Tax Updates

VARIOUS GROUPS CALL FOR REFINEMENTS ON CITIRA + DOF FIRM ON CITIRA TRANSITION PERIOD DESPITE REQUESTS FROM PEZA + DTI 10 YEARS MAX FOR CITIRA TRANSITION

DOF ORDERS AUDIT OF 30K COOPERATIVES + PEZA NOW SUPPORTS CITIRA + LONGER MATERNITY LEAVE TAX EXEMPT ACCORDING TO BIR + PEZA NOW FINE TUNING CITIRA

CONGRESS NEARS PASSAGE OF TAX REFORM PROPOSAL PACKAGE 2 THROUGH CITIRA + BIR TO CLOSE TAX LEAKAGE FROM ONLINE SELLERS + SSS TAPS PARTNERS TO EXPAND SELF-EMPLOYED WORKERS COVERAGE

PERPETUAL TAX EXEMPTION OF ELECTRIC COOPERATIVES + MOST RECENT UPDATE ON CITIRA & GROSS TAXATION SCHEME

CITIRA SAGA + SEC RAISES RED FAG ON REVIVAL OF KAPA + HOUSE APPROVED ON 3RD & FINAL READING CITIRA BILL + CABINET TEAM TO STUDY PROPOSED SHIFT TO GROSS TAXATION

HOUSE OKS ON 2ND READING BILL LOWERING CORPORATE TAX & FIXING INCENTIVES + HOUSE APPROVES ENTRY OF FOREIGN PROFESSIONALS + DUTERTE WANTS TO REMOVE CUSTOMS BROKERS & CHANGE TAX DUES COMPUTATION

UPDATES ON THE TAX REFORM PROPOSAL PACKAGE 2

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