Required Submission of Audited Financial Statements and Income Tax Return to SEC and BIR

Required Submission of Audited Financial Statements and Income Tax Return to SEC and BIR

Please be reminded that the Securities and Exchange Commission (SEC) and Bureau of Internal Revenue (BIR) require stock and non-stock corporations and partnerships incorporated and/or registered in the Philippines to file and submit audited (if applicable) annual financial statements (FS) and annual income tax returns (ITR). Both the SEC and the BIR have governing rules and guidelines in the submission of the audited FS, ITR and other manual documentary attachments.

Bureau of Internal Revenue.

Deadline for submission of the audited annual FS and ITR to the BIR is every APRIL 15 subsequent to the end of calendar year (December 31, 2016). For those with a fiscal year-end, the deadline for submission shall be on the 15th day of the 4th month following the close of the fiscal year-end.

General documentary requirements also submitted along with the ITR include the following:

  1. Audited FS. This shall apply to companies whose gross quarterly sales, earnings and/or receipts exceed PHP150,000.
  2. Statement of Management Responsibility on the ITR signed by the President and Treasurer, or both their equivalents.
  3. Scanned BIR Form Nos. 2307 in DVD-R with sworn declaration per Revenue Regulation No. 2-2015, if applicable; and
  4. Others  

Securities and Exchange Commission.

Deadline for submission of the audited FS to the SEC shall depend on the last numerical digit of the corporation’s SEC registration or license number. This shall apply to corporations with a calendar year ended December 31, 2016. Corporations with fiscal year-end shall file their audited FS within 120 calendar days from the end of their fiscal year.

The SEC shall require the following attachments upon filing:

  1. Audited FS (if applicable) stamped received by the BIR; and
  2. Statement of Management Responsibility on the FS signed by the President and Treasurer, or both of their equivalents.

Guidelines and Instructions for filing the ITR

6 thoughts on “Required Submission of Audited Financial Statements and Income Tax Return to SEC and BIR”

  1. Pretty nice post. I just stumbled upon your blog and wished to say that I have truly enjoyed surfing around your blog posts. After all I will be subscribing to your feed and I hope you write again very soon!

  2. you shared excellent information on about calculating the tax returns of a successful business easily by using online system software , I read this post and remember the best points especially ” customer service management ” mentioned in this article which help me for running a business successfully with the help of professional accounting .If you want to start a business successfully then you must read this article carefully and keep it in your mind all the best points of a great article which help you to running a business successfully with the professional accountant .
    Thanks

  3. magnificent issues altogether, you just gained a emblem new reader. What may you recommend about your publish that you made some days ago? Any certain?

  4. Thanks for your submission. I would also like to remark that the very first thing you will need to do is find out if you really need credit repair. To do that you must get your hands on a copy of your credit profile. That should never be difficult, ever since the government necessitates that you are allowed to be issued one free of charge copy of your own credit report every year. You just have to inquire the right individuals. You can either browse the website with the Federal Trade Commission or maybe contact one of the leading credit agencies directly.

  5. I simply want to say I’m very new to blogs and seriously savored you’re blog. Almost certainly I’m likely to bookmark your website . You actually have good posts. Kudos for revealing your blog site.

Leave a Reply

Your email address will not be published. Required fields are marked *