SEC Memorandum Circular No. 25 series of 2020: Guidelines in the Filing, Investigation and Resolution of Complaints in Violation of the Right to Inspect and Reproduce Corporate Records
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 […]
BIR Revenue Regulations No. 25-2020:Rules and Regulations Implementing Sec. 4 of Republic Act No. 11494,otherwise known as the “Bayanihan to Recover as One Act” Relative to Net Operating Loss Carry-over( NOLCO) under Section 34 (D) (3) of the NIRC as amended
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 […]
BIR Form 1709: Information Return on Related Party Transactions (RPTs) – The Unique but Harsh One!
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 […]
Tax Exemptions on Relative Donations of Identified Equipment, DST of Loans Extended or Restructured, IPO of Shares of Stocks, 90-day processing of VAT Refunds and Relative to NOLCO
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. […]
SEC Memorandum Circular. NO. 30-2020: Revision of General Information Sheet of Foreign Corporation to include Beneficial Ownership Information
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 […]