BIR extends the deadline for the submission of 2025 AFS through eAFS
Other Relevant Tax Updates:
- TAX & BUSINESS-RELATED NEWS [MAY 6-11]
- BIR EXTENDS THE DEADLINE FOR SUBMISSION OF 2025 AUDITED FINANCIAL STATEMENTS & ATTACHMENTS THROUGH eAFS
- BIR ISSUES TAX ADVISORY TO CLARIFY & ADDRESS NUMEROUS QUERIES RELATIVE TO eAFS
I. TAX & BUSINESS-RELATED NEWS [MAY 06-11]
1. BIR: No blanket tax hike under property reform act
2. Chua defends director post at Shell board
3. ‘The world needs us’: PH-Indonesia nickel pact to corner global supply
4. SEC to probe Piki’s complaint vs ABS-CBN execs
5. Balisacan open to tax relief, wage adjustments
BIR: No blanket tax hike under property reform act [Philippine Daily Inquirer, May 11, 2026]
The implementation of the Real Property Valuation and Assessment Reform Act (RPVARA) will not automatically result in higher property taxes, as any change in payments will still depend on updated property valuations and local government tax policies, the Bureau of Internal Revenue (BIR) said.
https://business.inquirer.net/589655/bir-no-blanket-tax-hike-under-property-reform-act
Chua defends director post at Shell board [The Philippine Star, May 11, 2026]
Makati Business Club chairman Edgar Chua has defended his nomination as independent director of Shell Pilipinas Corp. as concerns over corporate governance and the independence of board nominees have been raised ahead of the oil giant’s stockholders’ meeting this week.
https://www.philstar.com/business/2026/05/11/2527022/chua-defends-director-post-shell-board
‘The world needs us’: PH-Indonesia nickel pact to corner global supply [Cebu Daily News, May 10, 2026]
Together, Indonesia and the Philippines account for roughly 70 to 75 percent of the world’s nickel supply.
https://cebudailynews.inquirer.net/726636/philippines-indonesia-nickel-pact-to-corner-global-supply
SEC to probe Piki’s complaint vs ABS-CBN execs [The Philippine Star, May 9, 2026]
In a complaint filed with the SEC on May 6, 2026, Piki has asked the commission to audit ABS-CBN and investigate its top management, led by its chairman Martin “Mark” Lopez for allegedly “squandering tens of billions of pesos of the losing media company’s resources” as well as for violations of the Revised Corporation Code and the Securities Regulation Code.”
https://www.philstar.com/business/2026/05/09/2526557/sec-probe-pikis-complaint-vs-abs-cbn-execs
Balisacan open to tax relief, wage adjustments [The Philippine Star, May 8, 2026]
Asked about a proposal to raise the income tax deduction threshold to P400,000 from P230,000, DepDev Secretary Arsenio Balisacan said such a move would increase the purchasing power of workers, particularly those from lower income groups.
https://www.philstar.com/business/2026/05/08/2526353/balisacan-open-tax-relief-wage-adjustments
II. BIR EXTENDS THE DEADLINE FOR SUBMISSION OF 2025 AUDITED FINANCIAL STATEMENTS & ATTACHMENTS THROUGH eAFS
Revenue Memorandum Circular No. 046-2026, issued on May 18, 2026, prescribes the extension of filing of 2025 Audited Financial Statements (AFS) and other attachments through the Electronic Audited Financial Statements (eAFS)/Submission Facility. Taxpayers who failed to submit on or before May 15, 2026, due to eAFS system issues may resubmit the same until May 25, 2026 without the imposition of penalties, provided that the delay was caused solely by system-related problems. However, this extension does not apply to the filing of the Annual Income Tax Returns (AITR).
Meanwhile, taxpayers who submitted via the official contingency email on or before May 15, 2026, and received and acknowledged are already considered compliant. Re-uploading to the eAFS system is not required, although taxpayers may still opt to upload through the eAFS facility, if they wish.
If you wish to get a copy of complete text of CTA cases, please e-mail us at taxseminars@dmdcpa.com.ph.
III. BIR ISSUES TAX ADVISORY TO CLARIFY & ADDRESS NUMEROUS QUERIES RELATIVE TO eAFS
In an undated Tax Advisory, the BIR has clarified and addressed numerous queries relative to the electronic submission of Audited Financial Statements and other required attachments to the Electronic Audited Financial Statements.
Highlights include work around procedures and recommended actions on various illustrations and scenarios.
Recent Comments