Document Checklist for Capital Gains Tax and Documentary Stamp Tax

Documents Checklist

1. TIN of seller and buyer (Verify at the BIR)
2. Notarized Deed of Sale of Property
3. Certified True Copy of the latest Tax Declaration
4. Transfer Certificate of Title
5. Acknowledgment Receipt
6. Sketch
7. Special Power of Attorney, if the person signing on the document is not the owner as appearing in the Title.
8. Certificate of No Improvement (if it applies)

PICPA Davao Seminar

The Philippine Institute of Certified Public Accountants Davao Chapter wil be conducting a seminar on the latest SEC rules and regulations on February 26, 2009 and How to Conduct an Audit on February 27, 2009 at the Linmarr Apartelle.

Guest speakers will be Hon. Raul J. Palabrica, the Commissioner of SEC, to discuss the new SEC rules and regulations. Basic methodologies on conducting an audit will be discussed by members of the Diaz, Murillo, Dalupan, CPAs, a Manila-based accounting firm.

The fee for the two-day seminar is P1,800.00 per person.

Don't miss this opportunity. It's audit season once again so we need to refresh ourselves and keep abreast of the latest techniques and new governmental requirements.

For reservation and inquiries, please call PICPA Davao Chapter at 082-2212300 or 082-3056081.

FOSS4SMEs Part 2: Another WebERP Exposure

Last February 7, 2009, Team MangoCloud-Mindanao spearheaded by Mr. Art Esmeralda organized another FOSS for SME's gig held at the IT Lab of the University of Immaculate Conception Bankerohan Campus. The event showcased the following:

1. F/LOSS 101 by Rogie Masangkay
2. F/LOSS and the Economy by Holden Hao
3. Pentaho - Business Intelligence by Evamay Delarosa
4. WatchTower - GIS/SMS solution to Asset Management/Monitoring System by Eric Lozarita
5. Gimp+Inkscape+Scribus - Desktop Publishing solutions by Andrew Abogado
6. Weberp Accounting Software by Lesley Acibron & Suzette Balucanag

Below are the photos taken during the event.

Below: Mr. Holden Hao

Below: Suzette Balucanag and Lesley Acibron

Above: Lesley Acibron, Andrew Abogado, with Mr. Art Esmeralda

Hello 2009!

It's the busiest season once again for all those auditors all over the Philippines. Whew! Good luck to us all! (--,)

Tax Updates:

1. The Optional Standard Deduction (OSD) is now 40% of the Gross Receipts for Individuals and 40% of Gross Income for Corporations. This is pursuant to the amendment introduced by Republic Act 9504 and Revenue Regulation 16-2008.
2. You can also using your Manual Books of Accounts for the succeeding year if the same have not yet been exhausted during the previous year, according to Revenue Memorandum Circular No. 82-2008, providing the new guidelines in the registration of books of accounts.
3. Directors Fees are subject to 12% VAT or 3% Percentage Tax, whichever is applicable, this is made clear by Revenue Memorandum Circular No. 77-2008.

More tax updates on January 30, 2009 as the Philippine Institute of Certified Public Accountants - Davao Chapter, in cooperation with the Bureau of Internal Revenue will be holding a TAX UPDATE Seminar on Withholding Taxes from 8am to 4pm at Linmarr Apartelle, Agdao, Davao City.

FOSS: Flowcharting Software

I finally found a free and open source flowcharting software. And I found it by accident! The name of the software is DIA, and I found it by browsing through the SchoolForge.

Publisher's Description of DIA:

Dia is roughly inspired by the commercial Windows program 'Visio', though more geared towards informal diagrams for casual use. It can be used to draw many different kinds of diagrams. It currently has special objects to help draw entity relationship diagrams, UML diagrams, flowcharts, network diagrams, and many other diagrams. It is also possible to add support for new shapes by writing simple XML files, using a subset of SVG to draw the shape.

It can load and save diagrams to a custom XML format (gzipped by default, to save space), can export diagrams to a number of formats, including EPS, SVG, XFIG, WMF and PNG, and can print diagrams (including ones that span multiple pages).

Flowcharting is very helpful for accountants specially in analyzing an organization's workflow. Now, I have the tools to creat a decent flowchart!

WebERP and FOSS for SMEs

I've been using WebERP for around 7 months already. So far, the results are good. It is already fully functional and is the main software that I use in monitoring the finances of the law firm.

Currently, we are in the deployment of WebERP in a merchandising environment. Manual migration of subsidiary ledger data may be a chore specially for big companies with lots of receivables and payables, but the benefits could very well offset your efforts. Anyway, if you want to use the software at the start or onset of your business, it wouldn't be a problem because there would me no migration issues in having a clean start.

I am not well-versed in IT and programming but I learned about data importation and exportation through trial and error at the phpMyAdmin window. This is useful especially if you have a long list of customers and suppliers that you need to encode into the system.

Let me take this opportunity to invite you on December 13, 2008 @ the Dabawegnu Lab to know more about webERP and other Free and Open Source Software for Small and Medium Enterprises.

DTI ONLINE BUSINESS NAME REGISTRATION

Wow! The Department of Trade and Industry now offers online business name registration. This is very helpful specially in registering your business name, you can actually check if the proposed business name is already taken, much like how you sign up for an email account.

Click here to download the Business Name Registration Form.