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The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 127-2020 to inform all concerned on the suspension of all field audit and other field operations of the BIR with respect to the conduct of examinations and verifications of taxpayers’ books of accounts, records and other transactions for the period Dec. 15, 2020 to Jan. 7, 2021.

ON NOVEMBER 27, 2020, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 125-2020 to inform the public on the availability of the new BIR Form 1601-C (Monthly Return of Income Taxes Withheld on Compensation) January 2018 (ENCS) in the Electronic and Payment System (eFPS).

On Oct. 6, 2020, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 110-2020, which provides detailed guidelines on the proper modes of service of an electronic Letter of Authority (eLA).

THE Securities and Exchange Commission (SEC) issued SEC Memorandum Circular (MC) 31-2020 to forego the imposition of fines and other monetary penalties for non-filing, late filing, and failure to comply with compulsory notification and other reportorial requirements, to align with the Bayanihan Act 2.

IN LINE with the Securities and Exchange Commission’s (SEC) development and implementation of an electronic filing and monitoring system, the SEC has released Memorandum Circular (MC) 28-2020 that requires companies to provide their official electronic mail (e-mail) address and mobile phone numbers which will be used for communication, submission and other transactions with the SEC.

THE implementation of Republic Act 11494 or “Bayanihan II” has brought about several welcome exemptions for taxpayers as the country battles the ongoing pandemic. In particular, the Bureau of Internal Revenue (BIR) published on Oct. 17, 2020, Revenue Regulations (RR) 29-2020 implementing the provisions of Bayanihan II relative to tax exemption on certain income payments provided to certain employees and health workers.

THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 115-2020 on Oct. 21, 2020 to inform concerned stakeholders that Certificate of Zonal Values of Real Properties (certification) shall only be issued by the concerned Revenue District Offices (RDOs) having jurisdiction over the property location. The certification shall be used by the applicant in their transactions with other government offices or private entities.

The Securities and Exchange Commission (SEC) has recently issued Memorandum Circular (MC) 27 series of 2020 to operationalize Title XIII, Chapter III of Republic Act 11232, or the Revised Corporation Code of the Philippines (RCC), which allows the conversion from an Ordinary Stock Corporation (OSC) to a One Person Corporation (OPC), as well as the conversion from an OPC to an OSC.