SEC Memorandum Circular No. 32 series of 2020

20 Nov 2020

This Accounting Alert is issued to circulate the new circular by the Securities and Exchange Commission (SEC/Commission) on the basis of preparation of audited financial statements for Bangko Sentral ng Pilipinas (BSP) Supervised Financial Institutions (BSFIs) under SEC Memorandum Circular (MC) No. 32-2020.

Clarifications on the tax exemption of retirement benefits under Bayanihan II

16 Nov 2020

This Tax Alert is issued to inform all concerned on the following clarifications on the tax exemption of retirement benefits pursuant to Bayanihan to Recover as One Act (Republic Act No. 11494) or the Bayanihan II and as implemented under Revenue Regulations (RR) No. 29-2020.

SEC Memorandum Circular No. 31 series of 2020

10 Nov 2020

This Accounting Alert is issued to circulate the new circular by the Securities and Exchange Commission (SEC/Commission) on the non-imposition of fines and other monetary penalties for non-filing, late filing, and failure to comply with compulsory notification and other reportorial requirements under SEC Memorandum Circular (MC) No. 31-2020.

Reiteration of the imposition of franchise tax and other taxes on income derived by offshore gaming licensees as source of funding during the pandemic

06 Nov 2020

This Tax Alert is issued to reiterate that income derived by offshore gaming licensees shall be subject to the 5% franchise tax and other applicable taxes. The franchise tax and other applicable taxes to be collected from offshore gaming licenses shall be used to fund the subsidies and stimulus measures provided under Bayanihan to Recover as One Act (Republic Act No. 11494) or the Bayanihan II.

SEC Memorandum Circular No. 28 series of 2020

03 Nov 2020

This Accounting Alert is issued to circulate the new requirement by the Securities and Exchange Commission (SEC/Commission) for corporations, partnerships, associations, and individuals to create and/or designate e-mail account address and cellphone number for transaction with the commission under SEC Memorandum Circular (MC) No. 28-2020.