SEC Warned the Public Concerning the Investment Taking Activities by ONE LIGHTNING CORPORATION and Its Related Affiliates

The Securities and Exchange Commission (SEC) recently issued an advisory to the warned the public concerning the investment taking activities being undertaken by ONE LIGHTING CORPORATION and its related affiliates. ONE LIGHTING CORPORATION has not been issued by the Commission a secondary license to publicly offer or sell securities and not to solicit investment from the public.

It is stated in the advisory that as part of its modus operandi, the said Company  invites people to invest in its cosmetics and healthcare products by promising huge returns on their investment through what it claims is a revolutionary compensation plan that the Company provides to its distributors which consists of sharing 70% of the Company's profits to investors.

Please refer http://www.sec.gov.ph/docs_home/2015Advisory_One_Lightning_Corp.pdf of the full text of the SEC Advisory.

Amendments to the Mandatory Submission of SAWT, MAP, BIR Form No. 2307 and BIR Form N. 2316 under RR No. 2-2015

The Bureau of Internal Revenue (BIR) recently issued Revenue Regulations (RR) No. 2-2015 to amend the pertinent provisions of RR No. 2-2006 and No. 11-2013 with regards to the submission of copies of BIR Form Nos. 2307 and 2316.

The provisions of Section 2.D. of RR No. 2-2006 are amended as follows:

Section 2. Mandatory Submission of Summary Alphalist of Withholding Agents of Income Payments Subjected To Creditable Withholding Taxes (SAWT) by the Payee/Income Recipient and of Monthly Alphalist of Payees (MAP) Subjected to Withholding Tax by the Withholding Agent/Income Payor as attachment to their filed returns. 

D. Return required to be filed with SAWT and Certificate of Creditable Tax Withheld at Source.

Provided, however, that the SAWT shall be submitted through the applicable modes of submission prescribed under RR No. 1-2014, using the entry and validation module of the BIR. On the other hand, in lieu of the submission of hard copies of Certificate of Creditable Tax Withheld at Source (BIR Form No. 2307) as an attachment to SAWT, the following procedures shall be strictly obeserved:

1. Scan the original copies of BIR Form No. 2307 through a scanning machine of device;

2. Store the soft copies of BIR Form No. 2307 using the "PDF" file format with the file names alphabetically arranged in a Digital Versatile Disk-Recordable (DVR-R). The file name shall contain the following information separated by an underline:

a. BIR-registered name of the taxpayer-payor;

b. Taxpayer Identification Number (TIN), including the head office code or branch of the payor, whichever is applicable; and

c. Taxable Period.

Example: Rizal Mfg. Corp_131885220000_09312014);

3. Label the DVD-R containing the soft copies of the said BIR forms in accordance with the format prescribed in Annex "A" of these Regulations; and

4. Submit the duly accomplished DVR-R to the BIR Office where the taxpayer is duly registered, together with a notarized Certification, using the format in Annex "C" of these Regulations, duly signed by the authorized representative of the taxpayer certifying that the soft copies of the said BIR form contained in the DVD-R are the complete and exact copies of the original thereof.

Please refer http://www.bir.gov.ph/images/bir_files/internal_communications_1/Full%20Text%20RR%202015/RR%202-2015/RR%20No%202-2015.pdf of the full text of Revenue Regulations No. 2-2015.

BIR eREGISTRATION SYSTEM

Have you explored the BIR eREGISTRATION SYSTEM?

The eREGISTRATION (eREG) system is a web application system for various taxpayer registration services that includes TIN issuance, payment of registration fee and issuance of Certificate of Registration.

Single Proprietors and Professionals may apply TIN straight to the eTIN. Each user should have a unique and valid email address through which the TIN and other instructions on taxpayer registration shall be sent.

While Employees may secure their TINs from their respective employers who in turn must be enrolled in the eTIN. Empolyers may enroll in the eREG by clicking on Create Employer User Account.

Please visit https://ereg.bir.gov.ph/ereg/welcome.do and https://ereg.bir.gov.ph/ereg/employerterms.do of the full text, instructions and other informations.

SEC i-Register: Web-based Company Registration System of the Philippines Securities and Exchange Commission (SEC)

Have you tried to access the SEC i-Register, the web-based Company Registration System of the Philippines Securities and Exchange Commission (SEC)?

It is a quick, affordable, and user friendly service that is available to the public 24 hours a day, 7 days a week.

With SEC-iRegister, clients can do the following online:

a. Verifying the availability of the desired name for corporation or partnership

b. Reserving the verified name

c. Accomplishing and printing the registration online without the need to buy the SEC forms

Please refer http://www.sec.gov.ph/onlinetransactions/secireg.html of the full text and http://iregister.sec.gov.ph/MainServlet to experience the new SEC i-Register Version 2 facility.

SEC Registration Calculator

The Securities and Exchange Commission (SEC) Registration Calculator is use for the computation of the Approximate Registration Fee of Stock Corporation.

In addition to the above stated, the new corporation has to procure a Stock & Transfer Book (or STB) the cost of which is approximately Php470.00 (The fee includes the registration of the STB.)

Filing fee is 1/5 of 1% of the authorized capital stock or the subscription price of the subscribed capital stock whichever is higher but not less than P1,000.00.

LRF - Legal Research Fee equivalent to 1% of filing fee but not less than P10.00.

I believe that taxpayers should still have the knowledge with regards to the rules and regulations of registration fee and other fees for the registration of a new stock corporation.

Please refer http://www.sec.gov.ph/faq/calculator.html to experience the SEC Registration Calculator.

SEC-Ali Mall Satellite Office is Now Open to Serve the Private and Government Sectors

The Securities and Exchange Commission (SEC) posted a notice through  their website last December 15, 2014 which is favorable for both the agency and private and government business sectors with regards to SEC transactions. 

It was a notice that the SEC-Ali Mall Satellite Office is now open at the 2nd Level Government Center at the Ali Mall, Cubao, Quezon City.

Operation hours are, Mondays to Fridays, from 10:00 a.m. to 6:00 p.m.

The Satellite Office offers the following services:

1. Verification and reservation of corporate and partnership names;

2. Pre-processing of registration applications of corporations and partnerships;

3. Pre-processing of applications for amendments;

4. Monitoring of corporations on their compliance with their reportorial requirements;

5. Releasing of Certificates of Registration and approval; and.

6. Receiving of General Information Sheets (GIS) and Audited Financial Statement (AFS)

Please refer http://www.sec.gov.ph/docs_home/Satellite_Office_Ali_Mall.pdf of the full text of the SEC Notice.

SEC Advisory: High Yield-High Risk Investment Scheme

The Securities  and Exchange Commission certified that the EMGOLDEX PHILIPPINES is not registered corporation or partnership. This is to inform to the public to be cautious in investing their money. 

The agency has received reports that Facebook netizens are being invited or enticed to invest their money in EMGOLDEX PHILIPPINES "Pinoy Style Patak Patak" for a promise of huge profit/high returns where an investment of One Thousand Pesos will earn profits ranging from Five Thousand to Ten Thousand Pesos or a placement of Thirty Five Thousand will yield One Hundred Eighty thousand to Three Hundred Sixty Thousand Pesos (1K=5K to 10K payout or 35K=180K to 360K payout).

You can call the Enforcement and Investor Protection Department of the agency at telephone numbers 584-7187 or 584-7652 of any information regarding the operation of the said entity.

Please refer http://www.sec.gov.ph/notices/advisory/2015_SEC_Advisory_EMGOLDEX_PHILS.pdf of the full text of the sec advisory.

2015 FILING OF ANNUAL FINANCIAL STATEMENTS AND GENERAL INFORMATION SHEET

SEC Memorandum Circular No. 23 Series of 2014 was issued to adopt the following measures in the filing of the AFS of companies whose fiscal year ends on December 31, 2014 and General Information Sheet.

All Corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, that file their AFS and GIS at the Commission's Head Office in Mandaluyong City, Satellite Office, Davao, Cebu, Iloilo and Baguio Extension Offices shall depending on the last numerical digit of their SEC registration or license number, be governed by the following schedule in the filing period for 2015:

April 13, 14, 15, 16, 17:     "1", "2"

April 20, 21, 22, 23, 24:     "3", "4"

April 27, 28, 29, 30:           "5", "6"

May 4, 5, 6, 7, 8:                "7", "8"

May 11, 12, 13, 15, 15:      "9", "0"

Prior to April 13, 2015 all corporations may file their AFS regardless of the last numerical digit of their registration or license number;

Late filing shall be accepted starting May 18, 2015 and shall be subject to the prescribed penalties which shall be computed from the date of the last day of filing schedule stated in paragraph 1;

The AFS, other than the consolidated financial statements, shall have the stamped "received by the Bureau of Internal Revenue (BIR) or its authorized banks, unless the BIR allows an alternative proof of submission for its authorized banks (e.g. bank slips);

Please refer http://www.sec.gov.ph/docs_home/sec_memo_no.23_s2014.pdf of the full text of the circular.

SEC Express System

The Securities and Exchange Commission (SEC) unveiled the  SEC Express System , is an alternative mode of securing copies of Corporate or Partnership documents without having to personally come to the SEC. The public may access the SEC Express System when requesting for both plain and authenticated copies of the following documents on file with the SEC: Articles of Incorporation/Partnership (original and amended) By-laws (original and amended) General Information Sheet (GIS) Application for Increase/Decrease of Capital Stock Resolution (Minutes) Secretary`s Certificate Board Resolution Registration Data Sheet Other company-related documents The SEC Express System covers the following options: Online Application. The public may request for SEC documents through a user-friendly, web-based interface that includes online payment and courier delivery of the requested documents/s nationwide. Call Center Facility. The public may call Hotline Number 737-8888 for requests, mode of payment and courier delivery of the requested documents/s nationwide. General Information Sheet (GIS). The public may schedule an appointment when to go to SEC to make their request for document/s. The request shall then be accompanied at the appointed date and time. A maximum of three (3) documents per appointment shall be accommodated. One-time request in excess of three documents shall be referred to the Online Application and/or Call Center Facility. But the provider will charge additional service and courier fees for Online Application and Call Center Facility. However, the public may opt to personally come to the SEC By Appointment without additional cost to them.

SSS Payments via Mobile Phones to Open to Members with the MOA signed with G-XChange Inc.

Did you know that mobile payments to Social Security System (SSS) will be available soon with the memorandum of agreement signed between the state agency and G-XChange Inc.?

The contract allows SSS members to pay their SSS contributions and loan amortizations through the use of G-XChange's mobile remittance facility called "G-Cash," which is offered exclusively to Globe and TM Network subscribers.

G-Cash is a free mobile application, which serves as a virtual wallet offering users a secure, fast, and convenient money transfers using mobile phones. A one-time registration is required for SSS transactions and payments are free of charge.

The facility will be opened to household employers, voluntary members, and self-employed individuals including farmers, fishermen and non-working spouses.

To make payments using G-Cash, SSS members will need to load their G-Cash accounts to cover their payments for contributions and loans. The member will receive a confirmation text message for every successful transaction.

Please refer https://www.sss.gov.ph/sss/appmanager/viewArticle.jsp?page=NR2015_002 of the full text of the article.