How to pay HDMF unpaid premiums from previous months or years?

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Contribution payments that are past due not only incur penalties but may also affect members’ benefits claims in the future. Employers must always make sure that the remittance of members’ contributions is timely and intact. However, there may be situations where payments are not remitted because of other unforeseen circumstances. To help employers address this kind of issue, we will discuss in this article the processes for the late remittance of HDMF contributions.  The first step is to fill out the latest Membership Savings Remittance Form (MSRF, HQP-TMF-381) and consolidate in one (1) MSRF all unpaid premiums of all employees, whether in months or in years.  Below is a sample, filled-out MSRF.  Below will be your guide to completing the Membership Savings Remittance Form (MSRF):  Examples:   Indicate ‘202301’ for MS remittances covering January 2022.  Indicate ‘202302’ for MS remittances covering February 2022.  Second, request the computation of penalties. Bring the

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Simple online payment methods for PHIC contributions in the Philippines

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PhilHealth no longer receives manual payment in their branches despite presenting the Certificate of Exemption (COE) from online payment to the cashier. PhilHealth recommends using the online payment facilities available in the Electronic Premium Remittance System (EPRS) portal. MyEG Philippines, Inc., effective October 14, 2022, a PhilHealth-accredited collecting agent for PhilHealth premium contributions, is now accepting online payments through the well-known e-Wallet giants, GCASH and Maya. Employers can also pay the contribution through a debit or credit card.  With this, the collecting agent no longer spends long hours in the queue. Individuals or companies can quickly and easily pay for a PhilHealth contribution online at any time using a smartphone or computer that is connected to the internet, and transactions will be done in no time with just a few clicks. There is no need to be a techie to perform the transaction, as the process is simple and the

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Late Filing and Out-of-District Filing of Tax Returns and Reports in Philippines

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The Bureau of Internal Revenue (BIR) in the Philippines issued Revenue Regulation (RR) No. 6-2023, dated April 11, 2023, on June 13, 2023, entitled “Amending Certain Provisions of Revenue Regulations No. 13-2010 Regarding Late/Out-of-District Filing of Tax Returns”. The BIR established and implemented more stringent policies and guidelines in the acceptance of late/out-of-district tax returns with the following: Let us look at how the BIR deals with the Late/Out-of-District filing and payment of tax returns. I. Non-Acceptance of Out-of-District and Late Filing Returns As a general rule, no AABs, RCOs, RDOs, LTDOs and LT Division in the Philippines shall accept Out-of-District Returns. As well as no acceptance of late filing of tax returns without imposition of applicable penalties such as Surcharge of 25% or 50% of basic tax due and Annual Interest of 12% under Sections 248 and 249 of National Internal Revenue Code (NIRC), and Compromise Penalty under Revenue

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Understanding The Non-Taxable Compensation In The Philippines

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Every payday, employees are elated to receive their monthly compensation. Once employees check their payslips, some wonder if their deductions are correctly calculated and properly deducted from their salary. To help employees and companies be informed of the associated rules and regulations, non-taxable compensation in the Philippines is briefly discussed in this article. As a general rule, all forms of compensation are taxable, except for those specifically provided under the laws, rules, and regulations in the Philippines. The following are the non-taxable compensations: No withholding tax shall be required for those employees who are identified as minimum wage earners in the private or public sectors as defined in RR 2-98, as amended by RR 11-2018. There’s no effect on the net taxable compensation unless it exceeds the PHP 90, 000 annual limit of the 13th-month pay and other benefits and unless the annual net taxable income exceeds PHP 250, 000.00

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How to Process Employer Government Web Portal Registration in SSS?

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There are two ways to process SSS employer web portal registration: online or manually. Kindly move your cursor to the lower middle option with the name “Register” and choose “RegularEmployer”. This will direct you to the online employer user ID registration. You must supply all theneeded information, preferably those with an asterisk. Below will serve as a guide for supplying the information for the initial registration. You may now click the “Submit Button” once you have successfully supplied all the needed information.The screen will show you the status of the registration, which is under validation. The company will beinformed of the result of the registration through the company’s email address. Once the company hasreceived the email, the authorized representative must access the link to proceed with the finalregistration. Below will serve as a guide for supplying the information for the final registration. The employer or representative will receive the status

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4 Advantages of eGOV, an Online Filing and Payment Facility in the Philippines

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There are plenty of ways for government agencies in the Philippines to digitize their collection processes. In fact, eGOV is one of the solutions every employer has been looking for for a very long time. Through eGOV, any employer can do the filing and payment of PhilHealth, Pag-IBIG, and SSS monthly contributions and loans online, conveniently, and without the hassle of going to the branch offices. An employer needs only an internet connection and uses either Internet Explorer, Mozilla Firefox, or Google Chrome as web browsers to access eGOV. eGOV’s availability to private employers is very timely and aligned with the government’s drive to foster electronic payments as well as PhilHealth’s policy on the use of electronic payment partners like BancNet. Manual payments have been around since the beginning of time. The physical transaction—taking goods or services in terms of monetary exchange—is how humans have processed it over centuries. This

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UNVEILING THE CHANGES IN THE STOCKHOLDERS’ MEETING UNDER THE REVISED CORPORATION CODE

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Change is inevitable, and in the corporate world, change is necessary to adapt to this fast-paced world. The Revised Corporation Code of the Philippines, also known as RA No. 11232, brought significant adjustments in the corporate landscape in 2019. With the evolving needs of the stockholders, the Revised Corporation Code aims to bring efficiency and enhance stockholders’ participation, transparency, and corporate governance. As a transformative step forward, the Revised Corporation Code brings a host of new features that modernize and enhance the corporate landscape. Here are some of the notable changes in conducting Stockholders’ Meetings under the Revised Corporation Code: Remote Participation and Electronic Communication While face-to-face meetings remain the traditional way of conducting meetings, the Revised Corporation Code introduced new ways to conduct meetings to enable the full participation of Shareholders and for them to conveniently cast their votes through electronic means. The Securities and Exchange Commission (SEC) issued

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Understanding the Payroll Register in the Philippines 

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A payroll register is a report filled with employee information and payroll figures for a specific payroll cut-off and payout period. A payroll register is composed of the following:  In every country, there are different labor rules and regulations that need to be followed. In the Philippines, to get the net pay of employees, employees’ basic rates should be identified initially using the factor suggested and determined in the Handbook on Workers’ Statutory Monetary Benefits (WSMB). The following are the common equivalent number of days per year:  First, identify the factor to be used in calculating the daily and hourly rates. Second, compute the employee’s daily and hourly basic rates by multiplying the monthly salary by 12 to get the annual salary, then divide it by the factor. Then, divide the daily rate by 8 regular working hours to get the hourly rate.  For example, A works from Monday to

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SEC AMNESTY PROGRAM DEADLINE EXTENDED!

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By: Farida B. Honrado, CPA The Securities and Exchange Commission (SEC) has extended the deadline for applications for amnesty for late and non-filing of annual financial statements (AFS), general information sheets (GIS), as well as non-compliance with SEC Memorandum Circular No. 28, series of 2020 (Requirement for Corporations, Partnerships, Associations, and Individuals to Create and/or Designate E-mail Account Address and Cellphone Number for Transactions with the Commission) (MC28).  Eligible companies have until June 30 to finish their amnesty applications and we encourage all eligible companies to not miss the chance to avail lower fines and penalties.   Below are the reduced rates for non-compliant and suspended/revoked corporations:  To check who is eligible to avail the amnesty program, go to http://amnesty.sec.gov.ph/ and input your company name or SEC registration number.  This extension was granted through SEC Memorandum Circular No. 6, Series of 2023, entitled “Amendment of SEC Memorandum Circular No. 2, Series

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QAR, ISQM, and BIR’s RUN AFTER FAKE TRANSACTIONS (RAFT) Campaign: A Recall of Quality Audits = Playing a Sustainable Future

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The public has a high regard for accountants. In this profession, the public and the stakeholders look up to and show respect for accountants for making a difference in terms of handling business operations, management, financial matters, consultancy, advisory, and compliance services which in the end results in wise business decision making. We are in awe when the Bureau of Internal Revenue in the Philippines started its new campaign regarding the collection of taxes that should otherwise accrue to the government revenue. This BIR’s campaign is considered a bit scandalous and alarmingly affecting the public practice and we do not need to be mum on it, to say at least: Why were the professional title (as a CPA) and accreditation (as Tax Practitioners) included in the campaign? What is RAFT, the BIR Newest Campaign? BIR’s recent campaign RUN AFTER FAKE TRANSACTIONS (abbrev. “RAFT”; RMC No. 38-2023) is to investigate and

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