Once the new year starts, it also marks the beginning of the renewal of the different kinds of compliances to the various government agencies. It is important to be able submit these requirements within the given period of submission to avoid any penalty. Some of the agencies that require for renewal of licenses, permits, reports, and the like, are the different local government units, the Bureau of Internal Revenue, the Securities and Exchange Commission, among others.
One of the most common yearly filings are the submissions of the annual income tax returns (ITR) and the audited financial statements (AFS). This is a requirement for individuals or corporations engaged in business in the Philippines, and must be submitted to the Bureau of Internal Revenue, and for corporations, to the Securities and Exchange Commission. These shall be submitted to the respective government agencies, on or before April 15.
The General Information Sheet (GIS) is an annual requirement that needs to be submitted to the Securities and Exchange Commission. Stock corporations are required to submit this document, signed by the corporate secretary. For corporations, the filing must be done thirty calendar days after the annual stockholder’s meeting as stated in the bylaws. However, if no meeting was held in that calendar year, it shall be due on or before the 30th of January of the following year.
The General Form Financial Statements (GFFS) shall be submitted to the Securities and Exchange Commission if the corporation has more than P5,000,000.00 of gross sales or revenue. This shall be submitted on May 15, which is the date within thirty days from the last day of submission for the Audited Financial Statement (AFS) on April 15.
The Bureau of Internal Revenue requires the submission of the books of accounts of the corporation. This can either be through manual, loose-leaf, or computerized. Compliance to the submission of the book of accounts depends on the type that is registered with the BIR.
A summary list must also be submitted to the BIR, which includes the Annual Information Return of Income Taxes Withheld on Compensation, as well as the Annual Information Return of Creditable Income Taxes Withheld or Income Payments Exempt from Withholding Tax. Certificates of Compensation Payment or Tax Withheld must also be given to the BIR. An inventory list and schedule list for a business with tangible asset-rich balance sheets with at least half of its total assets in working capital assets, shall also be submitted in view of RMC No. 57-2015.
At the local government unit level, registrations of businesses shall be done annually to the barangay and municipality where the corporation is located. It is important to note that a registration fee shall also be paid to the BIR for the business registration renewal.
There are other annual compliances as well that taxpayers, business owners, and corporations must take note of. To view the complete list, visit the corresponding government agency website to know more or if you need further information and assistance regarding the annual compliances of the government agencies in the Philippines, talk to our team at FilePino to know more about the requirements and process. Call us today at 1.806.553.6552 (USA) or +63.917.892.2337 (Philippines) for more information.