Terminologies and More

Below are some of the abbreviations and other terms that I got confused while starting to practice my profession ( more than 15 years after graduation so terms were really quite unfamiliar )... so here they go..



Authorized Agent Banks (AAB)
Bureau of Internal Revenue (BIR)
Electronic Bureau of Internal Revenue Forms System (eBIRForms)
Electronic Filing and Payment System (eFPS)
Financial Statement (FS)
Letter of Authority ( LA )
Professional Fee (PF)
Revenue Memorandum Circular (RMC)


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The information here are my own interpretation of existing regulation... if yours is otherwise, then definitely one of us is wrong...

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