BUSINESS & REAL ESTATE TAXES

(Updated under TRAIN & CREATE Law)

by:

ATTY. ROLANDO B. PAGTOLON-AN, REB, REA, REC

GENERAL PRINCIPLES OF TAXATION

TAXATION, definition
- Taxation is the power by which the sovereign, through its law making
body, raises revenue to defray the necessary expenses of the
government. It is merely a way of apportioning the costs of government
among those who in some measure are privileged to enjoy its benefits
and must bear its burdens.

TAXES
- Are the enforced proportional contributions from persons and property
levied by the law-making body of the state by virtue of its sovereignty
for the support of the government and for public needs.

National Internal Revenue Code (NIRC)

- is the Tax Code of 1997 of the Philippines
- Republic Act No. 8424

Tax Reform for Acceleration and Inclusion Act (TRAIN Law)

- Republic Act No. 10963

Nature of Taxation

1) It is an inherent attribute of sovereignty because the moment the State

exists, the power to tax automatically exists; and
2) It is legislative in character.

Characteristics of Taxation

1) Comprehensive- -it covers persons, businesses, activities,

professions, rights and privileges;
2) Unlimited- -the power to impose taxes is one so unlimited in force
and in so searching in extent that the courts scarcely
venture to declare that it is subject to any restriction
whatever, except such as rest in the discretion of the
authority which exercises it;
3) Plenary -it is complete; and
4) Supreme -although referred to as the strongest of all the powers
of the government, it cannot be interpreted to mean
that it is superior to other inherent powers of the
government.

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ATTY. ROLANDO B. PAGTOLON-AN, REB, REA, REC
iACADEMY School of Business
 What are the three (3) inherent powers of the government?

Power of Taxation Police Power Power of Eminent

Domain
The power of the The power of the The power of the
government to government to regulate government to take
raise revenue to to promote public private property for
defray its welfare. public purpose with
necessary payment of just
expenses. compensation.

Principles of Sound Tax System

In evolving a sound tax system, the following principles have been

suggested in order to make it sound, but not necessarily to make the law valid:

1) Fiscal Adequacy - sources of government revenue must be

sufficient to meet government expenditures and
other public needs;
2) Administrative Feasibility - tax laws must be capable of being
effectively enforced with the least inconvenience
to the taxpayer; and
3) Theoretical Justice - a sound tax system must be based on the
taxpayer’s ability to pay.

Theory and Basis of Taxation

1) Lifeblood Theory - without revenue raised from the taxation, the

government will not survive;
2) Necessity Theory - the existence of the government is a necessity;
that it cannot continue without a means to pay its
expenses and therefore, it has a right to compel
all citizens and property within its limits to
contribute; and
3) Benefits-Protection Theory - the state demands and receive taxes from
the subjects of taxation within its jurisdiction so that
they be secured in the enjoyment of the benefits
of organized society.

Double Taxation
- taxing the same subject or object twice by the same taxing power within
the same taxable period for the same purpose.

- 2 Kinds:

a) Direct Duplicate Taxation – the objectionable kind of double taxation

since it violates the equal protection clause of the Constitution:

i. The same property or subject matter is taxed twice

ii. Both taxes are levied for the same purpose; and
iii. Imposed by the same taxing authority
* within the same jurisdiction
* during the same taxing period
* covering the same kind of
character of tax
(Villanueva vs. City of Iloilo).
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iACADEMY School of Business
 b) Indirect Duplicate - the permissible kind of double taxation. This
arises in the absence of one or more of the above
mentioned elements of direct double taxation.

Scenario:
Abida Land, Inc. is a real estate corporation engaged in the leasing of its
own apartments. It is regularly paying its annual real property taxes. Due to
the great demand of real estate in the area, the City of Magallanes
enacted an ordinance in 2018 which requires that all businesses engaged
in the leasing of real property shall pay an annual fee of Php20,000.00.
Abida Land, Inc. questioned the said ordinance since they are already
paying annually the real property tax. Do you think there is double taxation
(direct duplicate taxation)?

No. The impositions are of different nature and character. The fixed annual
fee is in the nature of a license fee imposed through the exercise of police
power, while the real property tax is imposed through the exercise of taxing
powers of the city as sanctioned under the Local Government Code.

Forms of Escape from Taxation

1) Shifting of Tax Burden;
2) Tax Avoidance; and
3) Tax Evasion.

Shifting of Tax Burden Tax Avoidance Tax Evasion

- it is the transfer of - also called tax - it is an illegal means
the burden of tax minimization of escaping taxation.
by the original It connotes fraud
payer of the one on - it is the exploitation by through the use of
whom the tax was the taxpayer of legally pretenses and
assessed or permissible alternative forbidden devices to
imposed to another tax rates or methods of lessen or defeat taxes.
or someone else. assessing taxable
property or income, in
- this only applies to order to avoid or
indirect taxes (VAT,, reduce tax liability.
excise tax, other
percentage tax,
documentary
stamp tax)

Example: Example: Example:

I am a real estate I am a real estate I sold my
dealer, I buy lots of dealer, I buy lots of condominium unit for
condominium units condominium units. In Php5,000,000.00. In
and then sell it later order to avoid the order to pay lesser tax
on. When I buy a payment of huge taxes for the transfer of the
condominium unit, it if I register my real property to the buyer,
has VAT. I pay for the estate dealer business I declared in the
said unit including the as a corporation, I contract to be
VAT. Later, I sold the register the same as a submitted to the BIR
said unit to other proprietorship instead that the Total Contract
persons, the said VAT which pays lesser taxes. Price is only
will be shifted or Php2,000,000.00. This is
passed on to the undervaluing.
buyer.

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ATTY. ROLANDO B. PAGTOLON-AN, REB, REA, REC
iACADEMY School of Business
BUSINESS TAXES

I. VALUE ADDED TAX (VAT)

- is a tax on consumption levied on the sale, barter, exchange or lease of
goods or properties and services in the Philippines and on importation
of goods into the Philippines.

Characteristics:
1. It is an indirect tax;

2 It is a tax on value added of a taxpayer;

3. It is a transparent form of sales tax, since the law requires that the amount
of the tax be shown as a separate item in the VAT Invoice or receipt;

4. It is collected through the tax credit method

Tax Credit Method- also known as invoice method

- it refers to the manner by which the input tax shifted
by the seller to the buyer is credited against the
buyer’s output taxes when he in turn sells the taxable
goods, properties or services

Output Tax- refers to the Vat due or paid on the

taxable sale, barter or exchange of goods, properties
or services by a seller or transferor

Input Tax- refers to the VAT due from or paid by A VAT-

registered person on importation of taxable goods, or
on local purchase of taxable goods, properties or
services, including lease or use of properties, in the
course of his trade or business;

5. It adopts the “tax inclusive method”. Unless otherwise stated, any price
charged by a VAT-registered person shall be deemed to include the VAT
charged

How to compute?
Total Amount ÷ 1.12 x 12%= VAT

6. It follows the destination principle

Destination Principle in r/t VAT

- also known as cross-border doctrine
- it means that destination of the goods determines
taxation or exemption from tax.
- example: Export sales of goods are subject to zero
percent (0%) rate, while imports of goods are subject to
the 12% VAT (exports are zero-rated because the
consumption of such goods will be made outside the
Philippines; on the other hand, imports of goods are
subject to the regular VAT rate because they are for
consumption within the Philippines).

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ATTY. ROLANDO B. PAGTOLON-AN, REB, REA, REC
iACADEMY School of Business
What are the elements of a VATable transaction?
- For VAT to be charged (other than on imports), the following conditions
must be satisfied:
1) There must be a sale, barter, exchange or lease (SBEL) in the
Philippines;
2) The sale, barter, exchange or lease must be of taxable goods,
properties, or services; and
3) The sale must be made by a taxable person in the course of his
trade or business or furtherance of his/its profession.
VAT THRESHOLD:
The sale or lease of goods or properties or the performance of
services is with an annual gross sales and/or receipts of more than
Php3,000,000.00.

Who are persons liable?

- Any person who, in the course of his trade or business, sells, barters,
exchange, leases goods or properties, renders services and any person
who imports goods shall be subject to VAT.

What is meant by the phrase “in the course of his trade or business” (Rule of
Regularity)?
- It means the regular conduct or pursuit of a commercial or an economic
activity, including transactions incidental thereto, by any person
regardless of whether or not the person engaged therein is a non-stock,
non-private organization (irrespective of the disposition of its net income
and whether or not it sells exclusively to members or their guests), or
government entity.
- The term incidental means something necessary, appertaining to or
depending upon another, which is termed the principal, something
incident to the main purpose (Magsaysay Lines Inc., et.al. vs. CIR)

Note: Even if the real property is not primarily held for sale to customers
or held for lease in the ordinary course of trade or business but the same
is used in the trade or business of the seller, the sale thereof shall be
subject to VAT being a transaction incidental to the taxpayer’s main
business.

Example:
Mr. Sepe is the owner of a shop selling computers in Makati City. His
business is VAT- registered. Recently, he sold his building where the
computer shop is situated, do you think the said sale is subject to VAT?

Yes. Since the property sold is the property used in his computer
business.

- This rule does not apply to the following transactions, which means that
they shall be subject to VAT although not made in the course of trade
or business:
1) Services rendered in the Philippines by non-resident foreign
persons; and
2) Importation of goods.

VAT on sale of properties

The properties subject to VAT:
1. Real properties held primarily for sale to customers or held for lease in the
ordinary course of trade or business.

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ATTY. ROLANDO B. PAGTOLON-AN, REB, REA, REC
iACADEMY School of Business
 "Section 31. Section 106 of the NIRC, as amended, is hereby further amended
to read as follows:

Sec. 106. Value-added Tax on Sale of Goods or Properties -

"(A) Rate and Base of Tax - There shall be levied, assessed and collected on every
sale, barter or exchange of goods or properties, a value-added tax equivalent to
twelve percent (12%) of the gross selling price or gross value in money of the
goods or properties sold, bartered or exchanged, such tax to be paid by the seller
or transferor.”

What is the tax base of VAT on sale of properties?

The tax base of VAT in sale of properties is 12% based on:
1. BIR Zonal Value
2. Selling Price (Gross) in the sales contract whichever is higher
3. Market value based on the assessor’s value

Scenario:
Adabson Realty Inc. is a real estate dealer corporation. It sells mansion
houses located in Alabang, Muntinlupa. One of its latest transaction is
the sale of a mansion with a selling price of Php13,000,000.00. The value
of the said property if based on the Zonal Value is Php 10,000,000.00.
Applying the Assessor’s valuation, said property is valued at Php
10,500,000.00. Compute for the VAT (inclusive of the price/value) of the
said transaction.

Computation:
Since the selling price is the highest among the three values, the rate
of 12% will be applied to the same.

Php13,000,000.00 ÷ 1.12 x 12%= Php 1,392,857.14

Assuming that the selling price is still exclusive of VAT, how to compute
for the same?

Php13,000,000.00 x 12%= Php1,560,000.00

VAT Threshold for sale of real properties: Years 2018-2020

Residential lot Value is more than Php1,500,000.00
House and lot/other dwellings Value is more than Php2,500,000.00
2 or more adjacent residential Value is more than Php1,500,000.00
lots
Condominium unit Value is more than Php2,500,000.00
2 adjacent condominium units Value is more than Php2,500,000.00

Situs (place of taxation) of VAT?

- Place where the principal office of the business is located

What are the requisites for the taxability (VAT) of real properties?
a. The seller executes a deed of sale, including dacion en pago, barter or
exchange, assignment, transfer or conveyance or merely contract to sell
involving real property;
b. The real property is located within the Philippines;
c. The seller or transferor is engaged in the real estate business either as a
real estate dealer, developer or lessor;

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ATTY. ROLANDO B. PAGTOLON-AN, REB, REA, REC
iACADEMY School of Business
 d. The real property is held primarily for sale or for lease in the ordinary
course of his trade or business; and
e. The sale is not exempt from VAT under any law.

Note: Absence of any of the above requisites exempts the transaction from
VAT. However, percentage taxes may apply.

Transactions deemed sale

- When there is no actual sale. However, the law deems that there is a
sale subject to VAT.
- Examples that are related to real estate:
a. Transfer, use or consumption not in the course of business of goods
or properties originally intended for sale or for use in the course of
business; and
b. Retirement from or cessation of business with respect to inventories
on hand.
- the output tax shall be based on the market value of the properties
deemed sold as of the time of the occurrence of the transaction.

VAT on sale of service and use or lease of properties

Section 33. Section 108 of the NIRC, as amended, is hereby further

amended to read as follows:

"Sec. 108. Value-added Tax on Sale of Services and Use or Lease of

Properties.—

"(A) Rate and Base of Tax. - There shall be levied, assessed and
collected, a value-added tax equivalent to twelve percent (12%) of gross
receipts derived from the sale or exchange of services, including the use
or lease of properties.

1. Sale or exchange of services

- it means the performance of all kinds of services in the Philippines
for a fee, remuneration or consideration, whether in kind or in cash

"Sec. 108. (A) xxx

The phrase ‘sale or exchange of services’ means the performance of all
kinds of services in the Philippines for others for a fee, remuneration or
consideration, including those performed or rendered by, real estate
brokers; lessors of property, whether personal or real”

- So, examples: services of real estate brokers, appraisers, consultants,

doctors, etc.

2. Lease of properties
- it shall be subject to VAT irrespective of the place where the
contract of lease was executed, if the property leased or used is in
the Philippines.

Is the deposit subject to VAT? Are advance payments made by the lessee
for lease of properties subject to VAT?
- It depends.
If the advance payment is actually a loan to the lessor, or an option
money for the property, or a security deposit for the faithful
performance of certain obligations of the lessee, such advance
payment is not subject to VAT.

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ATTY. ROLANDO B. PAGTOLON-AN, REB, REA, REC
iACADEMY School of Business
 Security deposit that is applied to rental shall be subject to VAT at the
time of its application.
On the other hand, if the advance payment constitutes a prepaid rental,
then such payment is taxable to the lessor in the month when received,
irrespective of the accounting method employed by the lessor (R.R. No.
16-05, Sec. 4. 108-3).

VAT threshold for the lease of property (Residential Units)

1. Lease of each residential unit has a monthly rent of more than

Php15,000.00

Note: Residential unit excludes lodging houses, inns and pension houses

What is the tax base of the VAT on sale of service and use or lease of
properties?
- The 12% is based on the gross receipts derived from the sale or
exchange of services, including the use or lease of properties.

"The term ‘gross receipts’ means the total amount of money or its
equivalent representing the contract price, compensation, service fee,
rental or royalty, including the amount charged for materials supplied with
the services and deposits and advanced payments actually or
constructively received during the taxable quarter for the services
performed or to be performed for another person, excluding value-
added tax.

The time of payment will depend on whether a sale is an Installment Sale or a

Deferred Payment Sale. A sale is on installment if the initial payments in the year
of sale do not exceed 25% of the gross selling price. A sale is considered as cash
or deferred payment if the initial payments in the year of sale exceed 25% of the
gross selling price. [7]

Initial payments means payment or payments which the seller receives before or
upon execution of the instrument of sale and payments which he expects or is
scheduled to receive in cash or property (other than evidence of indebtedness of
the purchaser) during the taxable year when the sale or disposition of the real
property was made. It covers any downpayment made and includes all payments
actually or constructively received during the year of sale, the aggregate of which
determines the limit set by the law.

In other words, add the downpayment plus all amortization payments (principal
portion only) during the year and compute if the total exceeds 25% of the gross
selling price.

A. Deferred payment/Cash basis

• The transaction shall be treated as a cash sale which makes the entire
selling price subject to VAT in the month of sale.

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iACADEMY School of Business
B. Installment basis

• Each installment payment actually and/or constructively received by

the seller is subject to VAT.

Computation for Installment Basis:

Scenario:
A real estate dealer showed the following details during the year:

The monthly VAT return should be filed on or before the 20th day of the month
following the close of the 1st two months of the quarter (February 20, March 20,
May 20, June 20, August 20, September 20, November 20, December 20) while the
quarterly VAT return should be filed on or before the 25th day of the month
following the last month of the quarter (April 25, July 25, October 25, January 25).

What are the transactions EXEMPT from the payment of VAT?

i. Sale of real properties
a. Not primarily held for sale to customers or held for lease in
the ordinary course of trade or business (capital assets
because it is subject to the payment of CGT));
b. Utilized for socialized housing- houses not more than
Php580,000.00
c. Residential lot valued at less than Php1,500,000.00 (2018-
2020)
d. House and lot/other dwellings valued at less than
Php2,500,000.00 (2018-2020)
e. 2 or more adjacent residential lots valued at less than

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iACADEMY School of Business
 Php1,500,000.00 (2018-2020)
f. Condominium unit at less than Php2,500,000.00 (2018-2020)
g. Adjacent Condominium unit at less than Php2,500,000.00
(2018-2020)

Beginning January 01, 2021:

a. Not primarily held for sale to customers or held for lease in
the ordinary course of trade or business;
b. Utilized for socialized housing
c. House and lot/other dwellings (condominium) valued at less
than Php2,000,000.00.

Hence, beginning January 01, 2021, the VAT threshold for sale of real
properties (meaning there is VAT for these real properties when sold):

House and lot/other dwellings More than Php2,000,000.00

Lot only Vatable regardless of amount
IMPORTANT: RR No. 8-2021- House and lot/other dwellings: More than
PHP3,199,200.00

Provided, further, that every three years thereafter, the amount

herein stated shall be adjusted to its present value using the
Consumer Price Index as published by the Philippine Statistics
Authority.

Note: The next adjustment based on the then prevailing CPI is

expected to apply starting on Jan. 1, 2024.

ii. Services
- those services rendered by individuals pursuant to an
employer-employee relationship

iii. Lease of residential units

a. Lease of each residential unit wherein the monthly rent is less
than Php15,000.00 (2018-2021)

Beginning January 01, 2021:

a. Lease of each residential unit wherein the monthly rent is less
than Php15,000.00.
b. In case where the lessor has several residential units for
lease where some are leased out for a monthly rental fee per
unit not exceeding Php15,000.00 while others are for more
than Php15,000.00 per unit, the tax liability will be as follows:
i. The gross receipts from rentals not exceeding
Php15,000.00 per unit shall be exempt from VAT
regardless of the aggregate annual gross receipts. It is
also exempt from the 3% percentage tax.
ii. The gross receipts from rentals exceeding
Php15,000.00 per month per unit shall be subject to
VAT if the aggregate annual gross receipts from said
units only exceeds Php3,000,000.00. Otherwise, the
gross receipts will be subject to 3% percentage tax.
iv. Condominium dues and association dues
v. Sale or lease of goods or properties or the performance of
services with an annual gross sales and/or receipts of less than
Php3,000,000.00.

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ATTY. ROLANDO B. PAGTOLON-AN, REB, REA, REC
iACADEMY School of Business
SCENARIO:

#GameChangers Realty, Inc., a VAT-registered corporation engaged as a dealer

of condominium units which has its principal office in Makati City, recently sold its
50 sqm-unit at Shell Residences in Pasay City. The said condominium unit was sold
to Nexus Realty, Inc., a corporation based in Mandaluyong for a total contract
price of Php16,000,000.00. The zonal value of the said property is Php 300,000.00
per sqm. Applying the Assessor’s valuation, said property is valued at Php
3,000,000. Compute for the VAT (inclusive of the price or value) of the aforesaid
transaction.

ANSWER?

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ATTY. ROLANDO B. PAGTOLON-AN, REB, REA, REC
iACADEMY School of Business
II. PERCENTAGE TAX
- is a business tax imposed on persons or entities who sell or lease goods,
properties or services in the course of trade or business whose gross
annual sales or receipts do not exceed Php3,000,000.00.

Who are required to pay?

1. Persons, who are not VAT-registered, who sell or lease goods,
properties or services in the course of trade or business whose gross
annual sales or receipts do not exceed Php3,000,000.00 and are
exempt from VAT
2. Persons who lease residential units where the monthly rental per
unit exceeds Php15,000.00 but the aggregate of such rentals of the
lessor during the year does not exceed Php3,000,000.00 (please refer
to the new rule above highlighted in yellow)

It is paid by quarter by filing BIR Form 2551Q

When to file/pay?
- It is filed and paid within 25 days after the end of each taxable
quarter.

What is the tax base and rate?

- It is based on the gross sales or receipts with 3% rate.

CREATE Law and Percentage Tax

What is the CREATE Law?

The CREATE or Comprehensive Recovery and Tax Incentives for Enterprises is a law
that seeks to assist businesses as a response to the pandemic with retroactive
provisions and lower tax rates.

How can I take advantage of the CREATE Law with my Percentage Tax filing?

One of the taxes that benefit from CREATE is the Percentage Tax submitted through
Form 2551Q. From the usual 3% tax rate, taxpayers can now use the new 1% rate for
their taxes. This tax rate is also retroactive, meaning this can be applied to your
previously filed taxes from July 2020.

However, this tax rate is only effective until June 30, 2023. After this period, the
percentage tax will default back to 3%.

How to Calculate Quarterly Percentage Tax?

Your quarterly percentage tax is calculated by multiplying 1% to your quarterly gross

sales or receipts. Gross sales and receipts pertain to all the earnings or revenues you
receive from your client/business.

Here’s how the formula would look like:

Quarterly Percentage Tax Due = Gross Receipts x 1%

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ATTY. ROLANDO B. PAGTOLON-AN, REB, REA, REC
iACADEMY School of Business
Sample computation of Percentage Tax Due and Payable

Let’s say you’re running a consultancy business, earning less than 3M annually, and
receive a quarterly income of P180,000. In that case, if you’ve opted for the quarterly
percentage tax option (as reflected in your COR), then the calculation would be
something like this:

Percentage Tax Due = ₱180,000 x 1%

Percentage Tax Due = ₱1,800

Hence, P1,800 would be your total quarterly percentage tax payable.

How to Compute Excess Percentage Tax

We’ve mentioned earlier that the new 1% tax rate is retroactive and can be applied
to your 2020 Q3 and Q4 filings. This means that the excess amounts you’ve paid to
the BIR can be used as tax credits to pay for your future percentage tax payments.

To compute, check your 2551Q filings for 2020 Q3 (due on October 2020) and 2020
Q4 (due on January 2021). Refer to the latest amendment if you’ve made
amendments.

Look for the values tagged against the Alphanumeric Tax Code PT010 on Page 2 of
the form.

Multiply the amounts tagged as PT010 in your forms and multiply it by 1%. This is
the amount you should have paid as per the retroactive rules of CREATE.

After this, deduct this amount (1%) from the Total Tax Dues tagged against PT010 in
your forms.

Sample Computation

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iACADEMY School of Business
Say for example you have a total of ₱100,000 as your amount tagged as PT010 in
your Q3 and Q4 filings. This is how you’ll calculate how much you should pay as per
the CREATE Law.

Excess Percentage Tax = 3% Amount - 1% Amount

Excess Percentage Tax = ₱3,000 - ₱1,000

Excess Percentage Tax - ₱2,000

This means that you have ₱2,000 you can use as credits to pay for your future 2551Q
payments.

When and Where Can You File?

You can file your BIR Form No. 2551Q with any Authorized Agent Banks (AAB) of the
Revenue District Office (RDO) where you are registered or are conducting business.
In case there are no AABs, then this form shall be filed with the Revenue Collection
Officer (RCO) of your RDO.

If you’re the franchise owner, you can file a separate return for your head office and
for each branch. You can also file a consolidated return for the head office and
included branches.

You can also pay and submit your taxes online. Tax compliance apps, like Taxumo,
simplifies the tax filing and submission process for you.

The Deadlines for Filing Form 2551Q in 2021

Period Deadline

1st Quarter: January to March On or before April 25

2nd Quarter: April to June On or before July 25

3rd Quarter: July to September On or before October 25

4th Quarter: October to December On or before January 25

How Can Payment Be Made?

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iACADEMY School of Business
Payment can be made manually or electronically. If you’re opting for manual
payment, you can do what was mentioned above. Head to the AAB located in your
area that is within the jurisdiction of the RDO or file your return with the RCO.

Online payment, on the other hand, can be accomplished using GCash Mobile
Payment, Landbank’s Linkbiz Portal or DBP’s Tax Online. Note that you would still
have to manually calculate your corresponding tax dues, as these channels require
you to already enter said tax due amount.

What Penalties Will Be Imposed Upon Failure of Filing?

The taxpayer will incur interest of 25% plus surcharge plus compromise fee in cases
where he/she:

o Failed to file and pay their quarterly percentage tax return on or before
the deadline
o Filed a return with the wrong person or officer
o Failed to pay the full or part of the amount of tax due; or

o Failed to pay the deficiency tax

The taxpayer will incur a surcharge of 25% plus surcharge plus compromise fee in
cases where he/she:

o Willfully neglected to file the quarterly percentage tax within the prescribed
period; or
o Willfully made a false and fraudulent return

Xxx NOTHING FOLLOWS xxX

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ATTY. ROLANDO B. PAGTOLON-AN, REB, REA, REC
iACADEMY School of Business