Documentary Requirements for New Registration of Books of Accounts

The bureau has issued Revenue Memorandum Circular (RMC) No. 37-2016 for the update of the List of Documentary Requirements for the Registration of Each Type of Application under "Annex A" of Revenue Regulations (RR) No. 7-2012, as Amended by Revenue Memorandum Circular (RMC) No. 70-2013.

It is stated in circular of the Documentary Requirements for New Registration of Books of Accounts with details as follows:

Manual Books of Accounts

1. New sets of permanently bound books of accounts;

2. Official Appointment Book (for Professionals only); and

3. Current year proof of payment - Annual Registration Fee (BIR Form No. 0605).

Manual Loose-Leaf Books of Accounts and/or Official Receipts or Sales Invoices

1. Permit to Use Loose-Leaf Book of Accounts and/or Official Receipts or Sales Invoices;

2. Permanently bound Loose Leaf Books of Accounts and/or Official Receipts or Sales Invoices;

3. Affidavit attesting the completeness, accuracy and correctness of entries in Books of Accounts and/or Official Receipts or Sales Invoices and the number of Loose Leaf used for period covered; and

4. Current year proof of Payment - Annual Registration Fee (BIR Form No. 0605).

Computerized Books of Accounts

1. Computerized Accounting System (CAS)/Computerized Books of Accounts (CBA) and/or its Components Permit;

2. DVDs containing Electronic Books of Accounts and Records. The DVDs should be properly authenticated and its labels duly signed by the responsible official(s) of the company who are required to sign the tax returns under the Tax Code, using a permanent marker.

3. Affidavit attesting the completeness, accuracy and appropriateness of the computerized accounting books/records, in accordance with the keeping of books of accounts and records for internal revenue tax purposes; and

4. Current year proof of Payment - Annual Registration Fee (BIR Form No. 0605).

Please refer http://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/RMC%20No%2037-2016.pdf of the full text of RMC No. 37-2016. 

List of Documentary Requirements for the Registration of Professionals Not Registered with PRC or Other Regulatory Body

Revenue Memorandum Circular (RMC) No. 37-2016 was issued by the bureau updating the List of Documentary Requirements of Each Type of Application under "Annex A" of Revenue Regulations (RR) No. 7-2012, as Amended by Revenue Memorandum Circular (RMC) No. 70-2013.

The List of Documentary Requirements for the Registration of Professionals Not Registered with PRC or Other Regulatory Body such as consultants, insurance agents and similarly situated is with details as follows:

1. Original or Certified True Copy of NSO Birth Certificate of the applicant;

2. Proof of Ownership/Legal Possession (Original copy for presentation only):

2.1 If place of business is OWNED - Photo copy of the Official Receipt of Real Property Tax (Current Year); or Transfer/Original Certificate of Title (TCT/OCT);

2.2 If place of Business is RENTED - Photo copy of Contract of Lease and Lessor's Permit; and

2.3 If the place of business is NO RENTAL or FREE OF USE - Consent from the owner with ID and proof of ownership.

3. Contract of Service (if applicable)

4. Two (2) valid Government-Issued IDs

5. Sworn Statement of Capital

6. Marriage of Contract (if applicable)

7. Waiver of husband on his right to claim additional expenses, if wife claims (if applicable)

8. Original NSO Birth Certificate of declared dependents or Certified True Copy of Birth Certificate with Civil Registry Number (for dependents newly born from July to December of the current year) may be accepted, if any. (if applicable)

Please refer http://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/RMC%20No%2037-2016.pdf of the full text of RMC No. 37-2016.

Clarification on the Effectivity of the Submission of Certificate by the Responsible Certified Public Accountants on the Compilation Services

Revenue Memorandum Circular (RMC) No. 36-2016 was issued by the bureau to clarify the effectivity of the submission of Certificate by the Responsible Certified Public Accountants on the Compilation Services for the Preparation of Financial Statements and Notes Thereto in relation to RMC No. 21-2016 circularizing the Professional Board of Accountancy Resolution No. 03, Series of 2016.

The implementation of the aforesaid requirement is still not applicable for the Income Tax Return (ITR) filing covering calendar year 2015, by which deadline is due on or before April 15, 2016; and will become effective only for the Financial Statements to be submitted for fiscal year ending June 30, 2016 and subsequent periods.

Please refer http://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/RMC%20No%2036-2016.pdf of the full text of RMC No. 36-2016; http://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/RMC%20No%2021-2016.pdf of RMC No. 21-2016 and http://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/PRB_CPA_Reso2016_003_e.pdf of the full text of Annex A of RMC No. 21-2016.

Submission of Accompanying Schedules and Manual Attachments

The bureau has issued Revenue Memorandum Circular (RMC) No. 35-2016 with regards to the availability of Electronic Bureau if Internal Revenue Forms (eBIRForms) Package Version 6.0 and Other Concerns.

It is stated in the RMC that the accompanying schedules and manual attachments (i. e. Financial Statements, Statements of Management Responsibility (SMR), scanned BIR Form Nos. 2307/2316 in DVD-R with sworn declaration per Revenue Regulations (RR) No. 2-2015, etc) shall be manually filed within fifteen (15) days after the electronic filing of the to the concerned LT Office/RDO where they registered. Together with the said schedules and attachments, taxpayers shall also submit the duly signed printed efiled return and printed system-generated confirmation receipt. The Summary Alphlist of Withholding Tax (SAWT) shall be emailed to esubmission@bir.gov.ph.

Penalties provided in RR 5-2015 shall be imposed on taxpayers who fail to file and/or pay taxes using the mandated/prescribed mode/venue under existing revenue issuances.

Please refer http://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/RMC%20No%2035-2016.pdf of the full text of RMC No. 35-2016.

Adoption of Credit/Debit/Prepaid Card Payment as Additional Modes of Payment of Internal Revenue Taxes

Revenue Regulations (RR) No. 3-2016 of the bureau refers to the policies and guidelines on the Adoption of Credit/Debit/Prepaid Card Payments as Additional Modes of Payment of Internal Revenue Taxes.

In Section 1 of the regulations, pursuant to the provisions of Sections 244 and 245(g) of the National Internal Revenue Code (NIRC) of 1997, as amended, these Regulations are hereby promulgated in order to:

1. Make available to taxpayers an additional mode of payment of taxes;

2. Reduce the burden and difficulties experienced by taxpayers in the payment of internal revenue taxes and other applicable fees; and

3. Prescribe the policies and guidelines in the implementation of the Credit/ Debit/Prepaid Card Payment System as an additional mode of payment of taxes and other applicable fees.

Please refer http://www.bir.gov.ph/images/bir_files/internal_communications_1/Full%20Text%20RR%202016/RR%20No.%203-2016.pdf of the full text of RR No. 3-2016.

SEC launched the SEC Express Nationwide Submission (SENS) for the Submission of Annual Reports

The SEC Express Nationwide Submission (SENS) is an innovative, integrated solution to address the increasing volume of Annual Reports submission consisting of Audited Financial Statements stamped received by the BIR and General Information Sheet that will be able to integrate seamlessly with the SEC process resulting in a more efficient, reliable and convenient process for compliance of Annual Reportorial Requirements of corporations without the need to proceed to the SEC personally to submit the said documents. 

This allows filers an additional submission option to the SEC’s standard procedures. With this option filers can simply send their documents to the SEC through a designated courier or courier of their choice instead of submitting these personally at SEC office and/or Satellite Offices. 

Below is the step-by-step process when using SENS when submitting documents to the SEC: 

1. Log on to www.secexpress.ph/sens 

2. Accomplish, print and sign the SENS form, checklist and undertaking. Enclose these documents with the reports to be filed with the SEC in one envelope.

3. Filers who do not require a return copy of the document submissions may proceed to the nearest courier office of their choice and pay the courier fee. 

4. Filers who require a return copy of their document submissions may proceed to the designated SENS courier and pay the service/courier fees. A list of designated SENS Couriers is available at www.secexpress.ph/sens for your reference.

5. For inquiries please contact 737-8888. The SEC Express System hotline is available to answer any questions regarding SENS. To call the hotline for free, simply dial 737-8888 using any landline in Metro Manila; calls from mobile phones and landlines outside Metro Manila will be charged according to mobile and landline carrier rates. The hotline is available from 8am to 5pm, Mondays to Saturdays.

Please refer http://www.sec.gov.ph/docs_home/Final%20Write%20Up%20for%20SENS.pdf of the full text of the announcement. 

eBIRForms Package v6.0 (New) Is Now Available

The BIR just issued the new version of eBIRForms Package from v5.2 to v6.0.

To download the Offline eBIRForms Package v6.0, just click the following link:

http://ftp.pregi.net/bir/ebirforms_package_v6.0.zip

The Electronic Bureau of Internal Revenue Forms (eBIRForms) was developed primarily to provide taxpayers with an alternative mode of preparing and filing tax returns that is easier and more convenient. The use of eBIRForms by taxpayers will improve the BIR's tax return data capture and storage thereby enhancing efficiency and accuracy in the filing of tax returns. Through the use of the downloadable eBIRForms Software Package (also known as the Offline Package), taxpayers and Accredited Tax Agents (ATAs) will be able to fill up tax returns offline and submit it to the BIR through the Online eBIRForms System.

Offline eBIRForms PackageThe Offline eBIRForms Package is a tax preparation software that allows taxpayers and ATAs to accomplish or fill up tax forms offline. Instead of the conventional manual process of filling up tax returns on pre-printed forms that is highly susceptible to human error, taxpayers/ATAs can directly encode data, validate, edit, save, delete, view, print and submit their tax returns. The package can do automatic computations and has the capability to validate information encoded by taxpayers/ATAs. After filling out the forms in this package, taxpayers/ATAs can submit it to the Online eBIRForms System.

To download the Offline eBIRForms Package v6.0 click here.

To download the Offline eBIRForms Package v6.1 (New Version), just click the following link:

http://ftp.pregi.net/bir/ebirforms_package_v6.1.zip

 

The bureau just recently updated the eBIRForms Package from v6.1 to v6.2

To download the Offline eBIRForms Package v6.2, just click the following link:

http://ftp.pregi.net/bir/ebirforms_package_v6.2.zip

Alternative sites to obtain/download the Offline eBIRForms Package:

Websites: www.knowyourtaxes.ph; www.dof.gov.ph

Direct link: http://ftp.pregi.net/bir/ebirforms_package_v6.2.zip


Source: www.bir.gov.ph

2016 Filing of Annual Financial Statements and General Information Sheet to SEC

SEC Memorandum Circular No. 1 Series of 2016 just recently issued by the Commission to inform all concerned Corporations with regards to 2016 Filing of Annual Financial Statements and General Information Sheet.

The Commission, pursuant to its authority under the Corporation Code and Securities Regulation Code, adopt the following measures in the filing of annual reports:

I. AUDITED FINANCIAL STATEMENTS OF COMPANIES WHOSE FISCAL YEAR ENDS ON DECEMBER 31, 2015:

1. All corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, shall file their AFS depending on the last numerical digit of their SEC registration or license number in accordance with the following schedule:

April 18, 19, 20, 21, 22:     1 and 2

April 25, 26, 27, 28, 29:     3 and 4

May 2, 3, 4, 5, 6:               5 and 6

May 10, 11, 12, 13:           7 and 8

May 16, 17, 18, 19, 20:     9 and 0

All SEC Satellite Offices and Extension Offices in Cebu, Iloilo, Baguio and Davao shall be governed also by the above coding schedule in 2016. However, any corporations may file on or before its respective filing dates.

Please refer http://www.sec.gov.ph/laws/memorandumcircular/CY%202016/memo_circular_no.1.pdf of the full text of the Memorandum Circular.

PRC 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 bureau just issued Revenue Memorandum Circular No. 21-2016 circularizing the Professional Regulatory Board of Accountancy 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."

Please refer  http://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/RMC%20No%2021-2016.pdf of the full text of RMC No. 21-2016

PRC BOA Resolution No. 03 Series of 2016:

SECTION 1. Preparation of the Financial Statements (FS) and Notes to the FS. - 

The preparation and presentation of financial information of an entity in accordance with an applicable financial reporting framework and reports as required by accounting and auditing standards is a practice of accountancy in commerce and industry and therefore shall be prepared by a Certified Public Accountant ("CPA").

The CPA preparing these documents shall either be (1) CPA/s employed by the organizations ("CPA employee") or (2) CPA/s contracted by the organizations to perform said service (contracted CPA).

If a contracted CPA shall be preparing the FS and notes to the FS, said CPA shall not be the same CPA who shall be rendering the attest services for the organization.

SECTION 2. Prohibition for CPAs Handling the Attest Services to Prepare or Assist in the Preparation of FS and Notes to the FS. - 

Due to the self-review threat or risk as mentioned in paragraph 200.5 of Section 200 of the Code of Ethics, CPAs in public practice are prohibited from preparing or assisting in the preparation of FS and notes to the FS of their clients engaged them to render attest services for the same documents.

CPAs who shall violate this provision shall be subject to stern sanctions by the Board.

SECTION 3. Certificate on the Compilation Services for Preparation of FS and Notes to the FS

The Certificate on the preparation  of FS and notes to the FS shall be prepared and signed by the CPA who is tasked to assist management in the preparation and presentation of financial information of an entity in accordance with an applicable financial reporting framework and reports as required by accounting and auditing standards. The format prescribed in "ANNEX A" shall be used for this purpose.

The Certificate shall be attached to the audited FS that are to be submitted to the regulatory offices.

The Certificate shall be prepared only for issuers which/who have gross sales or revenues exceeding Ten Million Pesos (Php10,000,000.00) for a particular accounting year.

However, the rules prescribed in all other sections of this Resolution shall apply to all issuers of FS.

Please refer http://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/PRB_CPA_Reso2016_003_e.pdf  of the full text of Professional Regulatory Board of Accountancy 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."

Taxability of Non-Stock Savings and Loan Associations for Purposes of Income Tax, Gross Receipts Tax and Documentary Stamp Tax

Revenue Memorandum Circular (RMC) No. 9-2016 was  issued by the bureau to clarify the taxability of Non-Stock Savings and Loan Associations (NSSLAs) for income, value-added and documentary stamp tax purposes.

Please refer http://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/RMC%20No%209-2016.pdf of the illustrations and full text of RMC No. 9-2016.