The bureau has issued Revenue Memorandum Circular (RMC) No. 16-2017 dated February 22, 2017 with regards to the Amendment of RMC No. 36-2016 and Clarification on the Requirement of Professional Regulatory Board of Accountancy (BOA) under BOA Resolution No. 03, Series of 2016.
The Circular is issued to amend RMC No. 36-2016 to read as follows:
For the information of all concerned, relative to RMC No. 21-2016 circularizing the BOA Resolution No.03. Series of 2016 entitled "Requiring the Submission of Certificate by the Responsible Certified Public Accountants on the Compilation Services for the Preparation of Financial Statements and notes Thereto", the implementation of the aforesaid BOA requirement shall be on December 31, 2016 as per BOA Resolution No. 115, Series of 2016.
In line with the government's thrust on improving ease of doing business and streamlining of bureaucratic requirements, it is further clarified that only the existing documentary requirements in the filing of Income Tax Returns shall be submitted to the Bureau.
Please refer: http://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/2017/RMC%20No%2016-2017.pdf of the full text of RMC No. 16-2017.
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