Tax Updates

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

JOBLESS FILIPINOS BALLOON TO 7.3 MILLION IN APRIL AS UNEMPLOYMENT SOARS IN LOCKDOWN + HOUSE APPROVES PHP 1.3 TRILLION STIMULUS PACKAGE ARISE ON FINAL READING

MOST RECENT BIR & SEC FILING GUIDELINES ON AFS & GIS + MOST RECENT UPDATE ON NEW TAX REFORM BILLS THROUGH CREATE & ECONOMIC STIMULUS PACKAGE

HUNDREDS OF PRIVATE HOSPITALS IN PH MAY GO BANKRUPT DUE TO CORONAVIRUS PANDEMIC + SALCEDA WANTS ADDITIONAL TAX ON DIGITAL SERVICES LIKE NETFLIX LAZADA FB ADS FOLLOWING INDONESIA MODEL]

BIR: NO MORE TAX DEADLINE EXTENSION AS GOVERNMENT IN DIRE NEED OF FUNDS + TWITTER SAYS MANY EMPLOYEES MAY WORK REMOTELY FOREVER + TAX AVOIDANCE ALLEGATIONS VS. ABS-CBN UNFAIR FOR REGULATORS: TAX EXPERT

BIR FURTHER EXTENDS 2019 ITR FILING PAYMENT DEADLINE TO JUNE 14 + DOF EXTENDS DEADLINE TO PAY LOCAL TAXES FEES + SOCIAL EATING OFFICE CONVERSATION DISCOURAGED WHEN PRIVATE COMPANIES REOPEN

HIGHLIGHTS OF PHILIPPINE ECONOMIC RECOVERY ACT + SENATE TO AMEND CITIRA BASED ON PH COVID-19 CRISIS NEEDS: PIA CAYETANO

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