LEGISLATION AND TAXATION

From time to time, PICPA is being called upon to attend public hearings where there are new legislations that are passed by Congress or rules and regulations passed by our Regulatory Agencies such as the BIR, PRC/BOA, SEC, BSP, and IC. etc. PICPA is notified as resource person or as party of interest as the issues may impact business, taxation, accounting principles or the practice of the profession, in general and the publics it serves. PICPA should be prepared to participate in those public hearings and take the appropriate position. This should be part of our image building effort and a way of contributing our expertise to society. However, our position must be well studied, researched and reviewed by our officers who are designated or known to be expert on the subject. This Committee is tasked to ensure that PICPA meets these requirements and that PICPA takes a proactive stand, rather than reactive stand on these new legislations, new tax rules and other new regulations and that proper dissemination of new laws ,rules and regulations are undertaken as immediately as possible .

FUNCTIONS

1. Monitor and study any proposed or existing tax and other legislations, government rules and regulations affecting CPAs and to recommend to the Board the appropriate PICPA position.
   
   
2. Take a lead in the discussion of issues regarding new laws, tax and other government rules and regulations, study such issues and make the necessary recommendations and suggestions to the Board.
   
   
3. Prepare briefing documents for use by the President or other designated officers in meetings or conferences called for to discuss issues relating to new or proposed business or tax legislations, and other government rules and regulations where PICPA is required to be represented.
   
   
4. Recommend professional development plans pertaining to new laws and tax and other government rules and regulations, in coordination with other committees and assist in the execution of such plans when approved by the president.
   
   
5. Conduct tax updates and new laws and new government rules and regulations and other developments the necessary seminars and trainings nationwide, in coordination with the Committee on CPE on the Road.
   
   
6. Regularly contribute to our Publication about new laws and new tax and government rules and regulations and other developments.
   
   
7. Develop the Committee’s Plans and Budget for approval by the Liaison Director and for submission during the Annual Planning Conference.