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We deliver value-added audit and assurance services to our clients, helping them manage their fiscal responsibilities with prudence and foresight.

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Our audit approach will allow our client's accounting personnel to make the maximum contribution to the audit effort without compromising their ongoing responsibilities
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At P&A Grant Thornton, we provide annual and short period financial statement audit services that go beyond the normal expectations of our clients. We believe strongly that our best work comes from combining outstanding technical expertise, knowledge and ability with exceptional client-focused service.
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We help you identify the opportunities and pitfalls that can significantly affect your...

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With our knowledge of tax laws and audit procedures, we help safeguard the substantive and procedural rights of taxpayers and prevent unwarranted assessments.
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We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
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For clients that want to do business in the Philippines, we assist in determining the appropriate and tax-efficient operating business or investment vehicle and structure to address the objectives of the investor, as well as related incorporation issues.
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Our advocacy work focuses on clarifying the interpretation of laws and regulations, suggesting measures to increasingly ease tax compliance, and protecting taxpayer’s rights.

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We believe there is an optimal solution to every business challenge. Using our Firm's breadth and depth of specialized expertise, we work with you to find...

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We provide solid, first-rate support for your key accounting and administrative activities, such as outsourced accounting, payroll, and accounting-related...

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Accounting services
At P&A Grant Thornton, we handle accounting services for several companies from a wide range of industries. Our approach is highly flexible. You may opt to outsource all your accounting functions, or pass on to us choice activities.
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We offer Staff Augmentation services where our staff, under the direction and supervision of the company’s officers, perform accounting and accounting-related work.
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Payroll processing services are provided by P&A Grant Thornton Outsourcing Inc. More and more companies are beginning to realize the benefits of outsourcing their noncore activities, and the first to be outsourced is usually the payroll function. Payroll is easy to carve out from the rest of the business since it is usually independent of the other activities or functions within the Accounting Department.

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Consumer products

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Energy markets worldwide are undergoing major changes. P&A Grant Thornton can help you understand and navigate ensuing challenges and make sure you have the...

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Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To truly go...

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Across the globe, not for profit organisations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...

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Outsourcing

The outsourcing industry is one of the fastest growing sectors in the Philippines. Growth in the industry is at an annual average rate of 20%. The industry is...

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Across the globe, countries are moving towards leaner, more commercial, locally focused, and responsive government and public sectors. At P&A Grant Thornton,...

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Retail industry

With operational cost, price competition, and currency volatility, pressure on profits continues to pile on retailers. Advancements in e-commerce are also...

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Tax Notes

Sworn statement, sworn declaration requirements on tax-exempt foreign-sourced dividends

22 Jul 20232 min read

Contents

The Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) No. 74-2023, amending Section 5 of Revenue Regulation No. 5-2021 regarding the Sworn Statement (Annex A) and Sworn Declaration (Annex B) to be submitted in order to avail the Income Tax Exemption of foreign-sourced dividends. The annexes now provides for standard templates in case the domestic corporation receives multiple foreign-sourced dividends qualified for the income tax exemption.

Sworn Statement

To qualify for the income tax exemption, domestic corporations must attach Annex A to their Annual Income Tax Return for the taxable year in which the dividends were received. Annex A should include the following details: the name and designation of the corporate officer, the name of the domestic corporation, taxpayer identification number, business address, taxable year covered, the name of foreign subsidiaries, amount of dividends, date of receipt, the reinvestment choice, and the date of the sworn statement.

Sworn Declaration

In addition to the Sworn Statement, domestic corporations are required to attach Annex B to their Annual Income Tax Return. Annex B should include the following details: the name and designation of the corporate officer, the name of the domestic corporation, taxpayer identification number, business address, names of foreign subsidiaries, amount received, amount utilized, date of disbursement, purpose of disbursement, and the date of the sworn declaration.

Compliance

Attaching Annexes A and B along with the Annual Income Tax Return is sufficient to avail the income tax exemption. However, if there has been partial or non-utilization of foreign-sourced dividends, the concerned domestic corporation must amend its Annual Income Tax Return for the specific period and pay the corresponding income tax due, including any applicable surcharge, interest, and penalties.

Please be guided accordingly.

Source: 

P&A Grant Thornton

Certified Public Accountants

P&A Grant Thornton is the Philippine member firm of Grant Thornton International Ltd

As published in SunStar Cebu, dated 22 July 2023