Be updated on our latest insights

THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) 107-2019 to further extend the validity period of Certificate of Accreditation (COA) and Permits to Use (PTUs) of Cash Register Machines (CRMs), Point-of-Sale (POS) machines and other sales machines or receipting software.

LAST October 9, 2019, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 105-2019 to clarify the tax treatment of the salary differential paid by the employer in favor of the female employee in the private sector.

THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular 100-2019, prescribing the use of revised BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld) January 2018, which was amended due to the implementation of Republic Act 10963, also known as the Tax Reform for Acceleration and Inclusion Law.

SECTION 10 of Republic Act 11232, otherwise known as the Revised Corporation Code of the Philippines, allows any person, partnership, association or corporation, singly or jointly with others, but not more than 15 in number, to organize a corporation for any lawful purpose or purposes.

The Securities and Exchange Commission (SEC) has been receiving numerous complaints against Financing Companies (FCs) and Lending Companies (LCs) that allegedly harass borrowers and employ abusive, unethical and unfair means to collect debt. It has also come to the attention of the SEC that these FCs and LCs are purposely employing third-party service providers (TPSPs) to avoid liability for client harassment. In line with these developments, the SEC issued Memorandum Circular 18 Series of 2019 to regulate and supervise such practices.

THE Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) 09-2019 on Aug. 27, 2019 to amend RR 05-2017 on the tax privileges to persons with disabilities (PWDs) and tax incentives to establishments granting sales discounts to such PWDs.

The Securities and Exchange Commission (SEC)—in agreement to its order to assist in implementing the Anti-Money Laundering Act (AMLA), as amended, and the Terrorist Financing Prevention and Suppression Act (TFPSA)—approved the amended version of SEC Memorandum Circular No. 17 s. 2018 on the Revision of the General Information Sheet (GIS) to include Beneficial Ownership Information.

IN ACCORDANCE with Social Security Commission Resolution 549-s 2019, the Social Security System (SSS) issued SSS Circular 2019-12 on Aug. 6, 2019, prescribing the deadlines for remitting contributions applicable for July 2019 onward, shown as follows: