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

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