JBD leads XLOS seminars for Cebu's Japanese companies

Cebu caravan series

Funai Electric Cebu's Finance Director Jean Tan (third from left) with, from center: AMCA President Edna Fernandez, JBD Director Ken Tojo, WMS Senior Manager Alex Saborio, Tax Partner Carlos Carado, and Assurance Partner Zaldy Aguirre.

13 May seminar for MEPZ locators

Thanks to a strong support from the Association of MEPZ Controllers and Accountants (AMCA) and our audit client Funai Electric Cebu, Inc., we were able to hold our caravan seminar on cross lines of service (XLOS)  — Accounting, Tax and Worldtrade Management Services (WMS) — for Mactan Export Processing Zone (MEPZ) locators at Funai Cebu last 13 May 2016.

The seminar is part of the Caravan series that aims to help participants better understand the latest rules and regulations of accounting, tax and WMS practice in the Philippines. We arranged for the Certified Public Accountants among the participants the Continuing Professional Development (CPD) units prescribed under the Board of Accountancy (BOA) rule.

AMCA President Edna Fernandez (in above photo, center) welcomed the participants and thanked PwC for offering MEPZ locators another seminar since the Caravan started in 2014.

Sharing their expertise on the subject matters were (see above photo, from left to right): Assurance Partner and Cebu Partner Zaldy Aguirre, Tax Partner Carlos Carado and WMS Senior Manager Alex Saborio.

  • Zaldy gave an overview on the latest standard (PFRS 16), Leases issued last January 2016. PFRS 16 requires lessees to recognize assets and liabilities arising from lease contracts in the balance sheet which may have an impact on the financial ratios of the companies. Zaldy also illustrated the accounting entries under the new lease standard.

  • Carlos discussed Base Erosion and Profit Sharing (BEPS), which is said to be an "attempt by the world’s major economies to try to rewrite the rules on corporate taxation to address the widespread perception that the corporations don’t pay their fair share of taxes". He also updated the participants on transfer pricing.

Alex tackled the upcoming Customs Modernization Program's (CMTA) importance and implications to businesses, although it is pending approval from the President. Alex also discussed Free Trade Agreement between the Philippines and four European member countries – Iceland, Norway, Liechtenstein, and Switzerland.  

PwC facilitators with the participants from MEPZ companies.

Our key XLOS people shared their expertise to 95 participants from multinational companies such as Knowles Electronics (Philippines) Corp, Teradyne Phils. Ltd., Ricoh Imaging Products (Phils) Corp., Funai Electric Cebu Inc., Swiss Sense Worldwide Inc. and Taiyo Yuden (Phils), Inc. We received excellent feedback on the seminar since the participants found the seminar to be very informative and relevant to their daily practice.

Special thanks to the following for helping us prepare before the event:

  • JBD Executive Secretary Joyce Ann Tan for coordinating with AMCA, Funai Cebu and the CPD council

  • JBD Director Tadaaki Ito

  • JBD Senior Consultant Ayane Nohara

  • Graphics Design Associate II Jagz Gonzales

Thanks as well to Assurance Senior Associate Ma. Beebeenee Baracho and the entire Cebu team for their on-site assistance.

 

26 April seminar for JCCI Cebu members

Last 26 April 2016, a seminar was held for Japanese companies at the Japanese Chamber of Commerce (JCCI) in Cebu, thanks to the generous support from JCCI Cebu Director Naotsugu Isobe.

Representatives of major Japanese companies in Cebu such as Tsuneishi Group companies, Taiheiyo Cement Philippines, and Ricoh Imaging Products (Phils) Corp. attended the event.

JBD Director Ken Tojo updated participants on BOA rule originally issued in January 2016 and the revised rule issued in March 2016. He mentioned that it is essential to always get updates because BOA has been issuing the revised rules one after another.

Ken also discussed the Tax Incentives Management and Transparency Act (TIMTA). Registered business entities like PEZA companies are required to submit a Complete Annual Tax Incentive Report to investment promotion agencies (IPAs). This shall be clarified in TIMTA's implementing rules and regulations (IRR), which have not yet been issued as of 15 April 2016.

 

Growing business opportunities in Cebu

The Caravan seminar series intends to increase the firm’s potential clients in Cebu. More and more foreign investors, including Japanese companies, have been expanding there. Even our Cebu office will relocate to a new office soon due to business growth. But we will continue to work closely with various Cebu organizations in running events like this regularly to be able to identify new business opportunities.

 

Story contributed by Japanese Business Development Director Ken Tojo.

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Edwin Padillo

Markets Manager, PwC Philippines

Tel: +63 (2) 845 2728 Ext. 3196

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