By: Garry S. Pagaspas, CPA 1. Natural person only incorporators, majority Ph residents Under the old rules (Batas Pambansa Blg. 68 or BP 68), incorporators must be natural persons only and majority of such incorporators must be residents of the Philippines. This has been changed under the Revised Corporation Code or Republic Act No. 11232 (RA No. 11232) as incorporators of local corporation could now be natural personals and/or juridical persons – local or foreign. Philippine residency requirement is no longer required. This however, is subject to foreign investment rules for foreign ownership. Please refer to SEC MC No. 19 series of 2019 for incorporator guidelines. 2. At least five (5) natural person incorporators It takes at least five (5) to fifteen (15) natural person incorporators, majority of which are Philippine residents, to register a local domestic corporation in the past. Under the Revised Corporation Code, at least two (2)
By: Hergie Ann De Guzman (Update as of March 23, 2020) The entire Luzon was placed under Enhanced Community Quarantine as declared by President Rodrigo R. Duterte on March 16, 2020, for the prevention of the continuous spread of the Novel Corona Virus Disease (NCOV-19). While the Community Quarantine was being implemented, business owners and taxpayers are left with very limited actions for the continuance of their usual business and for the compliance of the statutory deadlines of certain returns and reports. To address these concerns, different government agencies such as Bureau of Internal Revenue (BIR), Securities and Exchange Commission (SEC), and Philippine Economic Zone Authority (PEZA) have released issuances and advisories. Below are the issuances/ advisories from each agency: Revenue Issuance Description RMC Date Date of Issuance RMC 25-2020 No Extension for the Filing and Payment of 2019 Income Tax Return March 16, 2020 March 17, 2020 RMC 26-2020
Arianne Keith Velasquez, CPA In view of the pandemic the whole world is suffering with recently, it is impossible for Filipinos to ignore the fact that the human respiratory system is not only being compromised here but also the livelihood of family providers such as employees under the no work, no pay policy. The sudden declaration of the Enhanced Community Quarantine in the entire Luzon after 48 hours of General Community Quarantine, which made it difficult to cross along city borders, hurts the pockets of many. On March 17, 2020, Proclamation No. 929, pursuant to Section 16 of Republic Act No. 10121, was issued by President Rodrigo Duterte to declare the Philippines under State of Calamity enjoining the government agencies to provide full assistance to the Filipino community with the great efforts to defy COVID-19. To wit, PAG-IBIG Fund is one of the established national saving programs providing financial assistance
By: Garry S. Pagaspas, CPA In line with the government’s handling of COVID-19 and pursuant to its regulatory power under Section 5.1(g) of Securities Regulation Code (SRC) and Section 179(o) of the Revised Corporation Code (RCC) Philippines, the Securities and Exchange Commission (SEC) Philippines has issued Memorandum Circular No. 5 series 2020 last March 12, 2020 granting an extension of time without penalty, within which to submit 2019 Annual Audited Financial Statements in Philippines covering the calendar year ended December 31, 2019 as follows: For companies doing domestic operations only: an extension of time until 30 June 2020; and, For companies with domestic and foreign operations: an extension of time until 30 June 2020 or 60 days from the date of lifting of travel restrictions/ ban by the concerned government authorities, whichever comes later. For such purpose of availing extension of filing 2019 Audited Financial Statements in Philippines of companies
By: Garry S. Pagaspas, CPA Revised Corporation Code (RCC) or Republic Act No. 11232 in the Philippines signed into law last February 20, 2019 has introduced major changes in the Corporation Code under Batas Pambansa Bilang 68 in the Philippines and among those are related to personalities and officers. Below is a summary of those in the sequence they appeared in the RCC that you could use as easy reference for dealings with your respective corproations, Securities and Exchange Corporation (SEC), and other related discussions. 1. Incorporators Incorporators in Philippines are the ones who originally form a corporation. Under the Old Corporation Code (OCC) or Batas Pambansa Bilang 68, an incorporator must be natural persons numbering at least 5 but not more than 15, must own at least one (1) share, and majority of which must be residents. This was changed under the Revised Corporation Code (RCC) or Republic Act
SECTION 313. Separability Clause. – If any clause, sentence, paragraph or part of this Code shall be adjudged by any Court of competent jurisdiction to be invalid, such judgement shall not affect, impair or invalidate the remainder of said Code, but shall be confined in its operation to the clause, sentence, paragraph or part thereof directly involved in the controversy. (Re-sectioned by RA 11534)
SECTION 312. In General. – All laws, decrees, executive orders, rules and regulations or parts thereof which are contrary to or inconsistent with this Code are hereby repealed, amended or modified according. (Re-sectioned by RA 11534)
Sec. 309. Prohibition on Registered Activities. – A qualified registered project or activity under an Investment Promotion Agency administering an economic zone or freeport shall be exclusively conducted or operated within the geographical boundaries of the zone or freeport being administered by the Investment Promotion Agency in which the project or activity is registered: Provided, That a registered business enterprise may conduct or operate more than one qualified registered project or activity within the same zone or freeport under the same Investment Promotion Agency: Provided, further, That any project or activity conducted or performed outside the geographical boundaries of the zone or freeport shall not be entitled to the incentives provided in this Act, unless such project or activity is conducted or operated under another Investment Promotion Agency. Sec. 310. Establishment of One-stop Action Center. – All Investment Promotion Agencies shall establish a one-stop shop or one-stop action center that
Sec. 305. Filing of Tax Returns and Submission of Tax Incentives Reports. – All registered business enterprises and other registered entities whether taxable or exempt, are required to file their tax returns and pay their tax liabilities, on or before the deadline as provided under the National Internal Revenue Code of 1997, as amended, using the electronic system for filing and payment of taxes with the Bureau of Internal Revenue: Provided, That for purposes of complying with their tax obligations, cooperatives and other registered entities which do not have access to the electronic facilities shall file with their respective revenue district offices. For registered business enterprises and other registered enterprises availing of tax incentives administered by the investment promotion agencies and other government agencies administering tax incentives, they shall file with their respective Investment Promotion Agencies or other government agencies administering tax incentives a complete annual tax incentives report of
Sec. 300. Strategic Investment Priority Plan – The Board of investments, in coordination with the Fiscal Incentives Review Board, Investment Promotion Agencies, other government agencies, other government agencies administering tax incentive, and the private sector, shall formulate the Strategic Investment Priority Plan to be submitted to the President for approval, which may contain recommendations for types of non-fiscal support needed to create high-skilled jobs to grow a local pool of enterprises, particularly Micro, Small and Medium Enterprises (MSMEs), that can supply to domestic and global value chains, to increase the sophistication of products and services that are produced and/ or sourced domestically, to expand domestic supply and reduce dependence on imports, and to attract significant foreign capital or investment. The Strategic Investment Priority Plan shall be valid for a period of three (3) years, subject to review and amendment every three (3) years thereafter unless there would be a supervening
Tax and Accounting Webinar Philippines 2026_Withholding Tax (Expanded and Final)
Live Webinar: Basic Accounting for Non-Accountant
Live Webinar: PEZA Registered Entities: Taxation and Basic Reports
Live Webinar 1 & 2: BIR Tax Compliance for VAT Entity
Live Webinar: Understanding Invoices and Invoicing under EOPT with CPD Credits
Live Webinar: How to analyze Financial Statements (Practical Guide for Managers and Entrepreneurs to make a better decisions)
Live Webinar: Acting as CTA ICPA (VAT Refund)
Back-to-Back Business Essentials Year-end Updates and Reminders 2026
9 Important Items on Ph Lease Contract Every Tenant Should Pay Attention
Revenue Memorandum Circular No. 91-2026
Revenue Memorandum Circular No. 90-2026
Revenue Memorandum Circular No. 81-2026
Revenue Memorandum Circular No. 79-2026
Δ
Mobile : Smart: 0939-916-2952 Globe: 0908-812-9413
Email : info@taxacctgcenter.ph
© Tax and Accounting Center 2026. All Rights Reserved