Special InTAX: March 2023 Issue 1 | Volume 2

InTAX is an official publication of R.G. Manabat & Co.'s Tax Group

InTAX is an official publication of R.G. Manabat & Co.'s Tax Group

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special intax

Bureau of Internal Revenue

The Bureau of Internal Revenue (BIR) issued the following:

Revenue Memorandum Circular (RMC) No. 33 2023, dated 17 March 2023, to clarify that the issuance and enforcement of Subpoena Duces Tecum (SDT) shall apply not only in tax audits or investigations, but also in the monitoring and verifying taxpayers’ compliance with relevant tax laws, as authorized under Section 5 of the Tax Code.

The RMC provides that the guidelines and procedures set forth in Revenue Memorandum Order (RMO) No. 10-2013, as amended, shall also apply in the examination of any book, paper, record, or other data which may be relevant or material in evaluating tax compliance of taxpayers who is liable for tax or required to file a tax return.

The RMC also provides guidelines that may be utilized by the Head of the Revenue District Office/Large Taxpayers Audit Division/Large Taxpayers District Office/National Investigation Division/Regional Investigation Division concerned or any other officer duly delegated by the Commissioner to aid in the monitoring and verifying the tax compliance of both registered and unregistered taxpayers.

The procedures for the issuance and enforcement of SDTs, as prescribed under RMO No. 10-2013, must still be strictly observed by all concerned in compelling taxpayers to submit or otherwise present the required books, records, and documents.

RMC No. 36-2023dated 20 March 2023, to announce the availability and implementation of the following registration-related online transactions, functions, and features in the BIR Online Registration and Update System (ORUS) starting 17 March 2023:

  • Online Payment (e-Payment) of Annual Registration Fee (RF) for New Business Registrants;
  • Online Inquiry of RF Payment for BIR Internal Users;
  • Application for Cancellation of Permit to Use (PTU), Loose-leaf and Acknowledgement Certificate (AC) of Computerized Accounting System (CAS);
  • Online Verification of Taxpayer Identification Number (TIN); and
  • BIR Registered Business Search Facility.

Taxpayers with existing ORUS accounts may avail the abovementioned online transactions through the BIR website (www.bir.gov.ph) under the eServices icon or thru the URL https://orus.bir.gov.ph.           

On the other hand, taxpayers who do not have an ORUS account and would want to avail the same abovementioned online transactions are required to enroll or create an account in ORUS following the guidelines prescribed under RMC No. 122-2022.

Please click on the link for the full text of the issuances: RMC No. 33-2023 and RMC No. 36-2023

Securities and Exchange Commission

The Securities and Exchange Commission (SEC) issued the following:

SEC Memorandum Circular (MC) No.01 series of 2023 dated 03 March 2023 provides for the extension of deadlines for the 2023 filing of Annual Financial Statements (AFS).

For the AFS of corporations (including those under the jurisdiction of SEC Extension Offices) with the calendar year ended 31 December 2022:

  1. The filing of the AFS shall be through the SEC Electronic Filing and Submission Tool (eFAST), in accordance with the following revised filing schedules, depending on the last numerical digit of their SEC registration or license numbers:

Revised Filing Schedules

Last Digits of SEC Registration/License Number

May 29, 30, 31, June 1, 2

1 and 2

June 5, 6, 7, 8, 9

3 and 4

June 13, 14, 15, 16

5 and 6

June 19, 20, 21, 22, 23

7 and 8

June 26, 27, 29, 30

9 and 0

 

Late filings or submissions after the due dates above shall be accepted starting 03 July 2023 and shall be subjected to the prescribed penalties which shall be computed from the date of the last day of filing stated above.

2. All provisions under MC No. 9, series of 2022, except Sections 1.1 and 1.4, as revised, shall remain effective. 

3. Under Section 1.2 of MC No. 9, series of 2022, the above filing schedules shall not apply to the following corporations and adopt the following instead:

  Revised Filing Schedules

a. Those whose fiscal year ends on a date other than 31 December 2022

within 120 days from the end of their fiscal year, except for brokers and dealers who shall file SEC Form 52-AR within 110 days from the end of their fiscal years
b. Those whose securities are listed on the Philippine Stock Exchange (PSE), those whose securities are registered but not listed on the PSE, those considered as public companies and other entities covered under Sec. 17.2 of the SRC within 105 calendar days after the end of fiscal year, as an attachment to their Annual Reports (SEC Form 17-A)
c. Those whose AFS are being audited by the Commission on Audit (COA) N/A, required only to attach to the AFS:
  • an affidavit attesting to the timely submission of the AFS to COA and that the audit of COA has just been concluded; and
  • letter from COA confirming the information in the affidavit

 

All other circulars, memoranda, and implementing rules and regulations that may be inconsistent with the foregoing provisions shall be deemed modified or amended accordingly.

The MC shall take effect immediately after its publication in two newspapers of general circulation.

(R.G.Manabat & Co. Notes: Published in Philippine Star and Philippine Daily Inquirer on 04 March 2023)

SEC MC No. 2, series of 2023 dated 16 March 2023 provides for the grant of amnesty for non-filing and late filing of the General Information Sheet (GIS) and AFS and Non-Compliance with MC No. 28 series of 2020.

Pertinent provisions of the MC are as follows:

  1. List of Covered Violations covered by the Amnesty which shall cover the latest and prior year period violations. (Section 1)
  2. The applicable amnesty rates for non-filing and late filing of GIS and/or AFS and MC No. 28 violation and amnesty rates for suspended and revoked corporations. (Section 2)
  3. The filing of application with the supporting documents on or before 30 April 2023 where the duly authorized representative or resident corporation (“Applicant”) shall file an Online Expression of Interest Form (EOI) via eFAST. The list of documentary requirements and application and payment procedures are also provided in the MC. (Section 3)
  4. Corporations that have fully complied with all conditions provided in the MC including payment of relevant fines and penalties shall be issued with a Confirmation of Payment. The amnesty granted in the MC is final and irrevocable covering the period/s indicated in the confirmation. However, issuance of the confirmation does not exempt the corporation from filing its subsequent mandatory reportorial requirements in a timely manner. For revoked/suspended corporations, the confirmation shall not automatically lift its suspended/revoked status which shall be a separate proceeding before the Company Registration and Monitoring Department (CRMD). (Section 4)
  5. The MC provides the list of entities excluded from the coverage of the amnesty. (Section 5)
  6. Only those who have filed an amnesty application and secured a Payment Assessment Form (PAF) through eFAST and paid through the eSPAYSEC or LBP On-Coll Facility until 30 April 2023 shall be eligible for amnesty under this MC. Thereafter, the existing scale of fines and penalties issued by the SEC shall be observed. (Section 6)

The MC is effective immediately upon completion of publication in a newspaper of general circulation.

(R.G.Manabat & Co. Notes: Published in Philippine Daily Inquirer and Manila Bulletin on 17 March 2023)

Please click on the link for the full text of the issuances: 2023MCNo_01 and 2023MCNo02

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