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P&A Grant Thornton updates Japanese firms on PH accounting, tax rules

P&A Grant Thornton’s Japan Desk recently conducted a seminar on accounting, tax, and business procedures in the Philippines. The seminar targeted Japanese expats in the country and aimed to aid them in understanding business management in the Philippines.

Shown (from left) are  Japan Desk Director Shoichi Fushimi joined by Japan Desk Managers Asami Remedio and Shuhei Matsushita, Saeki Mayumi from Grant Thornton Japan, and Hiroshi Yoshioka after seminar on accounting and tax updates in the Philippines.

Shown (from left) are Japan Desk Director Shoichi Fushimi joined by Japan Desk Managers Asami Remedio and Shuhei Matsushita, Saeki Mayumi from Grant Thornton Japan, and Hiroshi Yoshioka after seminar on accounting and tax updates in the Philippines.

Japan Desk Director Shoichi Fushimi discussed how to minimize business risk procedure by expounding on the preparation financial statements, tax treaty relief application, accumulated retained earnings, import license requirements, and income tax returns for expats.

Hiroshi Yoshioka, on the other hand, tackled how better business management brings in more profit. He explained that there are three factors to consider in generating profit. First is the human factor which focuses on people and talent as essential resources in the business. Second is the strategic factorwhere marketing a product or a service is taken into consideration. Lastly, is the management factor, in which the focus is on the management of accounts receivable (AR), inventory management, fixed assets management, costs management, and funds management.

This event is to be held every quarter.