Tax Updates

BIR NOW ALLOWS E-SIGNATURE FOR CERTAIN BIR FORMS + GATCHALIAN: NO POINT CRAFTING BAYANIHAN 3 + ZONAL VALUATION ALONE NOT SOLE BASIS OF ACTUAL MARKET VALUE OF LAND FOR JUST COMPENSATION-SC

JAPAN’S CORONAVIRUS-LINKED BANKRUPTCIES HIT MONTHLY RECORD + FINANCIAL EXECS STRONGLY URGE PASSAGE OF GUIDE BILL TO AID SMALL BUSINESSES + AUSTRALIA PASSES LANDMARK LAW REQUIRING TECH FIRMS TO PAY FOR NEWS

TOPSHOP & TOPMAN TO CLOSE DOWN ALL STORES IN THE PHILIPPINES + SAVINGS FROM CREATE TAX CUTS TO BE RE-INVESTED BACK TO THE ECONOMY: BUSINESS LEADERS

BPOS SEEN HIRING UP TO 100,000 THIS YEAR: WORK-FROM-HOME ALSO HERE TO STAY + BIR TELLS TAXPAYERS TO USE ITS ONLINE APPOINTMENT SYSTEM + BIR EYES 24/7 ONLINE TAXPAYER SERVICES

OECD EXPECTS PH ECONOMY TO GROW JUST 5.9% THIS YEAR + ARTA FLAGS LGUS CORRUPTION-PRONE TAX ASSESSMENT + BIR WORKS WITH RUSSIAN COUNTERPART ON TAX ADMIN

BICAM APPROVES CREATE BILL WHICH LOWERS CORPORATE INCOME TAX + GOVT TO TRANSFER SOME FUNCTIONS TO LGUS + DEBENHAMS SHUTS ALL STORES AROUND 12,000 JOBS LOST

SSS CAN’T ABSORB RATE HIKE DEFERMENT + PHILIPPINE CHAMBER CALLS ON CONGRESS TO FAST-TRACK CORPORATE TAX REFORM BILL

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