BIR-SEC MOA on filing of AFS

BIR -SEC MOA on filing of AFS

The BIR and SEC have signed a memorandum of agreement (MOA) on the procedures in the submission of Annual Financial Statements (AFS) effective this 2010 tax filing season.

Under the MOA, the SEC will require only one original stamped copy and two photocopies of the AFS.  The certified photocopies may be requested from the BIR upon payment of certification fee. 

The MOA complements earlier BIR issuance (RMO 06-10) which limits to three the number of copies of the income tax return and AFS that will be stamped “received” by the BIR.

P&A Tax Alerts are issued to keep our clients updated with the latest tax developments.  These are not intended to be a substitute for professional advise.  For inquiries and suggestions on how the Tax Alert may be even more useful to you, e-mail Lina.Figueroa@ph.gt.com or Senen.Quizon@ph.gt.com or call 886-5511.

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