Dear CLIENTS, COLLEAGUES and FRIENDS:
For your reference and file, we are pleased to send our regular corporate, tax and other legal digest. Don’t miss our OTHER UPDATES.
In this Article:
SECURITIES AND EXCHANGE COMMISSION (“SEC”)
- ALL APPLICATIONS FOR REGISTRATION OF DOMESTIC CORPORATIONS MUST BE FILED WITH AND PROCESSED BY THE SEC UNDER THE ELECTRONIC SIMPLIFIED PROCESSING OF APPLICATION FOR REGISTRATION OF THE COMPANY (“ESPARC”).
- DEADLINE FOR SUBMISSION OF THE AUDITED FINANCIAL STATEMENTS IS MOVED TO MAY 17, 2021 FOR PUBLICLY-LISTED COMPANIES, ISSUER OF REGISTERED SECURITIES AND PUBLIC COMPANIES.
BUREAU OF INTERNAL REVENUE (“BIR”) DEADLINES AND ISSUANCES:
- BIR DEADLINES FROM APRIL 26 TO MAY 2, 2021.
- CREATE LAW (PART 2): GAIN OR LOSS ON EXCHANGE OF PROPERTY PURSUANT TO MERGER OR CONTROL WILL NOT BE RECOGNIZED; TRANSACTION IS NOT SUBJECT TO VAT AND BIR PRIOR RULING IS NOT REQUIRED.
SECURITIES AND EXCHANGE COMMISSION
ALL APPLICATIONS FOR REGISTRATION OF DOMESTIC CORPORATIONS MUST BE FILED WITH AND PROCESSED BY THE SEC UNDER THE ELECTRONIC SIMPLIFIED PROCESSING OF APPLICATION FOR REGISTRATION OF THE COMPANY (“ESPARC”).
- eSPARC shall cover One Person Corporations, domestic corporations, both stock and nonstock, with at least 2 but not more than 15 incorporators who may either be natural persons, partnerships, associations, or corporations.
- Applications for registration of partnerships and foreign corporations will continue to be accepted and processed under the Company Registration system (“CRS”)
- Option to register a “Stock Corporation” or “Non-stock corporation” in the CRS will be disabled.
- Applications for registration prior to April 19, 2021 will still be processed, unless the applicant is notified by the SEC Processing Officer to resubmit the application using eSPARC.
- For your easy reference, the issuance may be accessed Here. (SEC Notice, April 16, 2021)
DEADLINE FOR SUBMISSION OF THE AUDITED FINANCIAL STATEMENTS IS MOVED TO MAY 17, 2021 FOR PUBLICLY-LISTED COMPANIES, ISSUER OF REGISTERED SECURITIES AND PUBLIC COMPANIES.
- The SEC extends the deadline for the submission of 2020 Reports for the Calendar Year Ended December 31, 2020 to May 17, 2021.
- The extended deadline is without prejudice to the schedule on the filing of AFS as may be required by the BIR.
- The SEC shall automatically conform with the BIR should the latter move its own deadline to a date later than May 17, 2021.
- For your easy reference, the Circular may be accessed (SEC MC, No. 5, April 11, 2021)
BUREAU OF INTERNAL REVENUE
BIR DEADLINES FROM APRIL 26 to May 2, 2021. A gentle reminder on the following deadlines, as may be applicable:
| DATE | FILING/SUBMISSION |
|
April 29, 2021 |
e-Filing/Filing & e-Payment/Payment – 1702Q (Quarterly Income Tax Return For Corporations, Partnerships and Other Non-Individual Taxpayers) and Summary Alphalist of Withholding Taxes (SAWT) – Fiscal Quarter ending February 28, 2021 |
|
April 30, 2021 |
Registration – Computerized Books of Accounts & Other Accounting Records in Electronic Format – Fiscal Year ending March 31, 2021
Submission – Copy of the Annual Report duly received by the Office of the Insurance Commission by an Insurance Company – Calendar Year 2020 Submission – eFiled 1702 – RT/EX/MX with Audited Financial Statement (AFS), 1709 (if applicable), and Other Attachments through Electronic Submission of Audited Financial Statements (eAFS) or Manually – Calendar Year 2020 Submission – Other Attachments to e-Filed 1700, 1701 and 1701A – Calendar Year 2020 Submission – Inventory List – Fiscal Year ending March 31, 2021 e-Filing/Filing & e-Payment/Payment – 1601-EQ & 1601-FQ and Quarterly Alphalist of Payees (QAP) – eFPS & Non-eFPS Filers – For the Quarter ending March 31, 2021 e-Filing/Filing & e-Payment/Payment – 1602Q (Quarterly Remittance Return of Final Taxes Withheld on Interest Paid on Deposit and Yield on Deposit Substitutes/Trusts/Etc.) – For the Quarter ending March 31, 2021 e-Filing/Filing & e-Payment/Payment – 1603Q (Quarterly Remittance Return of Final Income Taxes Withheld on Fringe Benefits Paid to Employees Other Than Rank and File) – For the Quarter ending March 31, 2021 e-Filing/Filing & e-Payment/Payment – 1621 (Quarterly Remittance Return of Tax Withheld on the Amount Withdrawn from Decedent’s Deposit Account) – eFPS & Non-eFPS Filers – For the Quarter ending March 31, 2021 e-Submission – Quarterly Summary List of Sales/Purchases/Importations by a VAT Taxpayer – eFPS Filers – For the Quarter ending March 31, 2021 |
| May 1, 2021 | Submission – Consolidated Return of All Transactions based on the Reconciled Data of the Stockbrokers – April 16–30, 2021
Submission – Engagement Letters & Renewals or Subsequent Agreements for Financial Audit by Independent CPAs – Fiscal Year beginning July 1, 2021 |
CREATE LAW (PART 2): GAIN OR LOSS ON EXCHANGE OF PROPERTY PURSUANT TO MERGER OR CONTROL WILL NOT BE RECOGNIZED; TRANSACTION IS NOT SUBJECT TO VAT AND BIR PRIOR RULING IS NOT REQUIRED.
| Taxpayer | Transaction | Conditions |
| Corporation | Transfer of property for stock or securities in another corporation | · Corporation is a party to reorganization and exchanges property in pursuance to a plan of reorganization solely for stock or securities in another corporation that is a party to the reorganization |
| Person | Transfer of property to a corporation in exchange for stock or unit of participation in such corporation |
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Note:
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- For your easy reference, a copy of the regulation may be accessed Here. (Revenue Regulations No. 5-2021, April 8, 2021)
This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. If you have clarification or concern or no longer wish to receive updates, please feel free to reach out to us.
Best regards,
Ron Dumlao