Saturday, July 19, 2014

Objectives of Effective Tax Management

Last year, I had attended a seminar somewhere in Mandaluyong City about Effective Tax Management (Tax Avoidance).

The speaker has shared about the Objectives of Effective Tax Management as follows:

1. To maximize Tax Benefits
2. To optimize Tax Deductions
3. To minimize Taxable Income
4. To avail all Tax Incentives
5. To avail Tax Remedies under the code
6. To comply all the requirements of the Bureau of Internal Revenue

Compliance (preventive)

1. Know the tax rules
2. Know how the rules
3. Maintain a high level of tax compliance
4. Secure your Tax
5. Get professional help

Assessments

1. Know your rights and remedies
2. Know the rules and process the assessment
3. Know best practices of handling assessment
4. Study and define your strategy
5. Get professional help

Collection

1. Know your rights and remedies
2. Know the rules and process of collection
3. Know your options

Favorable Settlement

1. Amnesty
2. Abatement
3. Compromise Settlement

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