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Month: January 2021

REFUND OF UNUTILIZED CREDITABLE WITHHOLDING TAX

January 30, 2021

In filing a claim for refund or credit of creditable withholding tax, compliance with the following must be met: The claim for refund must be filed within the two-year prescriptive period. The administrative and judicial remedy of filing a claim for refund of erroneously or excessively paid tax must be

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DEADLINE FOR THE SUBMISSION OF FORMS/NOTICES WITHOUT PENALTY IN COMPLIANCE WITH THE REQUIREMENT TO CREATE AND/OR DESIGNATE EMAIL ACCOUNT ADDRESS AND CELLPHONE NUMBER HAS BEEN EXTENDED TO FEBRUARY 21, 2021

January 23, 2021

The online submission (via MC28_S2020@sec.gov.ph) of the forms/notices must be done on or before the above-mentioned deadline, while the filing of the hard copies of the said forms/notices shall be optional. Filing of hard copies may be done via submission/appointment to ICTD-ERMD Receiving Unit. For your easy reference, the Circular may

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THE SEC ALLOWS FINANCING COMPANIES (FC), LENDING COMPANIES (LC), AND ACCREDITED MICROFINANCE NGOS (MF-NGO) A STAGGERED BOOKING OF PROVISION FOR CREDIT LOSSES FOR ANNUAL PERIOD ENDING ON OR AFTER DECEMBER 31, 2020 (TO CONSIDER THOSE WITH FISCAL YEAR-END) FOR A MAXIMUM PERIOD OF FIVE (5) YEARS USING STRAIGHT-LINE AMORTIZATION METHOD TO BE RECOGNIZED IN THE PROFIT OR LOSS.

January 3, 2021

The SEC provides financial reporting relief for FCs, LCs, and accredited MG-NGOs. It allows a staggered booking of provision for credit losses for annual period ending on or after December 31, 2020 (to consider those with fiscal year-end) for a maximum period of five (5) years using straight-line amortization method

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