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WPT joins PICPA-ACPAPP summit

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was one of the panelists at the Joint Sectoral Summit for Public Practice on 21 August. The Philippine Institute of Certified Public Accountants (PICPA) and Association of Certified Public Accountants in Public Practice (ACPAPP) hosted the summit, which brought together over 450 participants.

WPT presenting at the Joint Sectoral Summit

WPT was part of a panel discussion titled Auditing the Auditors where he presented suggestions on improving audit quality in the Philippines. His recommendations included suggestions on categorizing quality review findings and supporting small- and medium-sized practitioners in building their capacity to improve audit quality and comply with regulatory requirements. Emphasizing that audit quality is part of a large and intricate system where all members play an essential role, he also explained the importance of a properly functioning corporate governance system. He also encouraged the use of technology-based methods in conducting audit-related work to increase productivity.

CCO speaks at ANZCHAM forum

SGV Tax Partner Cheryl C. Ong (CCO) facilitated a webinar on the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill hosted by the Australian-New Zealand Chamber of Commerce Philippines (ANZCHAM) on 19 August.

CCO and members of the SGV Tax Team with participants at the ANZCHAM webinar

CCO discussed the salient features of the bill, business strategies companies can explore to maximize the bill’s incentives, selected areas in the proposed provisions and updates on the bill’s progress. She also provided insights on how to help businesses prepare for the proposed tax reforms.

Over 60 participants attended the webinar, including SGV Alumnus Partner Gerard Sanvictores, and presidents, CFOs and other finance professionals of various companies. The event’s organizing team included Tax Senior Manager Donna Frances Ylade-Torres and Senior Associate Maria Crisanta Esgana.

Cebu teams with JCCI-CI

SGV Cebu’s Tax Team held a webinar on the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill and the BIR requirements on related party transactions for members of the Japanese Chamber of Commerce and Industry of Cebu Inc. (JCCI-CI) last 26 August. Conducted mostly in Japanese, the webinar was led by Japan Business Services and Tax Associate Directors Hiroshi Nakagawa and Yohko Tsuge with SGV Cebu Partner-in-Charge and Tax Partner Cheryl C. Ong (CCO).

Speakers at the JCCI-CI webinar with JCCI-CI President Hirohisa Kinoshita

Hiro discussed the salient features of the CREATE bill, particularly the proposed adjustments in corporate tax and rationalization of fiscal incentives. He also explained the new BIR requirement for the submission of an Information Return on Related Party Transactions form (BIR Form No. 1709) and the salient features of Revenue Memorandum Circular No. 76-2020. The webinar culminated with an open forum led by CCO and Yohko.

Japanese executives and tax professionals from member companies of JCCI-CI attended the webinar. The event’s organizing team included Tax Managers Melissa To, Aiza Giltendez and Krizfer Jane Gella.

CCO leads tax discussion

SGV Tax Partner Cheryl C. Ong (CCO) led a webinar titled Business Talk: CREATE-ing Opportunities on 28 August. SGV Tax Leader Fame Delos Santos welcomed over 400 participants from different sectors to the webinar.

CCO discussed the salient features of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill, and the proposed adjustments in corporate income tax and fiscal incentives. She also provided insights on the next steps participants can consider to maximize the incentives under the CREATE bill. The webinar concluded with an open forum led by CCO who was assisted by Tax Partner Thyrza F. Marbas (TFM).

CCO and TFM with the Tax organizing Team

The webinar’s organizing team included Tax Managers Karen Mae Calam and Aiza Giltendez, and Senior Associates Wennonah Marie Garces and Kyle Almero.

SGV Partners lead GPCCI webinar

SGV Consulting Partner Kathrina S. Macaisa (KSM) and Strategy and Transactions Partner Marie Stephanie Tan-Hamed (MTH) conducted a webinar titled Positioning for Recovery through Enterprise Resiliency on 18 August. Hosted by the German-Philippine Chamber of Commerce and Industry, Inc. (GPCCI), the webinar discussed how companies can build enterprise resiliency during the pandemic.

The speakers provided an overview of the Philippine economy and discussed possible pandemic recovery scenarios and their social and economic impacts. They explained the stages of a business’s COVID-19 recovery response and presented examples of practical approaches and action steps on how leaders can protect the wellbeing of their customers, support critical operations and restore market confidence.

They also discussed the EY COVID-19 Enterprise Resiliency Framework across three horizons — now, next and beyond. They provided tips on how companies can strengthen their operations and increase their resilience to prepare for what’s next. They also shared how companies can build long-term value by reframing their future and transforming their business to adapt to the business landscape after the pandemic.

The webinar concluded with an interactive open forum. Over 50 GPCCI members attended the webinar. The event’s organizing team included SGV Assurance Leader Martin Guantes and Market Group 3 Leader and Tax Partner Henry Tan.

Tax holds Transfer Pricing webinar with Mactan locators

SGV’s Tax Team, together with the Mactan Export Processing Zone Chamber of Exporters and Manufacturers (MEPZCEM) and the Association of MEPZ Controllers and Accountants (AMCA), organized a tax webinar on the submission of the Information Return on Related Party Transactions form (BIR Form No. 1709) last 27 August. Over 60 representatives from member-companies of the MEPZCEM and AMCA attended the event.

DMG presenting at the webinar

Tax Partner Deonah Marco-Go (DMG) discussed Revenue Regulations No. 19-2020, its requirements and how taxpayers and stakeholders can comply with the new regulations. The new reportorial requirement is intended to effectively implement Philippine Accounting Standards (PAS) 24, Related Party Disclosures, to ensure that related party transactions are properly disclosed and conducted at arm’s length.

The webinar concluded with remarks from AMCA President Jane Abangan who expressed her appreciation for the Firm’s continued support for the MEPZCEM and AMCA. SGV Tax Partners Cheryl Ong and Saha Bulagsak led the event’s organizing team with Tax Managers Edmond Emperio, Anne Margaret Momongan and Maxine Manuel, and Senior Associates Gensbergh Rago and Lloyd Amaya.

WPT speaks at ACPAPP Day

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was a guest speaker at the ACPAPP Day (Association of Certified Public Accountants in Public Practice) of the 2020 Accountancy Week Celebration. With the theme Filipino CPAs rising amidst challenging times, the celebration featured how the accountancy profession is managing and addressing the issues caused by the pandemic.

WPT presenting at ACPAPP Day of Accountancy Week

WPT discussed the challenges that CEOs face during the pandemic, emphasizing the need to lead with empathy, protect the health and wellbeing of people, develop proactive measures to reopen business, and contribute to economic recovery.

He explained the measures that the Firm has implemented to ensure business continuity and resilience. He shared that SGV activated a crisis management team composed of representatives from critical business units within the Firm. SGV also regularly coordinates with clients and provides them with thought-leadership materials to help them develop or adjust their resiliency plans in the face of the pandemic. Prioritizing the wellbeing of its people, the Firm has also implemented alternative work arrangements and organized wellness programs for staff. SGV has also leveraged on technology to strengthen company culture and enhance collaboration and productivity.

Over 600 participants tuned in to the session. Other speakers included chief executives from other professional services firms.