Monthly Archives: February 2022

SEC issued MC No. 37-2020 extending the regulatory reliefs to duly registered and licensed Financing and Lending Companies in accordance with R. A. 11494 (Bayanihan to Recover As One Act). The following are the regulatory reliefs available: 1. Relaxation of the required maintaining net worth of Financial Companies (FC) under Sec. 11 of Financing Company […]

The Philippines could do more to help its struggling tourism industry by cutting taxes /extending tax cuts. Cuts to taxes on tourist related goods and services could help the Philippine tourism sector recover. The Philippine government could cut VAT and other taxes to attract visitors to the country when travel bans are lifted. So far, […]

The said circular is issued to facilitate and expedite the transmission and receipt of official communications as well enhance the integrity of every transaction. SEC strictly promulgated requirements and guidelines on the applications and submission of the pertinent documents. The email address and cellphone number of persons officially assigned for the purpose are required, as […]

The said circular is issued to disseminate the availability of the new offline E-BIR forms. It includes the January 2018 version of the forms below. The 1604-C ( Annual Information Return of a income Taxes Withheld on Compensation) and the 1604-F (Annual Information Return of Income Payments subjected to Final Withholding Taxes) shall be filed on or before January […]

The SEC extends the deadline for the submission of the printed and hard copies of AFS and GIS and reiterated the Interim filing procedures. Corporations with fiscal year ending May 31, 2020 and June 30, 2020 shall likewise have 30 days from the original deadline to submit the printed or hard copies of the AFS. […]

Disclosure of Beneficial Ownership of Foreign Firms  The Philippine Securities and Exchange Commission (SEC) is directing all foreign corporations (such as Branch Office, Representative Office, Regional Area or Operating Headquarters) to fully disclose their beneficial owners. The issuance covers both the stock and non-stock foreign corporations. Non-compliance or failure to disclose such information will hold […]

BAYANIHAN II: TAX EXEMPTIONS UNDER RA 11494 I. TAX EXEMPTIONS ON DONATIONS OF IDENTIFIED EQUIPMENT (RR NO. 26-2020) The regulations seek to implement Section 4 (zzz) of RA 11494, which provides for the tax exemption of all donations of personal computers, laptops, tablets or similar equipment for use in teaching and learning in public schools from donor’s taxes.  […]

BIR Form 1709 requires domestic and foreign related party transactions to be documented as mandated under RR 19-2020. The Transfer Pricing Documentation (TPD) is vital in the recent drive by the Tax Bureau mandating full disclosure of all controlled transactions which have impact to the taxable income of the country’s registered entities. This transfer pricing […]

The regulations shall cover the deduction from Gross Income of the Net Operating Loss Carry – Over (NOLCO) incurred by businesses or enterprises for taxable years 2020 and 2021 pursuant to Sec. 4 (bbbb) of RA No. 11494. The period of entitlement to deduct the net operating loss incurred for taxable years 2020 and 2021 […]

SEC published a Memorandum Circular No. 25 series of 2020 that sets out the guidelines in the Filing, investigation and resolution of complaints for violation of rights granted under Sec. 73 of Republic Act (RA) NO. 11232 or the Revised Corporation Code of the Philippines. The highlights of the circular includes the following: Grounds that […]