DEPARTMENT OF FINANCE
The Department of Finance (DOF) issued Revenue Regulations (RR) No. 3-2017, 24 February 2017, to implement the tax provisions of Republic Act No. 10693, otherwise known as the "Microfinance NGOs Act'.
The RR provides for the taxation of the Microfinance Nongovernment Organization (NGO), as follows:
Please refer to the full text of the RR for the procedures and requirements in the accreditation of the Microfinance NGO for purpose of availing tax incentives.
The RR takes effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation.
(RGM&Co. Note: The RR was published in Manila Bulletin on 27 February 2017).
BUREAU OF INTERNAL REVENUE
The Bureau of Internal Revenue (BIR) issued:
Revenue Memorandum Circular No. 12-2017, 24 January 2017, to inform all concerned revenue personnel that all Authorized Agent Banks (AABs) have been reminded to open bank operationson 01 April 2017 and 08 April 2017. Furthermore, considering that 15 April 2017 falls on a Black Saturday, the AABs are also advised to extend the banking hours from 3:00 PM to 5:00 PM for the period 01 April to 17 April 2017, for purposes of accepting tax payments.
Revenue Memorandum Order (RMO) No. 03-2017, 01 February 2017, to further amend the prescribed format for the Certificate of Availment/Approval and Notice of Denial relative to Application for Compromise Settlement and/or Abatement of Penalties pursuant to Section 204 of the Tax Code, as amended.
All approved applications for compromise settlement and/or abatement of penalties shall be issued a Certificate of Availment following the prescribed format per Annexes “A” and “B” of the RMO, while denied applications shall be issued Notice of Denial following the prescribed format per Annexes “C” and “D” of the RMO.
BANGKO SENTRAL NG PILIPINAS
In order to assist the BIR in receiving tax payments covering the calendar year 2016, the Bangko Sentral ng Pilipinas (BSP) issued MemorandumNo. M-2017-008, 27 February 2017, to authorize all BIR AABs:
SECURITIES AND EXCHANGE COMMISSION
The Securities and Exchange Commission (SEC) issued the following:
SEC Memorandum Circular (MC) No. 1, Series of 2017, 10 February 2017, to prescribe the filing schedule of Audited Financial Statements (AFS) by corporations whose fiscal year ends on 31 December 2016.
All corporations, including branch offices, representative offices, regionalheadquarters 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 17, 18, 19, 20, 21 : 1 and 2
April 24, 25, 26, 27, 28 : 3 and 4
May 2, 3, 4, 5 : 5 and 6
May 8, 9, 10, 11, 12 : 7 and 8
May 15,, 16, 17, 18, 19 : 9 and 0
The above filing schedule shall not apply to the following corporations:
All corporations may file their AFS regardless of the last numerical digit of their registration or license number on or before the first day stated in the above schedule. Late filings shall be accepted starting 22 May 2017 and shall be subject to the prescribed penalties.
All corporations may directly file their AFS in the SEC Head Office, PICC Building and/or all SEC Satellite Offices (Ali Mall Cubao Quezon City, SM Manila, SM North EDSA, Robinson’s Galleria and Muntinlupa City Hall) and Extension Offices (Cebu, Davao and Iloilo) following the above schedule.
All filers may also select the other filing options as provided under the MC.
SEC Memorandum Circular (MC) No. 3, Series of 2017, 07 March 2017, to provide the list of all updated fees and charges to be imposed and collected by the SEC as approved by the DOF.
SEC Memorandum Circular (MC) No. 4, Series of2017, 10 March 2017, to amend SEC rules on the term limit of independent directors, as follows:
SEC Memorandum Circular (MC) No. 5, Series of 2017, 10 March 2017, to update the pro forma Certification required from all independent directors.
The Certification shall include, among others, disclosure of any pending criminal or administrative investigation or proceedings, positions held in Government-Owned and Controlled Corporations and the required written permission or consent from the head of Department/Agency (for those in government service).
The Certification shall be submitted together with the companies’ Information Statements (SEC Form 20-IS) and before the election of the independent director.
OFFICE OF THE PRESIDENT
The Office of the President issued Memorandum Order (MO) No. 12, 28 February 2017, approving the 2017 Investment Priorities Plan (IPP).
The 2017 IPP has a proposed theme of “Scaling Up and Dispersing Opportunities”. Please refer to the full text of the MO for the complete list of preferred activities for investment.
The MO shall take effect 15 days after publication in a newspaper of general circulation.
(RGM&Co Note: The MO was published in the Manila Bulletin on 03 March 2017)
Special InTAX March 2017 attachments: