Target institutions of the 2008 audit program, PREPARE!

RMO 19-2009 dated May 28, 2009. As a tool to boost collection and improve the BIR's collection deficits, Revenue District Offices are ordered to adopt this 2008 audit program which concentrates on mandatory audit of establishments with gross sales or receipts exceeding P5M within the jurisdiction of Makati, Valenzuela, Quezon City and Manila.

Other mandatory audits are provided for retiring establishments with P10M gross sales or receipts, applications for refunds/tax credits, the health provider industry, review centers, TESDA accredited institutions, non-stock corporations, lending investors, and many more.

I suggest that if you belong to these institutions, kindly prepare, if not refresh and familiarize your tax issues for 2008. You may conduct an internal pre-audit tax compliance for 2008 tax filings and issues to anticipate potential exposures and adopt remedial measures. For better results, you can hire tax auditors to conduct said tax compliance for they are more familiar with the approaches of the BIR examinations by their constant dealings and transactions with the BIR examiners. Preparedness for tax audit may monetize big savings and less headaches.

"Taxes affect lives, care for tax and save lives"

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