Tax Updates

COURT SAID BIR MUST INITIALLY CONDUCT A SURVEILLANCE BEFORE ISSUING 48-HOUR NOTICE & 5-DAY VAT COMPLIANCE NOTICE + ISSUANCE OF SALES INVOICE & O.R. COVERING SAME TRANSACTION IS NOT EQUIVALENT TO IMPOSITION OF DOUBLE VAT

SEC BLACKLISTS AUDITOR OF SCAMMED BROKERAGE + BIR CHIEF CONTRADICTS CALIDA INSISTS POGO NEED TO PAY 5% FRANCHISE TAX + HOUSE COMMITTEE OKS 12% VAT ON DIGITAL TRANSACTIONS

SUSPENSION OF NOTARIZATION REQUIREMENT UNDER ANTI-RED TAPE AUTHORITY ADVISORY + INCOME TAX & VAT LIABILITY OF BUSINESS LEAGUE AS DECIDED BY TAX COURT + NEW US JOBLESS CLAIMS RISE TO 1.42 MILLION

KBP CHIEF: NOT END OF THE ROAD YET FOR ABS-CBN DESPITE DENIED FRANCHISE + PEZA FEARS SOME COMPANIES MIGHT LEAVE BECAUSE OF GLOBAL RECESSION

TAXMAN EYES BLOGGERS YOUTUBERS + DOLE URGED TO PROBE ALLEGED NON-PAYMENT OF CALL CENTER AGENTS SALARIES DURING COVID-19 CRISIS + FIRMS NOW PREFER HIRING PEOPLE WITH WORK-FROM-HOME SET-UPS: JOBSTREET

SUPREME COURT INVALIDATES BIR CIRCULAR IMPOSING TAXES ON CONDO UNIT OWNERS DUES & CHARGES + BIR: ONLY 24.9% OF LARGE TAXPAYERS PAID AHEAD OF JUNE 15 DEADLINE

BIR RESUMES ENFORCEMENT ACTIVITIES + BIR KEEPS JUNE 15 DEADLINE FOR TAX FILING + MASSIVE US LAYOFFS CONTINUE EVEN AS BUSINESSES REOPEN

Relevant Laws and Other
Regulatory Updates

TSG UPDATES 2019-016 (SEC): REVISED SECURITIES REGULATION CODE (SRC) RULE 68

On August 19, 2019, the Commission En Banc approved the latest revision of the Securities Regulation Code Rule which states the financial statement requirements (form and content) among covered corporations.

TSG 2018-034 (BSP) Circular No. 1004: Reduction in Reserve Requirements

On May 24, 2018, the Bangko Sentral ng Pilipinas (BSP) released Circular 1004 which announced the 100 basis-points Reduction in Reserve Requirements

TSG 2018-032 (BSP) Circular No. 1002

On April 20, 2018, the Securities and Exchange Commission (SEC) released Memorandum Circular No.
7 Series