APO KPO &Co. CPAs

LAST DAY TO FILE YOUR 2024 1ST QUARTER INCOME TAX RETURN!

Today is the last day for Corporate Taxpayers to file their 2024 1st Quarter Income Tax Returns and payment of Income Tax due thereon.

To all corporations, please be guided accordingly.

📰 | 𝐏𝐑𝐄𝐒𝐒 𝐑𝐄𝐋𝐄𝐀𝐒𝐄: Final chance to avail of SEC amnesty program extended to end of 2023

The Securities and Exchange Commission (SEC) is giving non-compliant and suspended or revoked corporations a last chance to avail of lower fines and penalties with the final extension of amnesty applications until the end of 2023.

The Commission on November 3 issued SEC Memorandum Circular No. 20, Series of 2023, which extends the deadline for corporations to file their amnesty application and settle the amnesty fees to December 31.

The amnesty program provides corporations, which have incurred penalties for the late and non-filing of their General Information Sheet (GIS), Annual Financial Statements (AFS), and official contact details, a reduction on penalties for non-compliance with their reportorial requirements, as provided under Republic Act No. 11232, or the Revised Corporation Code (RCC).

Read more at https://tinyurl.com/338v25w4

📰 | 𝐏𝐑𝐄𝐒𝐒 𝐑𝐄𝐋𝐄𝐀𝐒𝐄: SEC tightens supervision over erring companies

The Securities and Exchange Commission (SEC) is warning corporations of stringent enforcement actions for their failure to comply with their reportorial requirements, pursuant to Republic Act No. 11232, or the Revised Corporation Code of the Philippines (RCC).

In a notice dated October 18, the SEC released a list of more than 20,000 ordinary corporations in danger of having their certificates of incorporation revoked for failure to submit their GIS within five years from the date of their incorporation.

In a separate notice, the SEC also released a list of more than 298,000 ordinary corporations, which have failed to submit their GIS for three times consecutively or intermittently within a five-year period.

Read more at https://tinyurl.com/2d63kvae

The Bureau of Internal Revenue (BIR) and the Securities and Exchange Commission (SEC) entered into a Data-Sharing Agreement (DSA) on corporate information.

The BIR will have an on-site, off-site, and online access to relevant corporate data, such as the name, address, date of birth, nationality and other beneficial ownership information from SEC. The DSA has a binding validity of five (5) years from the date of signing.

Click here to read the full media release: https://bit.ly/BIRSECDataSharing

Filing season is fast approaching! 🗎

Kung hindi ka pa enrolled sa eFAST, o hindi mo pa alam kung paano i-navigate ang system, this webinar is for you!

Join us on March 17, Friday, at 1:00PM as we walk you through the requirements and procedures for enrollment in and submission of reports using the Electronic Filing and Submission Tool (eFAST), a web-based document management system that allows corporations to submit their annual financial statements, general information sheet, and other reportorial requirements in digital format.

Visit this link to sign up: bit.ly/2023-SEC-eFASTWebinar-SignUp

📢 WEBINAR ON BENEFICIAL OWNERSHIP INFORMATION

The SEC is inviting officers and directors of Stock and Non-Stock Corporations to join a free webinar which will be held on 15 March 2023 via Zoom at 2-4PM.

The webinar will provide knowledge and understanding of SEC regulations on the disclosure of Beneficial Ownership information on the General Information Sheet or GIS

For interested participants, please register here: https://forms.gle/QpUbsS2g2qChEWC97

Thank you for your recognition to the firm⭐

Kris Kringle 2022
"The true spirit of Christmas lies in your heart"

Grateful for God's blessings

"Just remember, the true spirit of christmas lies in your heart"

Congratulations to our partners!! ⭐⭐⭐

Muli pong inaanyayahan ang lahat sa libreng webinar ng BIR Palawan tungkol sa Estate Tax Amnesty.

As spearheaded by RDO Jose G. Luna and ARDO Atty. John Rainier T. Camba, this bureau offers an "Online Briefing for Estate Tax Amnesty" for all the interested taxpayers and stakeholders this coming November 17, 2022 from 1 pm to 5 pm.

Please click the link for registration.

https://docs.google.com/forms/d/e/1FAIpQLSdPmcvw5ieMSyvbJgnipWIKoTw0uNDNshu0WgmuVwk7Dk_cSw/viewform?usp=sf_link

Please click the zoom link for the webinar.

https://us02web.zoom.us/j/83177310565?pwd=bEZBS3lFM2s2WWVNcEN4UjVkcDJVdz09

Meeting ID: 831 7731 0565
Password: RDO36

Inaanyayahan po ang lahat sa libreng webinar ng BIR Palawan tungkol sa Estate Tax Amnesty.

As spearheaded by RDO Jose G. Luna and ARDO Atty. John Rainier T. Camba, this bureau offers an "Online Briefing for Estate Tax Amnesty" for all the interested taxpayers and stakeholders this coming November 10, 2022 from 1 pm to 5 pm.

Please click the link for registration.
https://docs.google.com/forms/d/e/1FAIpQLSdWOeC-u14Q_dTWPhONAJRZY5-09hKlXY3POPnrHkP3zwiUIA/viewform?usp=sharing

Zoom Meeting ID: 878 8183 3395
Passcode: RDO36

Zoom Meeting Link
https://us02web.zoom.us/j/87881833395?pwd=TGZ6VWFFWnNqM3MxWW45VWJJNWpPQT09

Estate Tax Amnesty extended until June 14, 2023!

Revenue Regulations No. 17-2021 Amends certain provisions of RR No. 6-2019 to implement the extension of the Estate Tax Amnesty pursuant to RA No. 11569, which amended RA No. 11213 (Tax Amnesty Act). For full text, http://ow.ly/xzl730rQS69

Revenue Memorandum Circular No. 141-2022

Informs eBIRForms users/filers on the revised contents of eBIRForms email notification to taxpayers. For full text, https://bit.ly/3FA5Cwk

SEC CANCELS NWORLD’S INCORPORATION FOR FRAUD

The Securities and Exchange Commission (SEC) has cancelled the corporate registration of AlphanetWorld Corporation, doing business under the name and style of NWorld, for employing fraud in the procurement of its certificate of incorporation.

In an order dated July 28, the SEC Company Registration and Monitoring Department (CRMD) found that one of NWorld’s incorporators provided an invalid Tax Identification Number (TIN) in the Articles of Incorporation it submitted to the Commission.

“[T]he use of an invalid and false TIN on [NWorld’s] Articles of Incorporation constitutes fraud in the procurement of the certificate of registration, which is a valid ground for the revocation of the Corporation’s Certificate of Incorporation,” the order read.

The CRMD noted that the TIN is an essential requirement in all applications handled by all government agencies, as provided by Executive Order No. 98 dated April 28, 1999. This means that the filing of the articles of incorporation of a company will be disapproved should it fail to provide a valid number.

“Fraud as a ground for the revocation of a Certificate of Registration of a corporation refers to fraud attendant in the registration of the corporation and must be contained and connected with the documents and/or papers presented to the Commission for registration of said corporation,” according to the CRMD.

Prior to the revocation of its corporate registration, the Commission En Banc on February 23, 2022 issued a cease and desist (CDO) against NWorld for its illegal solicitation of investments from the public. The CDO was declared permanent on July 19, 2022.

The SEC issued the CDO against NWorld and its officials, including President Juluis Allan C. Nolasco, after finding that the company has been selling and/or offering investment packages priced from P4,750 to P19,000 in exchange for NWorld products and a guaranteed monthly return of up to P127,000. Business transactions were supposedly made through the company’s official webpage.

Member-investors were also promised discounts of up to 30% for every purchase of NWorld products, referral bonuses, and an additional P25,000 when they meet the 25 pairs of recruits.

The scheme involved the sale and offer of securities to the public in the form of investment contracts, whereby a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others, according to the SEC.

Section 8 of Republic Act No. 8799, or the SRC, provides that securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the SEC.

While NWorld was a duly registered corporation, it had never secured a secondary license from the Commission as issuer of securities or broker dealer nor registered any securities for public offering pursuant to the SRC.

“The evidence presented by NWorld in support of its allegations and arguments therein simply failed to trounce the finding of this Commission that NWorld is engaged in the sale of securities in the form of investment contract, and is in continuous violation of Section 8 of the [Securities Regulation Code],” the Commission En Banc held, as it denied NWorld’s motion to lift the CDO.

READ the revocation order here: https://www.sec.gov.ph/issuance/alphanetworld-corporation/

READ the resolution declaring the CDO against NWorld permanent here: https://www.sec.gov.ph/issuance/sec-cdo-case-no-02-22-081/

Revenue Regulations No. 6-2022

Removes the 5-year validity period on receipts/invoices

For full text, https://bit.ly/3yzTlny

SUBMISSION OF REPORTS THROUGH THE ELECTRONIC FILING AND SUBMISSION TOOL (eFAST)

This is to reiterate that all registered corporations (stock and non-stock) MUST enroll in the Electronic Filing and Submission Tool (eFAST), previously called the Online Submission Tool (OST), to access and submit their annual reports.

Over-the-counter submission through appointment and mail shall no longer be accommodated.

Corporations may enroll their company account and one or more authorized filer/s through this link:

https://efast.sec.gov.ph

All reports submitted online shall be accepted only upon the approval of the enrollment in the eFAST.

For strict compliance.

Thank you.

Kayo ba ay isang organisasyon na may layuning makatulong sa mga nangangailangan? O isang asosasyon na nagsusulong ng mga interes at kapakanan ng inyong mga myembro o ng isang sector?

Kung gayon, maaari ninyong irehistro bilang isang nonstock corporation ang inyong organisasyon, asosasyon o grupo sa Securities and Exchange Commission.

Alamin kung paano magparehistro bilang nonstock corporation, sinu-sino ang maaring magprehistro at anu-ano ang mga benepisyo nito sa aming webinar on "Registering and Protecting Nonstock Corporations" sa April 8, 1:00PM via Facebook Live.

Mag-register dito para makatanggap ng e-certificate: https://bit.ly/RegistrationofNonStockCorporations

Para sa karagdagang impormasyon, BISITAHIN: https://www.sec.gov.ph/2021-world-investor-week/

Happy weekends, Palaweño Taxpayers!

To properly accommodate the expected influx of responsible taxpayers to file their Annual Income Tax Returns, this office will be setting up Offsite Tax Filing Centers (OTFC) which will be located in the following locations:

1. Robinsons Place Palawan
2. NCCC Mall Palawan
3. SM City Puerto Princesa
4. Office of the Revenue Collection Officer (all municipalities)

The above-mentioned locations will be accepting your ITRs starting March 28 to April 18, 2022 except weekends and holidays.

Please file and pay your taxes on or before the deadlines to avoid penalties.

"Pagbabayad ng Buwis sa Bayan, Tatak ng Kabayanihan."

As Easy as SEC: How to File Annual Reports Online

Join us in our webinar on the SEC Electronic Filing and Submission Tool (eFAST), formerly known as the Online Submission Tool or OST, at 1:00 PM on March 4, 2022 (Friday) via Facebook Live.

The webinar will walk you through the requirements and procedures for enrollment in and submission of reports using eFAST, a web-based document management system that allows corporations to submit their annual financial statements, general information sheet, and other reportorial requirements in digital format.

Don't forget to sign up at https://forms.gle/X649ibnPEZy625hx7 and accomplish the online evaluation form at the end of the webinar to receive an e-certificate.

You may also check the schedule of our other upcoming webinars by the SEC CAMPAIGN Network, as well as watch our previous webinars, at https://www.sec.gov.ph/sec-campaign-network-webinar-series-of-202/.