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SEC: Strict Timelines in the Processing of Applications and Guidelines for Applications Deemed Approved

Background The Republic Act No. 11032, also known as the  Ease of Doing Business (EODB) Act  was signed into law on May 28, 2018. The law aims to improve the competitiveness of the country by addressing challenges faced by businesses in navigating government processes. The law amends the Anti-Red Tape Act of 2007 in order to streamline procedures and to provide transparency in government transactions.  In line with the foregoing, the Securities and Exchange Commission (SEC) affirms commitment to enhance transparency, accountability, and efficiency in public service delivery. The Circular is being issued to further guide the public on processing of applications before the Commission. Section 1: Commitment to Ease of Doing Business All departments and offices of the Commission must ensure that their procedures and requirements are essential, consistent, and simplified. Piecemeal requests for documents or comments shall be strictly prohibited. Every action undertaken m...
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IMPLEMENTATION OF VAT ON DIGITAL SERVICES IN THE PHILIPPINES

 BIR clarifies VAT payment of non-resident digital service providers... The Bureau of Internal Revenue (BIR) has put forth clarifications to address certain issues regarding the imposition of the value-added tax (VAT) on digital services. Among others, the agency says all non-resident digital service providers (NRDSPs) are required to register on or before June 1 regardless of the type of transaction. Revenue Memorandum Circular (RMC) No. 47-2025 expounds on the provisions of Revenue Regulations (RR) No. 3-2025 , which prescribes the policies and guidelines for the implementation of the VAT on digital services.  RMC 47-2025 provides clarifications and further information on the provisions of the RR related to registration, reportorial requirements  and payment/remittance, specific tax treatments, and invoicing requirements and input taxes. A non-resident digital service provider refers to an entity with no physical presence in the Philippines that supplies digital servic...

2023 - 2024 LIST OF PHILIPPINE CORPORATIONS FOR PLACEMENT UNDER DELINQUENCY STATUS

  Securities & Exchange Commission (SEC) issued last 17 October 2023, a notice for all corporations to comply and avail amnesty program to avoid delinquency status.  Section 177 of Republic Act No. 11232, otherwise known as the Revised Corporation Code of the Philippines (RCC), provides that every corporation, domestic or foreign, doing business in the Philippines shall submit to the SEC annual financial statements and a general information sheet (GIS), among other reportorial requirements, annually and within such period as may be prescribed by the Commission. Section 177 of the RCC provides that the Commission may place a corporation under delinquent status should they fail to submit their reportorial requirements three times, consecutively or intermittently, within a period of five years. Based on the records of the Commission as of 12 October 2023, the corporations appearing in the attached list have failed to submit their GIS for three times consecutively or intermit...