{{vm.title}}
25{{vm.includesText}}
{{item}}
{{vm.selectText}}
{{ vm.welcomeLabel.trim() }},
{{ vm.userName }}
{{ vm.text }}
{{vm.newUser1}} {{vm.newUser2}} {{vm.newUser3}} {{vm.newUser4}}
{{ vm.unknownUser }}
{{ vm.title }}
{{ vm.title }}
{{ vm.title }}
- {{ vm.siteSelectorList.flyout.cell1.heading }} {{ site.countryLocale }} {{ vm.siteSelectorList.flyout.cell1.global.countryLocale }}
{{ vm.closeTabLabel }}
- {{ vm.flyout.cell2.title }} {{ vm.flyout.cell2.newTabAllow }} {{ vm.flyout.cell2.title }}
- {{ vm.flyout.cell3.title }} {{ vm.flyout.cell3.newTabAllow }} {{ vm.flyout.cell3.title }}
- {{ vm.flyout.cell1.viewAll.label }} {{ vm.flyout.cell1.viewAll.newTabAllow }} {{ vm.flyout.cell1.viewAll.label }}
Special InTAX March 2017 Issue 3 Vol. 3
Special InTAX March 2017 Issue 3 Vol. 3
InTAX is an official publication of Tax Group of R.G. Manabat & Co.
DEPARTMENT OF FINANCE
The Department of Finance (DOF) issued Revenue Regulations (RR) No. 3-2017, 24 February 2017, to implement the tax provisions of Republic Act No. 10693, otherwise known as the "Microfinance NGOs Act'.
The RR provides for the taxation of the Microfinance Nongovernment Organization (NGO), as follows:
- A duly registered and accredited Microfinance NGO shall pay a 2% tax based on its gross receipts from microfinance operations in lieu of all national taxes: Provided, that preferential tax treatment shall be accorded only to NGOs whose primary purpose is microfinance and only on their microfinance operations;
- The preferential reate of 2% based on gross receipts from microfinance operations should only refer to lending activities and insurance commission which are bundled and forming integral part of the qualified lending activities of the Microfinance NGO; and
- All other income by the Microfinance NGO which are not generated from the lending activities and insurance commissions shall be subject to all applicable taxes.
Please refer to the full text of the RR for the procedures and requirements in the accreditation of the Microfinance NGO for purpose of availing tax incentives.
The RR takes effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation.
(RGM&Co. Note: The RR was published in Manila Bulletin on 27 February 2017).
BUREAU OF INTERNAL REVENUE
The Bureau of Internal Revenue (BIR) issued:
Revenue Memorandum Circular No. 12-2017, 24 January 2017, to inform all concerned revenue personnel that all Authorized Agent Banks (AABs) have been reminded to open bank operationson 01 April 2017 and 08 April 2017. Furthermore, considering that 15 April 2017 falls on a Black Saturday, the AABs are also advised to extend the banking hours from 3:00 PM to 5:00 PM for the period 01 April to 17 April 2017, for purposes of accepting tax payments.
Revenue Memorandum Order (RMO) No. 03-2017, 01 February 2017, to further amend the prescribed format for the Certificate of Availment/Approval and Notice of Denial relative to Application for Compromise Settlement and/or Abatement of Penalties pursuant to Section 204 of the Tax Code, as amended.
All approved applications for compromise settlement and/or abatement of penalties shall be issued a Certificate of Availment following the prescribed format per Annexes “A” and “B” of the RMO, while denied applications shall be issued Notice of Denial following the prescribed format per Annexes “C” and “D” of the RMO.
BANGKO SENTRAL NG PILIPINAS
In order to assist the BIR in receiving tax payments covering the calendar year 2016, the Bangko Sentral ng Pilipinas (BSP) issued MemorandumNo. M-2017-008, 27 February 2017, to authorize all BIR AABs:
- To render banking services from 9:00 AM to5:00 PM on two Saturdays of April 2017 (i.e. 01 and 08 April 2017); and
- To extend their banking operations up to 5:00PM for the period 01 to 17 April 2017
SECURITIES AND EXCHANGE COMMISSION
The Securities and Exchange Commission (SEC) issued the following:
SEC Memorandum Circular (MC) No. 1, Series of 2017, 10 February 2017, to prescribe the filing schedule of Audited Financial Statements (AFS) by corporations whose fiscal year ends on 31 December 2016.
All corporations, including branch offices, representative offices, regionalheadquarters and regional operating headquarters of foreign corporations, shall file their AFS depending on the last numerical digit of their SEC registration or license number in accordance with the following schedule:
April 17, 18, 19, 20, 21 : 1 and 2
April 24, 25, 26, 27, 28 : 3 and 4
May 2, 3, 4, 5 : 5 and 6
May 8, 9, 10, 11, 12 : 7 and 8
May 15,, 16, 17, 18, 19 : 9 and 0
The above filing schedule shall not apply to the following corporations:
- Those whose fiscal year ends on a date otherthan 31 December 2016;
- Those whose securities are listed on the Philippine Stock Exchange (PSE) and those whose securities are registered butnot listed in PSE and Public Companies; and
- Those whose AFS are being audited by the Commission on Audit.
All corporations may file their AFS regardless of the last numerical digit of their registration or license number on or before the first day stated in the above schedule. Late filings shall be accepted starting 22 May 2017 and shall be subject to the prescribed penalties.
All corporations may directly file their AFS in the SEC Head Office, PICC Building and/or all SEC Satellite Offices (Ali Mall Cubao Quezon City, SM Manila, SM North EDSA, Robinson’s Galleria and Muntinlupa City Hall) and Extension Offices (Cebu, Davao and Iloilo) following the above schedule.
All filers may also select the other filing options as provided under the MC.
SEC Memorandum Circular (MC) No. 3, Series of 2017, 07 March 2017, to provide the list of all updated fees and charges to be imposed and collected by the SEC as approved by the DOF.
SEC Memorandum Circular (MC) No. 4, Series of2017, 10 March 2017, to amend SEC rules on the term limit of independent directors, as follows:
- A company’s independent director shall serve for a maximum cumulative term of nine (9) years;
- After nine (9) years, the independent director shall be perpetually barred from re-election as such in the name of the company, but may continue to qualify as a non-independent director;
- In the instance that a company wants to retain an independent director who has served for nine (9) years, the Board shouldprovide meritorious justification/s and seek shareholders’ approval during the annual shareholders’ meeting; and
- Reckoning of the cumulative nine-year term is from 2012.
SEC Memorandum Circular (MC) No. 5, Series of 2017, 10 March 2017, to update the pro forma Certification required from all independent directors.
The Certification shall include, among others, disclosure of any pending criminal or administrative investigation or proceedings, positions held in Government-Owned and Controlled Corporations and the required written permission or consent from the head of Department/Agency (for those in government service).
The Certification shall be submitted together with the companies’ Information Statements (SEC Form 20-IS) and before the election of the independent director.
OFFICE OF THE PRESIDENT
The Office of the President issued Memorandum Order (MO) No. 12, 28 February 2017, approving the 2017 Investment Priorities Plan (IPP).
The 2017 IPP has a proposed theme of “Scaling Up and Dispersing Opportunities”. Please refer to the full text of the MO for the complete list of preferred activities for investment.
The MO shall take effect 15 days after publication in a newspaper of general circulation.
(RGM&Co Note: The MO was published in the Manila Bulletin on 03 March 2017)
Special InTAX March 2017 attachments:
© 2020 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
Connect with us
- Find office locations kpmg.findOfficeLocations
- Email us kpmg.emailUs
- Social media @ KPMG kpmg.socialMedia