Joel L. Tan-Torres
BusinessMirror
United States
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Past articles by Joel:
Frustrated aspirations
Part three I was not paid a single centavo of salary as Dean of the University of the Philippines (UP) Virata School of Business (VSB) despite serving my full term in the College. I was Dean of the VSB from October 2019 to 2022. But alas, due to the machinations of protesting VSB faculty members → Read More
Tax financing a bankrupt state
Conclusion AS I have indicated in my earlier article, enhancement of tax administration and not new tax imposition laws is my preferred option in tax financing a bankrupt state. The Department of Finance has presented to the incoming administration a series of suggestions for a fiscal consolidation and resource mobilization… → Read More
Tax financing a bankrupt state
Eleventh part The recent (and ongoing) fiasco between the Bureau of Internal Revenue and a stock market-listed taxpayer, the Megaworld Corp., further highlights the contentious situation that can arise in any BIR enforcement action against taxpayers. In this situation, the BIR issued a Revenue Special Order authorizing the BIR Regional… → Read More
Tax financing a bankrupt state
Tenth part There are other structural changes that can be effected to further enhance the Bureau of Internal Revenue and taxpayer engagements, especially in terms of tax audit interactions. Problems abound in these engagements such as the quarrelsome discussions on the tax issues and interpretations, pressure on taxpayers on unanticipated… → Read More
Tax financing a bankrupt state
Ninth part TO minimize the irritants and problems that perenially arise in Bureau of Internal Revenue-taxpayer tax audit related engagements, institutional or structural solutions should be instituted by the BIR and other government agencies, with the assistance of taxpayers, advocacy groups, and tax professionals. The BIR has long been exercising… → Read More
Tax financing a bankrupt state
Eighth part The Bureau of Internal Revenue(BIR) has this mantra that it should only collect the right amount of taxes, nothing more, nothing less. Is this the kind of outcome that results from the tax audits conducted by the BIR? Unfortunately, this is not the case for a large number… → Read More
Tax financing a bankrupt state
Seventh part The taxpayer is now in this stage where he has received for the nth time a Letter of Authority from the Bureau of Internal Revenue. The LOA is one of the much-dreaded documents that a taxpayer can receive from the BIR. This LOA authorizes the BIR to conduct… → Read More
Tax financing a bankrupt state
Fourth of a series Transformative or enhancement actions normally take place over a medium-term to long-term period. But a bankrupt state does not have the luxury of time to wait for much-needed revenues to flow in to address its ever-increasing public service expenditures and ballooning debt and interest servicing. As… → Read More
Game-changing initiative in the accounting profession
Conclusion Board of Accountancy Resolution 36-2019 was issued on July 18, 2019, to repeal BOA Resolution 3-2019 and other related resolutions pertaining to the game-changing requirements on the compilation services for the preparation of financial statements and the notes thereto by Certified Public Accountants (CPAs). As discussed in last week’s… → Read More
Game-changing initiative in the accounting profession
Part three With the Department of Finance assailing the merits of the Board of Accountancy Resolution 03-2016 on compilations services, I, as Chairman of the BOA, had to respond and clarify that the greater number of provisions in the resolution has long been in place as prescribed in existing auditing… → Read More
Regulatory compliance ecosystem
Second of a series There are still significant complaints about the sad state of the government regulatory compliance ecosystem in our country. So many documentary requirements, excessive procedures to follow, too long for the government agency to act on citizen’s requests, and even the prevalence of bribe or corruption…these are… → Read More
The new normal in taxation
Part Two The Bureau of Internal Revenue has to play catch up due to the substantial deficit in tax collections for the first four months of the year. The BIR should be more visible in communicating to the taxpaying public what the new normal for the taxpaying community. Formulating innovative… → Read More
Moving up the career ladder
You have been working for your company for three years already. Each year, you had been given good ratings for your work performance evaluation by your supervisor. You have been promoted once since you started with the company. Recently, you have been thinking about your career track and opportunities. “How can I speed up my advancement in my company?” “What additional learning should I get to… → Read More
New topics in the CPA Board examinations
The Board of Accountancy (BOA) has recently overhauled the Certified Public Accountant (CPA) Licensure Examinations that it administers. The changes were brought about in BOA Resolutions 274 and 275 Series of 2015, and 114 Series of 2016. These resolutions were directed toward updating the CPA Licensure Examination coverage and format. It has been about 40 years since the CPA Licensure… → Read More
Dawning of the new era in accountancy education
Conclusion Now that Commission on Higher Education (CHED) Memorandum Orders (CMOs) 27 to 30, Series of 2017, are in place, the various accountancy education stakeholders can now proceed to implement this landmark development. These CMOs prescribe a revised Bachelor of Science (BS) in Accountancy and three other new BS accountancy programs, namely, BS in Accounting Information System, BS in… → Read More
Dawning of the new era in accountancy education
Part One It started way back in 2014 when I first met Dr. Arnel Uy, the chairman of the Commission on Higher Education (CHED) and Board of Accountancy Technical Committee tasked to review the accountancy-education curriculum. We exchanged ideas on the directions and future that we envision for the accountancy education in the Philippines. The profile of this sector is quite impressive. There are… → Read More
The BIR and the CPA
On the occasion of the 113th founding anniversary of the Bureau of Internal Revenue (BIR) on August 2, I will share tidbits on the many engagements that the accountancy profession, the Board of Accountancy (BOA) and the Certified Public Accountants (CPAs), have had with this venerable institution over the years. With regard the leaders of the BIR, in the more recent decades, there have been at… → Read More
Celebrating Accountancy Week
The annual tradition of celebrating the Accountancy Week is a big event for all accountants. For this year, the celebration will be from July 16 to 22 and will be held at Edsa Shangri-La Hotel and various locations throughout the Philippines. Accountants all over the country have been conducting this weeklong festivities since 1966, when then-President Ferdinand E. Marcos issued Proclamation 19… → Read More