Author Archives: Michael Aguirre

The key features of the reforms for corporate and Tax Incentives were highlighted under Senate Bill No. 1357 and House Bill No. 4157, otherwise known as CREATE (Corporate Recovery and Tax Incentives for Enterprises) Bill, are: 1. LOWER CORPORATE INCOME TAX (CIT) – An income tax rate of 35% is reduced to 25% effective July 1,2020 is imposed upon a Taxable income derived during each taxable […]

The Revised Corporation Code of the Philippines (R.A. No. 11232) and SEC Memorandum Circular No. 6 series of 2020 provides that a Corporation may authorize in its by-laws or through the majority vote of the Board of Directors or Trustees, the conduct regular and/or special meetings in absentia or through the use of remote communication […]

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 […]