By Tom Noda
The latest technologies and how to comply with the Bureau of Internal Revenue’s (BIR) tech-related tax regulations are among the two main things that many business leaders in the Philippines want to learn about.
This was revealed by a top executive of Infor, a US-based business application software firm, during the company’s “Infor on the Road 2014” event held recently at the Shangri-La hotel in Makati City.
Helen Masters, vice president of Infor in Asean, said many business owners in the country are not only eager to know the latest ICT solutions but also on how to comply with the BIR’s Computer Accounting System (CAS) requirements.
“Local business leaders are telling us they are keen to find out how the latest software breakthroughs can take their businesses to the next level of competitiveness, including how Infor can help them achieve their financial consolidation and reporting objectives and obtain CAS compliance as part of BIR Tax Regulation,” Masters said.
The BIR’s CAS refers to the integration of different component systems to produce computerized books of accounts and computer-generated accounting records and documents. It is meant to ensure that there are no hidden charges for the bureau’s customization for standard compliance.
The BIR recently made headlines because of its “insulting” ad to medical doctors, accountants, chefs, and online sellers, who it claimed to be not paying properly their tax obligations.
BIR has also lately been active in issuing new tax memorandums on Internet-based businesses, which includes online transactions being made by professional freelancers.
Regarding the technology concerns of business owners, Masters said companies are increasingly looking for better insight into internal operations and costs, as well as the foresight to enable better planning.
She said the electronics, manufacturing, business process outsourcing, food and beverage, and fashion businesses are expanding rapidly in the Philippines.
Masters said Infor, which is serving more than 70,000 customers, is eyeing to continue its double-digit growth in Asean over the next three years, stressing the Philippines has a huge role to play in the company’s growth.
“We are building huge momentum across Asean, particularly in the Philippines, by taking the market away from competition and we keep growing quarter per quarter,” she said.
In the Philippines, Infor has 947 employees based in Makati City with 260 customers and nine partners.