At the height of two pharmaceutical companies being under fire for allegations of overpriced medical goods, one of the factors that would be taken into consideration is whether they were compliant with their tax obligations.
While the year-on-year profit margin markup would always put in question, the legalities that lie beneath the surface of the companies-in-question would be the dictator of whether they are fully a legal company or not.
While seeing if they have been filing their forms and paying their taxes right is one way to see if the company has not been illegally transacting, accreditation from select government-sanctioned departments, and the ability to secure clearances and maintain their stature free from violations are the other.
The importance of accreditation by the Philippine Government Electronic Procurement System (PhilGEPS). Securing this document will guarantee that a company has secured its tax clearance and has no existing liabilities with the Bureau of the Internal Revenue, especially that it has been involved in a procurement deal with the government.
Securing a tax clearance would mean they are compliant with tax obligations.
In case something is missing en route to a clear case-less record, hiding or not declaring the records is not the right thing to do. There are tax consultancy firms that help companies deal with them, and one of them is Asian Consulting Group.
Being the first tax hub for top corporations, small and medium enterprises (SMEs), and celebrities in the Asia-Pacific region provides strategic and technology-driven solutions, ACG helps companies fix their tax problems, even during a crisis.
Consult us now by dropping a line at consult@acg.ph!