NetSuite PH for Large Taxpayers

Meet the Large Taxpayer Reporting Requirements in the Philippines

NetSuite PH provides key functionality needed to meet the Philippines Bureau of Internal Revenue's (BIR) reporting requirements for large taxpayers. According to the BIR, you're a large taxpayer if you meet any of the following criteria:

  • A net value-added tax (VAT) of at least P100,000
  • An annual excise tax of at least P1 million
  • An annual income tax of at least P1 million
  • An annual withholding tax payment (for all kinds of withholding taxes) of at least P1 million
  • Quarterly percentage taxes of at least P100,000
  • Aggregate annual documentary stamp taxes of at least P1 million
  • Total annual gross sales of P1 billion
  • Total year-end net worth of at least P300 million.

Streamline Compliance with BIR Reporting Requirements

Fully localized for the Philippines, NetSuite PH enables large Philippine taxpayers to quickly and efficiently comply with new requirements from BIR:

Requirement: Mandatory Use of Computerized Accounting System

  • As of January 2010, the BIR has required large taxpayers to maintain and register a Computerized Accounting System (CAS), forcing many large taxpayers to transition from manual accounting processes
  • The NetSuite PH Solution: NetSuite PH provides a perfect solution for large taxpayers to comply with CAS requirements, enabling fast-growing companies to quickly roll out integrated accounting and financial reporting in an economical, cloud-based model. NetSuite PH requires no costly, upfront capital investments in hardware or software; its easy pay-as-you grow subscription scheme provides an easy ramp-up for customers.

Requirement: Mandatory Withholding on Payments to Suppliers

  • The BIR now requires up-front payment of withholding taxes of between 1% and 2% on goods and services purchased from local suppliers.
  • The NetSuite PH Solution: The withholding tax feature of NetSuite makes it easy for Philippine companies, especially large taxpayers, to automatically record and track creditable withholding tax and generate related reports.

Requirement: Key Required Reports

  • Large taxpayers are required to submit a list of regular suppliers on a semestral basis (i.e., on or before July 31 for the first semester and Jan. 31 for the second semester), and produce reports on monthly and quarterly VAT returns, withholding taxes, and more.
  • The NetSuite PH Solution: NetSuite PH Edition enables companies to quickly and easily generate such required reports as the Semestral List of Regular Suppliers, the Monthly/Quarterly Alphalist of Payees, Summary Alphalist of Withholding Agents, and the monthly return of creditable income taxes withheld (Form 1601E).

    In addition, NetSuite enables report generation for Certificates for Creditable Tax Withheld at Source (Form 2307), VAT returns by month (2550M) and quarter (2550Q), and the supplementary Summary List of Sales and Summary List of Purchases VAT reports.

    These reports meet the needs of large, multi-subsidiary companies; NetSuite OneWorld can segregate these reports by subsidiary.

 

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