Engagement Letter

CY2022

Prepared for:
Brentwood Ventures Corp.

2422 GSIS Road, Catalina Subdivision, zz

Rosario, Pasig City
Second District

Ivana Cheng, CPA Geram Concepcion

Accountant/Consultant Accountant/Consultant
0922-8813-898 0942-4894412
8298-4218 8298-4218
icgc.consultancy@gmail.com icgc.consultancy@gmail.com
11 October 2022

Dear Ms. Peach,

ICGC Solutions, Inc. (“ICGC”) is thankful for the opportunity to be of service to Brentwood Ventures Corp.
(the “Client”) as independent accountants and tax preparers. This letter confirms the terms of our
engagement with you and the extent and nature of services we will provide, along with the rates that we
wish to propose.

Tax services include preparation and filing of the following based from
the data provided by the Client (the “Services”):
1.) Annual Income Tax Return (BIR Form No. 1702) for the year ended December 31, 2022 with
attached financial statements including Statement of Financial Position, Statement of Operations,
Statement of Changes in Equity, Statement of Cash Flow and Notes to Financial Statements
2.) Quarterly Corporate Income Tax Returns (BIR Form No. 1702Q) starting October 2022 for the 2nd
Quarter of 2022
3.) Monthly and Quarterly Remittance Report of Income Taxes Withheld on Compensation (BIR Form
No. 1601-C) starting October 2022
4.) Annual Information Return of Income Taxes Withheld on Compensation and Final Withholding
Taxes 2022 (BIR Form No. 1604-CF)
5.) Monthly Value Added Tax Returns (BIR Form No. 2550M) starting October 2022
6.) Monthly Value Added Tax Returns (BIR Form No. 2550Q) starting October 2022
7.) Encoding of sales and purchases in the Relief Data Entry System (Summary List of Sales and
Purchases)
8.) Encoding of Withholding Taxes Alphalist
9.) Updating of books of accounts
10.) Annual Business Registration (BIR Form No. 0605)
11.) Assistance on Certificate of Creditable Tax Withheld at Source (BIR Form No. 2307) details upon
request
12.) Related general consultations
13.) Preparation of Annual Inventory List

Additional Annual Government Compliance Includes:

14.) Annual Renewal of GIS to SEC
15.) Official Receipt Printing (Fee may vary and service is rendered only as needed)
16.) Renewal of Books of Accounts (Fee may vary and service is rendered only as needed)
17.) Annual Financial Statements
18.) Employee Income Tax Return for 2022 (BIR Form No. 2316) (Fee is charged at 1,000 per minimum
wage employee, maximum of PhP30,000)
 19.) Annual renewal of Mayor’s Permit

Client’s Responsibility
The Client should ensure that all relevant documents and information are provided promptly to enable us to
meet filing deadlines and to support or explain the claims made in the tax computation. As our client, you
must provide us your invoices and actual receipts of expenses every first week of the following month or on
an as needed basis.

Other requirements may be requested during audit period such as bank statements and other files which the
Client shall agree to make available within a reasonable period prior to the regulatory deadlines. It is also
agreed that ICGC is engaged as an external accountant and compiler thus, it is not obligated to review,
validate, or rectify errors in the calculation, truthfulness, or substantiation of the information/data
submitted to it.

Limitation of Liability
In the event that the returns cannot be completed by the due date because of failure of the Client to provide
the requested requirements promptly, ICGC will not be held responsible for the corresponding penalties.
Furthermore, under no circumstances shall either party be liable to the other party or any third party for any
damages resulting from any part of this agreement such as, but not limited to, loss of revenue or anticipated
profit or lost business, costs of delay or failure of delivery, which are not related to or the direct result of a
party’s negligence or breach.

Client’s Records
The records the Client has supplied along with other work papers will be retained for a period of three (3)
years. All of the original records will be returned to the Client. ICGC’s working papers and files are not
substitute for the original records of the Client’s business. By signing this engagement letter, the Client
acknowledges and agrees that upon the expiration of the three-year period, ICGC is free to dispose its
records related to this engagement.

Rendering of Additional Services Related to the Engagement

The Client may be selected for review by the taxing authorities. In the event of an audit, documents may be
requested to be produced to substantiate the items of income and deduction shown in the tax returns. In
the event of such government tax examination, ICGC will be available, upon request, to represent the
Client’s business. However, such additional services are not included in the fees discussed in this letter.
Professional Fees (the “Fees”)
The Fees shall be paid in accordance with Annex A of this contract and shall be payable within two (2) weeks
after the Client’s receipt of the invoice. Failure to pay the corresponding fees shall result to 5% compounding
penalty.
The fees stated herewith excludes transportation costs, printing costs, and government fees to be incurred
for the Client. The fees herewith apply to the current size of the Client’s business. Significant changes in
Client’s volume of transactions will entail additional retainer’s fee to be agreed upon by the Client and ICGC.

Termination
This contract may be terminated at any time by either party upon prior written notice to the other party of
at least one (1) month. The Client will be responsible for payment of all the services performed up to the
date of termination, except in the case of the ICGC’s breach of this Agreement, where the ICGC fails to cure
such breach within thirty (30) days from receipt of notice.

Entire Agreement
The Parties acknowledge and agree that this contract represents the entire agreement between the Parties.
In the event that the Parties desire to change, add, or otherwise modify any terms, they shall do so in writing
to be signed by both parties.

Independent Contractor Relationship

The Parties agree that ICGC is providing the services under this contract and acting as an independent
contractor and not as an employee. This contract does not create a partnership, joint venture, or any other
fiduciary relationship between Client and ICGC. ICGC does not have any authority to enter into any
agreements on Client’s behalf.

Renewal of Contract
This contract will be effective for the calendar year 2022. If neither the Client nor ICGC communicates the
desire to terminate the contract after its effectivity, it is deemed to continue for the calendar years to follow.

[Signature pages follow.]

 We appreciate the opportunity to present this proposal to you and look forward to the prospect of
serving your accounting and tax needs for many years to come. To affirm that this letter correctly
summarizes the work expected from ICGC, please sign on the appropriate space below and on the left-hand
portion of every other page. If you have any questions, please let us know. This proposal will serve as the
contract once signed.

Best Regards,

APPROVED BY CLIENT:
BRENTWOOD VENTURES CORP.

______________________________
Ivana Cheng, CPA BY: __________________________________
Accountant/Consultant TITLE: ________________________________
ICGC Consultancy DATE: ________________________________
 Annex A
Schedule of Fees

Monthly Retainer’s Fee

Service Fee
Accounting and Tax Service ₱ 8,000.00

Additional Annual Government Compliance Fee

Service Fee
Audited Financial Statements ₱ 15,000.00
Annual SEC Filings (AFS and GIS) ₱ 5,000.00
Annual Mayor’s Permit Renewal ₱ 5,000.00
Annual Employee ITR and Alphalist ₱ 8,000.00
(PhP1,000 per minimum wage employee,
maximum of PhP30,000, assuming 8 employees)
Total Annual Additional Fee ₱ 33,000.00

APPROVED BY CLIENT:
BRENTWOOD VENTURES CORP.

______________________________
Ivana Cheng, CPA BY: __________________________________
Accountant/Consultant TITLE: ________________________________
ICGC Consultancy DATE: ________________________________