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  • Vergara, Sohfia Jesse N. Bs Acc 4-1 Reflection Paper

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    Vergara, Sohfia Jesse N. Bs Acc 4-1 Reflection Paper

    Uploaded by

    Jannie Leila

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    Vergara, Sohfia Jesse N.

    BS ACC 4-1
    REFLECTION PAPER
    Before the class started, Ma’am V clarified some things about the tax refund. In today’s
    TRAIN Law, they removed the tax credit certificate and only cash refund applicable for it. The
    Commissioner on Internal Revenue has 90 days to decide about the refund, when he didn’t
    respond, he will be charged of a criminal liability together with some of his employees. They
    also established an enhance value-added tax refund system which grants refund within 90 days
    from filing. All pending VAT refund from December 31, 2017 shall be fully paid by December 31,
    2019. The Department of Finance also established refund center in the Bureau of Internal
    Revenue and the Bureau of Customs. The refund is the 5% of total VAT collections. We also
    learned a new acronym, COCCTRP, which means Congressional Oversight Committee on the
    Comprehensive Tax Reform Program for quarterly report of all pending claims.

    Chapter 5 is all about the items and concepts of income. We discussed the different
    theories and ideas from the previous chapters, and in the present chapter there are additional
    computations per topic.

    There are different matters that we discussed. One of the topics was about the bazaars,
    if they are taxable or not. They are not taxable because they don’t sell on a particular place
    daily, they just go to a certain place when it is fiesta or some sort of occasions. Another case in
    the new TRAIN Law is one cannot sell something or render a service if it is outside the business
    or if it is not stated in the Certificate of Registration. The GPP or General Professional
    Partnership is not subject to tax, but the partners must file for their ITR on form 1701 for the
    individuals. About the tips, one must not say that he received a tip, so it will not be included in
    his taxable income. The liquidating dividends is not taxable because it is a return of capital.
    Also, the retained earnings unappropriated must not exceed the paid-in capital because it will be
    subject to Improperly Accumulated Earnings Tax which is equivalent to 10% of improperly
    accumulated earnings.

    Here are some of the question and answer portion that also happened last meeting.
    First is the non-resident corporation, it is a corporation that is not domicile here in the
    Philippines and the owner is also not a citizen here. Second is the prizes and winnings which
    were tax-free, in today’s TRAIN Law there is no such thing as tax-free, one must pay the tax
    before he can get his prizes or winnings. Third is why does remuneratory donation taxable, it is
    for educational purposes only. Lastly, why is joint venture not included in tax, it is because joint
    venture is a source of economic activity here in the Philippines.

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