Tax Updates

BIR CIRCULARIZES POLICY ON ONLINE VIRTUAL MEETINGS + DESPITE PANDEMIC SSS CONTRIBUTION RATE HIKE A GO IN 2021 + PAGCOR ISSUES FIRST LOCAL ONLINE GAMING LICENSE

BIR SUSPENDS ALL AUDIT & OTHER FIELD OPERATIONS EFFECTIVE DECEMBER 15 2020 + A 4-DAY WORK WEEK FOR 5 DAYS PAY? UNILEVER NEW ZEALAND IS THE LATEST TO TRY + LATEST ON RESTRICTION ON FOREIGN INVESTMENTS

DUTERTE REVEALS NAMES OF BIR PERSONNEL DISMISSED OVER CORRUPTION + BIR IMPLEMENTS ANOTHER RESHUFFLE TO HIT 2021 TAX GOAL + FINANCE CHIEF ORDERS BIR CUSTOMS TO INVESTIGATE COOPERATIVES USED FOR RICE IMPORTS

35-HOUR WORK WEEK BILL APPROVED IN HOUSE ON 2ND READING + DOF ON BAYANIHAN 3: EVALUATING DAMAGE CAUSED BY TYPHOONS IF CURRENT BUDGET SUFFICIENT + EXTENSION OF TAX PERKS FOR HOMEBUYERS PUSHED

VIETNAM REBUKES NETFLIX APPLE OVER LACK OF TAX PAYMENTS + SENATE APPROVES ON FINAL READING FIST BILL TO CUSHION BANKS FROM BAD LOANS + DOF EXTENDS DEADLINE FOR PAYMENT OF LOCAL TAXES FEES TO DECEMBER 19

NO TO NEW TAXES SELL OFF STATE-OWNED ASSETS TO COVER REVENUE SHORTFALL: DOMINGUEZ + CAP ON CREDIT CARD INTEREST RATE FEES TAKES EFFECT NOV. 3: BSP

MORE POGOS TO SHUT OPERATIONS IN SUBIC BAY + SENATORS FROWN ON MANDATORY REPORTING OF PHP 1M CASH PURCHASE OF REAL ESTATE + DOLE SAYS TO DISTRIBUTE PHP 13B BAYANIHAN 2 CASH AID TO WORKERS

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