Summary
RMC No. 36-2010 publishes the full text of the Memorandum of Agreement between the BIR and the Securities and Exchange Commission (SEC), signed February 17, 2010.
Key points
- Copies of the ITR. BIR offices, including Authorized Agent Banks (AABs), receive only three copies of the Income Tax Return. They stamp receipt only on the first page of the ITR, the External Auditors Certification, Income Statement and Balance Sheet.
- Certified photocopies. BIR offices certify photocopies of ITRs and attached financial statements on request of corporations, partnerships or associations, after payment of the certification fee.
- SEC filing requirement. The SEC requires only one original copy of the complete annual financial statements, with the External Auditors Certification, Balance Sheet and Income Statement stamped by the BIR or AABs, plus two sets of photocopies.
- SEC review. The SEC conducts a random review of the submitted AFS to check compliance with its financial reporting requirements.
Who is affected
- Corporations, partnerships and associations filing ITRs and AFS
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.