AN AUDITING firm is advising companies and individuals to prepare for stricter audits from the Bureau of Internal Revenue (BIR) after the agency has been subjected to pressure to increase collection.

“Intensive and stricter audits are expected (because) the BIR has to meet its revenue targets. Companies must be ready,” said Punongbayan and Araullo (P&A) tax director Wendell Ganhinhin in a statement.

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Based on data from the Department of Finance (DOF) website, the BIR collected only P557 billion, short by P39.2 billion of the target set for January to September this year.

BIR’s revenue collection “grew slightly” by 0.8 percent to P56.2 billion last September.

With this, Finance Secretary Margarito Teves issued a statement last month, which was made available at the DOF website, advising tax collection agencies, mainly the BIR and the Bureau of Customs (BOC), to work harder and be “more effective in providing for the requirements of our people.”

“We request Congress to put a moratorium on tax breaks because we believe that additional revenues for focused spending are more helpful than legislated tax exemptions at this time,” Teves said.

In line with this, Ganhinhin said P&A is organizing a tax seminar to help companies ensure that they are protected through their rights and to know the tax remedies.

The seminar, scheduled on Nov. 18 at the City Sports Club, covers topics such as laws and regulations governing BIR investigations or assessments, the current BIR enforcement programs and activities and tax management.

The registration form for the seminar is available online at the website www.punongbayan-arraullo.com.

Ganhinhin said the seminar is recommended for tax compliance officers, tax accountants, controllers and legal officers who handle their company’s tax compliance requirements.