Thursday, March 21, 2013

BIR expands list of audit targets

Aside from the self-employed and professionals, the taxman will also keep a watchful eye on business owners who are engaged in high-traffic operations and those that involve expensive goods. 

In Revenue Memorandum Order No. 4-2013, Internal Revenue Commissioner Kim Henares laid out guidelines on which taxpayers are being prioritized for audit. 

Included in the priority list are businesses related to wrist watches and jewelry, petroleum fuels like gasoline, real estate, contractors that deal with government entities (including state firms) and wholesalers and retailers in general. 

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