By: Hergie Ann De Guzman, CPA The COVID-19 Pandemic undoubtedly affects every aspect of our daily lives - family, work, and especially the students’ means of learning. With the school opening suspended last June, there has been a significant delay in their studies. Finally, this October, classes reopened but in a different setting and mode - the classes went virtual or online. The online classes, I might say, is not for everyone especially to those who cannot afford to purchase the necessary gadgets for this platform. Another thing is not every school is fully equipped with the proper learning materials and [...]
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By: Hergie Anne C. De Guzman, CPA The Philippine Government has been undertaking measures to prevent the spread of the COVID-19. This includes implementing a series of quarantines and restricting local and foreign travels, especially unnecessary travels. With the implementation of these, there are affected foreign individual or cross-border employees stranded in the Philippines and thereby causing issues and concern with regard to their taxability. Revisiting Rules of Taxability of Income from Employment Generally, the residence state has the power to tax the employment income of its resident taxpayers except when the employment is exercised in another State. Exception to this [...]
Revenue Regulations No. 19-2020: Use of BIR Form 1709 or Information Return on Related Party Transactionssuper_admin2020-07-13T03:48:18+00:00
The Bureau of Internal Revenue (BIR) released on July 10, 2020 Revenue Regulations (RR) No. 19-2020 to prescribe the use of BIR Form No. 1709 or the Information Return on Related Party Transactions (International and/or Domestic) and the submission of its attachments. The form will be used by the taxpayers with related party transactions for the proper disclosures and as support in the implementation of Philippine Accounting Standards (PAS) 24 on Related Party Disclosures. The RR is rooted on the Transfer Pricing Guidelines prescribed in RR No. 2-2013. Seemingly, BIR is now being active with its implementation to go after the [...]
The Securities and Exchange Commission (SEC) announced just last week the temporary closure of the SEC Main Office in Philippine International Convention Center (PICC), Pasay City to give way for the office disinfection due to the initial positive COVID-19 test result of four SEC employees. SEC resumed their operations last July 1, 2020 after the said employees tested negative on the confirmatory tests. SEC shall likewise resume accepted Annual Financial Statements (AFS) and General Information Sheet (GIS). Below are the modes of submissions allowed and the prescribed adjusted filing schedules: Modes of Submission of Reports Through Courier Services or Registered Mail [...]
Long queues for the stamping of the Annual Income Tax Returns (ITR) and Financial Statements (FS) has been a norm in most BIR Revenue District Offices (RDOs) specially on the actual deadline. However, this burdensome practice is expected to finally come to an end as the taxpayers are provided with other options for submission. BIR issued Revenue Memorandum Circular (RMC) No. 49-2020 on May 22, 2020, laying down the following additional options to taxpayers: Submission through Revenue Collection Officers (RCOs) or, Submission through online eAFS Submission through Revenue Collection Officers (RCOs) Taxpayers may submit the required attachments to the nearest RCO, [...]
The Philippines is still struggling to win the battle against Covid-19. After almost two (2) months of putting the whole country under quarantine measures, the government has taken gradual steps to open the essential businesses as well as government offices to cope with the declining economy. Philippine Securities and Exchange Commission (SEC) together with other government offices has extended the submission of reports such as the Audited Financial Statements (AFS) to ensure the overall welfare of the public during this challenging pandemic period. With the lifting of the Enhanced Community Quarantine (ECQ) on May 16, 2020, the SEC through Memorandum Circular [...]
Issues in Invoicing During ECQ Due to the strict implementation of the Enhanced Community Quarantine (ECQ), many taxpayers experience difficulties when it comes to the issuance of receipts/invoices to their customers. Manual receipts with Authority to Print (ATP) and computer-generated receipts with duly approved Permit to Use (PTU) or Acknowledgment Certificate are not accessible due the closure of most business establishments. Sending or mailing of the actual receipts/invoices through postal services is currently impossible due to non-observance of standard operating hours. Also, some taxpayers have their ATP expired during ECQ. Work-around Invoicing Procedures During ECQ BIR has issued Revenue Memorandum Circular [...]
By: Hergie Ann De Guzman The pandemic we are facing now is a challenge to everyone, including the business owners for the continuance of their business operations. Moreover, governing bodies, such as the Philippine Securities and Exchange Commission (SEC ) are also faced with the challenge to effectively continue catering the needs of the companies and new business registrants. Company Registrations The SEC continues to accept online applications for the registration of Corporations and Partnerships through the Company Registration System (CRS) (https://crs.sec.gov.ph/). Companies may send an email to firstname.lastname@example.org for queries on online registration. Verification of payment and generation of Certificates [...]
By: Hergie Ann De Guzman The Philippine Securities and Exchange Commission (SEC), amid the COVID-19 pandemic and implemented Community Quarantine, has been continuously providing the public with convenient ways on how companies could comply with the SEC’s reportorial requirements without compromising the public’s health condition. Below are the policies implemented by the SEC to ensure proper compliance of registered companies even during the pandemic. Covered Reports Audited Financial Statements (AFS), General Form for Financial Statements (GFFS), and Special Form for Financial Statements (SFFS) SEC Memorandum Circular No. 5 s.2020 issued on March 12, 2020 extends the submission of the AFS, [...]
By: Hergie Ann De Guzman, CPA The Bureau of Internal Revenue (BIR) has issued last April 30, 2020 Revenue Regulations (RR) No. 11-2020 dated April 29, 2020 to further extend the deadline of filing/submission of returns/reports and payment of taxes due to the extended Enhanced Community Quarantine (ECQ). Taxpayers who will file their tax returns within the original deadline or prior to the extended deadline can amend their tax returns at any time before the extended due date. An amendment that will result in additional tax can still be paid without penalties provided that it should be done not later than [...]