaising with the tax authorities for requests for rulings or opinions from the Bureau of Internal Revenue and the Department of Finance and in handling controversies and disputes arising from tax assessments. We can also represent enterprises in filing administrative claims for refund from the national and local governments as well as provide assistance in obtaining tax credit certificates from the authorities.We also provide assistance in the sale and/or purchase of tax credit certificates by handling and verifying the related documentary requirements as well as liaising with the tax authorities.
Independent Certified Public Accountant (CPA) Verification Services
We assist taxpayers who have claims for refund or who have tax assessments by providing a detailed review of the documents supporting their claims for refund or position against the assessments and presenting these to the Court of Tax Appeals. This helps facilitate the presentation of evidence in Court.
Tax Assessment Assistance
We assist taxpayers in the preparation of the tax schedules/reconciliations in connection with the examination of the taxpayer’s books of accounts and other accounting records related to all internal revenue tax liabilities in a specific period.
Investment Advisory Services
Our tax experts help prospective investors determine the most cost- and tax-effective vehicle/structure for Philippine inbound and outbound investments. We also assist in the related registration requirements. Likewise, we help plan and implement strategies to reduce tax liabilities for taxpayers doing business in multiple taxing jurisdictions. We can also help develop or review existing financial models for companies to ascertain the tax-implications of different alternatives being considered in the acquisition of investment portfolios.
Individual Tax and Immigration Services
Our tax and immigration people work together to provide highly-integratedmobility services to address and support mobility needs locally and globally.Our up-to-date knowledge on individual taxation, immigration, labor policies, lawsand regulations, as well as access to recent developments ensure both corporate and individual regulatory and risk compliance. We provide comprehensive employment, tax and immigration services to help clients proactively manage organizational changes. This includes assistance with individual income tax compliance through tax residency assessment; preparation of individual Philippine income tax returns; individual tax advisory; employment tax and benchmarking studies; US income taxation requirements for individuals (including US Form 1040s); and employee/employer Philippines reportorial requirements.
We offer assistance in securing visas or work permits, registrations with the Philippine tax authority, transactions with immigration and labor bureaus and other government agencies and provide advice on the company’s immigration process. SGV provides a globally consistent, cost effective immigration service with limited reliance on third party vendors, leveraging our international tax, social security, and assignment management professionals in ways that are unique in the global market.
HR Regulatory Compliance
Our team can check and review client’s compliance with the regulatory requirements of the Philippine Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth), Home Development Mutual Fund (HDMF) and Department of Labor and Employment (DOLE) to determine completeness and timeliness of types of reports submitted to these agencies as an employing company. The review can cover tests of reasonableness of amounts of contributions (eg., SSS, PhilHealth, and HDMF) remitted to the agencies as required by them. Our work will entail, among others:
- Post-review of all filings made by the company to the abovementioned agencies to check the completeness thereof and the timeliness of report submissions
- Review of information disclosed in the reports to ascertain quality of data provided as well as completeness thereof
- Perform tests on an agreed number and level/category of employee population to assess whether amounts remitted as contributions to the SSS, PhilHealth and HDMF are reasonable and to check whether the basis used for determining both employer and employee contributions are correct
We can also provide employee compensation benchmarking as well as a review of corporate employee handbook and policies.
General Advisory Services
We offer sound and expert advice on a wide range of tax matters such as those relating to corporate organizations and reorganizations, build-operate-transfer projects, joint venture agreements; various contracts and financial products; revenue legislation and rules. We also provide advice and assistance with the registration and reporting requirements of government agencies relating to tax and/or investment incentives granted under various investment laws and regulations as administered by the Securities and Exchange Commission, Department of Trade and Industry, Board of Investments, Bangko Sentral ng Pilipinas, Philippine Economic Zone Authority, Clark Development Corporation, Subic Bay Metropolitan Authority, Local Governments, among others.
Transfer Pricing Services
We provide organizations with a professional assessment of whether their existing intercompany pricing policies comply with tax laws and regulations by reviewing existing transfer pricing methods and recommending the adoption of the optimal model. Likewise, we help formulate planning ideas to ensure that pricing policies comply with regulations in different taxing jurisdictions to reduce risk of double taxation and arrive at an optimal supply chain structure. We also provide an integrated, multi-country approach to meet substantiation requirements to efficiently document transfer pricing policies. We also assist clients in handling transfer pricing audits of tax authorities by evaluating the validity and merits of their tax findings and helping in the resolution of transfer pricing issues.
Customs Services
Our Global Trade & Customs Team assists clients in various matters related to the dealings with the Bureau of Customs (BOC). We assist our clients in handling Post Clearance Audit, controversies, and other disputes with the BOC. This includes assisting clients avail of the BOC’s Prior Disclosure Program to avoid the steep penalties that may be imposed during the Audit. We also conduct Customs Compliance Review, which can help companies prepare for a customs audit or a voluntary disclosure, potentially minimizing deficiency customs duties assessment and/or penalties. We can likewise assist importers/exporters in securing the necessary permits, accreditation, clearances, and licenses related to import/export requirements.
Through our Pre-Importation Planning and Review Services, we can help businesses proactively plan future importations to potentially minimize customs duties. We can assist in determining appropriate valuation and classification of importations, as well as other compliance requirements to ensure timely release of the imported goods from the BOC.
We provide various customs Data Analytics services to help clients detect compliance risks or identify savings opportunities. Global Trade Analytics provides importers with visibility over their imports and related duties and taxes over multiple jurisdictions. On the other hand, Importation Data Analytics covers cleansing, reconciliation, and/or review of importation data, as well as importer profiling, and may be paired with a customs compliance review, or executed as a stand-alone project.
Indirect Tax Compliance
We assist our clients in determining or reviewing their VAT (indirect tax) liabilities and/or payments, and in preparing/reviewing the related returns. Our Global VAT Reporting Tool software provides a digital link between VAT source data and the VAT returns, allowing complex testing and analysis of the VAT data, analytics and visualization through dashboards, and automation of the VAT return preparation process itself. We also perform VAT data analytics to help our clients identify and address VAT compliance issues, including data quality and consistency issues.
Tax Seminars
We organize seminars to equip your people with a “Back to Basics” understanding of the Philippine tax system. The seminars focus on the principles and fundamentals of how various types of taxes operate with details on their implementation and administration. Included in the seminars are discussions on current issues to update participants with the latest pronouncements of various tax agencies. Other seminars also cover tax issues on local government taxation, how to handle claims for refunds and assessments.
Tax Performance Advisory Services / Tax Technology and Transformation
We assist our clients with the strategic and operational challenges facing their tax functions. We also help our clients improve the effectiveness of their tax function and in the implementation and/or optimization of tax processes and software tools. Tax Performance Advisory services include tax function process improvement reviews, process design, software implementation and enhancement, tax data enablement.
Entity Compliance and Governance Services
Our team of experienced lawyers can assist in compliance with SEC reportorial requirements pursuant to the Revised Corporation Code and related issuances. We can conduct corporate health checks and help registered entities ensure that their corporate books are in order, including assistance in the drafting minutes, resolutions, appointments, resignations, notices, proxies, waivers, certificates, and other related corporate documents. We also offer services in relation to incorporation of subsidiaries and establishment of branches of foreign corporations, including post-registration applications. We provide advisory services on any amendment of the Articles of Incorporation and By-Laws to include increase and decrease of the authorized capital stock, mergers and reorganizations, and dissolution through shortening of the corporate term.
Quantitative Services (QS)
Incentives Grant and Tax Reforms
The opportunities in the Asia Pacific region are boundless as the region continues to be a major driver of the global economy. For companies seeking to invest and expand their operations in the Philippines, the availability of incentives continues to be a key consideration.
Our tax professionals aim to support investors in identifying and leveraging opportunities from available tax incentives in the Philippines. Among others, we assist investors in the evaluation and review of the design and structure of proposed projects to determine eligibility for current incentive grants. Our QS Team helps in the preparation and presentation of the incentives grant application with the appropriate Investment Promotions Agencies (IPAs). Once approved, our QS Team assists in the periodic preparation of compliance reports required to be filed with the IPAs. We also help review and monitor compliance of the investors’ projects against the terms and conditions of the grant, and other related regulations of the IPAs to ensure continuous enjoyment of the incentives.
Lastly, on account of current stimulus packages and proposed reforms on tax incentives, our QS Team helps companies assess and prepare for the impact of these developments to the investors’ registered projects and planned expansion.
Cost Segregation Study
In collaboration with our EY Cost Segregation Group, our tax professionals assist companies in identifying the different types of fixed assets and categorizing the fixed assets cost to the respective pre-agreed accounting categories in order to maximize fixed assets depreciation tax benefits. Among others, our Team could also assist in the analysis, review and construction of fixed asset.
Our services
Fields of Play
Financial services organization
Financial Services Organization
FSO works with clients in the banking, capital markets, insurance, wealth and asset management sectors. As today’s financial services market is global, constantly changing and highly regulated, we offer a dynamic approach to help manage uncertainties and the opportunities these present. The SGV / EY-Philippines office is one of the key FSO locations in the Asia-Pacific. The Asia-Pacific FSO operates across four markets: ASEAN, Greater China, Korea, and Oceania and four Service Lines: Consulting, Assurance, Tax, and Strategy and Transactions. Our strong global teams, local capabilities and seamless collaboration bring innovative problem-solving, breakthrough performance gains and sustainable value creation to our clients and stakeholders.
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