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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 [...]

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 [...]

By: Seala Marie Asis, CPA Wrapping the financial year ending December 31, 2019 could have been one of the most common works of Philippine accountants this first quarter of 2020.  In this article, let's deal about one of the most important reports, every SEC registered entities in the Philippines must properly comply with - the Annual Financial Statements. The Securities and Exchange Commission (SEC) through SEC Memorandum Circular No. 2 Series of 2020 issued on January 21, 2020 has prescribed the related guidelines on filing of the Annual Financial Statements (AFS) of entities registered in the Philippines. Who are covered by SEC [...]