Category Archives: Blog
Securities and Exchange Commission (SEC) Notice on Reportorial Deadline: Extension of Deadlines and Interim Procedures for the Submission of Printed or Hard Copies of Annual Reports
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. […]
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 […]
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. […]
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 […]
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 […]
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 Ruling No. 240-2020: Denial of Tax Exemption Application
On May 21, 2020, the BIR issued ruling No. 240-2020 to respond to a letter dated July 27, 2017 from N. Co, a non-stock, non-profit association, with regards to its application for tax exemption certificate. In its reply, the BIR cited Revenue Memorandum Circular (RMC) NO. 51-2014 which clarified that in order for an entity […]
Revenue Memorandum Order (RMO) No. 21-2020: New and improved policy on inventory/asset destruction/disposal allowing third party witness and virtual witnessing
RMO NO. 21-2020 prescribes the policies, guidelines and procedures for the inspection or supervision of the destruction or disposal and determination of deductible expense pertaining to inventory of goods or assets which have been declared as waste or obsolete. The Revised guidelines now allows a third party to be the BIR’s authorized representative to witness […]
Revenue Regulation (RR) No.21-2020 Voluntary Assessment and Payment Program
The Bureau of Internal Revenue (BIR) and the Department of Finance (DOF) has issued on August 18, 2020 RR No. 21-2020 which prescribes the policies, procedures and guidelines in the implementation of Voluntary Assessment and Payment Program (VAPP) that allows taxpayers to settle their unpaid 2018 dues through voluntary assessment in lieu of audit. It […]
Transfer – Pricing Substance and New Form
The Bureau of Internal Revenue released rules and new issuances covering the related-party transactions and enforcing the arm’s length principle as a way of determining transfer prices of associated enterprises as it is applied internationally. TRANSFER PRICING A transfer price is the price charged for goods and or services between associated enterprises that should be at […]