Inventor, Miranda & Associates, CPAs

SEC PRESS RELEASE DATED May 13, 2026

Highlights: SEC Suspends Monthly Penalties for Late/Non-Filing of Reports

The Philippine Securities and Exchange Commission (SEC) announced the temporary suspension of monthly penalties for the late or non-filing of reportorial requirements until December 31, 2026.
The suspension was approved by the Commission En Banc during its meeting on May 5, 2026.

The relief covers the monthly compounding penalties under SEC Memorandum Circular No. 6, Series of 2024 (MC 6).
MC 6 imposes fines for late or non-filing of:
Annual Financial Statements (AFS)
General Information Sheets (GIS)

Under the original rules:
OPCs and domestic stock/non-stock corporations with retained earnings/fund balance/equity incurred an additional ₱1,000 per month of continuing violation.

Corporations with negative retained earnings incurred ₱500 per month additional penalty.

The SEC clarified that:
Only the monthly penalty component is suspended.
The base penalties for late or non-filing remain enforceable.
The monthly penalties previously compounded every month, up to a maximum of 12 months.

The measure aims to:
Reduce transaction costs
Promote ease of doing business
Help corporations regain good standing and move toward compliance

The suspension also applies to corporations with pending monitoring applications.
Corporations with final assessments that are still unpaid will receive updated assessments excluding the monthly delay penalties.

📣ADVISORY

Here are the key highlights of BIR Revenue Memorandum Circular (RMC) No. 033-2026 on Estate Tax Amnesty dated April 27, 2026

🔑 General Purpose
Clarifies filing and payment rules for Estate Tax Amnesty.
Applies to all BIR officers, employees, and concerned taxpayers.
📌 1. Proof of Estate Settlement
No deadline for submitting proof (e.g., Extra-Judicial Settlement, Court Order).
Failure to submit before June 16, 2025 does NOT invalidate the amnesty application.
HOWEVER:
Required for issuance of eCAR (Electronic Certificate Authorizing Registration).
Without it, transfer of assets cannot proceed.
📌 2. Undeclared Properties (After Amnesty Filing)
If assets were not included in the amnesty return:
Apply laws and tax rates at the time of death.
Compute regular estate tax ONLY on the undeclared property.
Amnesty does NOT cover omitted properties discovered later.
📊 Sample Insight (Simplified)
Estate availed amnesty → later discovered additional property
Result:
Amnesty applies only to declared assets
Additional property → subject to:
Regular estate tax
Penalties (surcharge, interest, compromise)
📌 3. Installment Payment Option
Allowed under amnesty, subject to:
Maximum of 2 years to pay
No penalties/interest (if compliant)
Requires RDO approval
Conditions:
First installment must be paid on or before June 16, 2025
Installments need not be equal
Total installments must equal total amnesty tax
⚠️ 4. Default on Installment
Missing any installment = automatic disqualification from amnesty
Consequences:
Estate taxed under regular estate tax rules
Based on law at time of death
Less payments already made
With penalties and interest
📊 Important Practical Takeaways
✔ Always declare ALL properties during amnesty filing
✔ Amnesty is not a blanket protection for future discoveries
✔ Ensure installment payments are strictly on time
✔ Secure proof of settlement early to process eCAR
💡 Bottom Line
Estate Tax Amnesty is beneficial but strictly conditional:
Full disclosure
Timely compliance
Any lapse (undeclared assets or missed payments) results in loss of amnesty benefits and exposure to full tax + penalties.
If you want, I can apply this to a real estate scenario or compute sample estate tax based on your case.

QUALITY ASSURANCE REVIEW 201 to enhance quality of audit especially for CPAs in Public Practice attended by our Managing Partner Wilma Inventor Miranda, Joshua Octiva and Vince Sembrano.

It is a 3-day workshop from April 20-22,2026 by the PHILIPPINE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS NEGROS OCCIDENTAL CHAPTER AND ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS IN PUBLIC PRACTICE NEGROS...

Congratulations to the Awardee of Inventor Miranda and Associates (IMA) JOSHUA SOLAYBAR CALAMBA (CUM LAUDE) from the University of St LA SALLE as 2026 IMA OUTSTANDING ACCOUNTANCY STUDENT (OJT with Academic Excellence).

Here receiving trophy and a check of P10, 000 from Joshua Octiva and Vince Sembrano (both are also alumni of the University) representing IMA during USLS Recognition Day April 23, 2026.

Congratulations too to the proud parents Stephanie Solaybar-Calamba and Lorenzo Calamba Jr.

The trophy picture was changed to his latest graduation picture..

SEC NOTICE

Here are the key highlights of the SEC Notice:
📌 Main Update
Extension granted for the temporary use of the 2020 GIS Form.
Applicable for filing through eFAST (Electronic Filing and Submission Tool).
New deadline: 15 May 2026.

🧾 Who This Applies To
Corporations still setting up their eSECURE accounts.
Those needing access to HARBOR (beneficial ownership registry system).
They may continue using the 2020 GIS Form during the extension period.

🌐 Purpose of Extension
To give companies more time to:
Complete eSECURE account setup
Gain access to HARBOR
Ensure proper submission of beneficial ownership information

📥 Form Access
The 2020 GIS Form is still available for download via the SEC website.
📞 Support Channels
Phone: 14-SEC (14-732)
Online: SEC iMessage portal (for assistance and follow-ups)
On-site: SEC Headquarters (Makati) or nearest extension office

🗓️ Issuance Date
14 April 2026

Birthday celebration of our Founder Lamberto Inventor and Thanksgiving Party for the past months of the tax season and prayer to meet the requirements of the rest of the coming weeks'/months' deadlines. Cheers🍸🍾.. 🎂🎊🎉🎈💐

Opening Remarks of our Managing Partner Wilma Inventor Miranda says it all!

"As we celebrate the birthday of our beloved Founder, Lamberto Inventor, we pause to honor a life marked by dedication, integrity, and unwavering faith. His vision and hard work laid the foundation of what we continue to build today, inspiring us to pursue excellence in all that we do.

At the same time, we offer our heartfelt thanksgiving to the Lord for His continued guidance and provision over the past months. Through His grace, we have been sustained, strengthened, and enabled to accomplish our goals—including successfully filing at least 98% of the ITRS of our clients by April 15.

May this occasion remind us not only of the legacy left by our Founder, but also of the faith that sustains our journey. We move forward with gratitude in our hearts, committed to uphold the values he lived by and to serve with purpose and excellence.

To God be all the glory."

📌 BIR RMC No. 030-2026 — Highlights

✅ 1. Deadline EXTENDED
Filing of 2025 Annual Income Tax Returns (AITR) is extended from:
❌ April 15, 2026
✅ May 15, 2026
✔️ Includes:
Filing of returns
Payment of taxes due
Submission of required attachments

✅ 2. Reason for Extension
Due to:
Executive Order No. 110, s. 2026
Declaration of a State of National Energy Emergency
Impact of rising oil prices
👉 Purpose: Give taxpayers more time without penalties

✅ 3. No Penalties (Within Extension)
Taxpayers can:
File
Pay
Submit attachments
👉 Up to May 15, 2026 WITHOUT penalties

✅ 4. Filing & Payment Channels Still Allowed
Electronic filing via BIR systems:
eBIRForms
eFPS
Payment options:
Online payment channels
Authorized Agent Banks (AABs)

✅ 5. Applicability
Applies to:
All taxpayers required to file 2025 AITR
All concerned BIR offices and personnel

BANK BULLETIN 2026-04 DATED APRIL 7, 2026

1. ACCEPTANCE OF AITRs & PAYMENTS
✅ Electronic Filing Recognition
AABs must accept:
AITRs filed via BIR e-filing platforms
With Tax Return Receipt Confirmation (TRRC)
If TRRC is delayed:
Screenshot of “Submit Successful” is acceptable proof

🌍 Out-of-District Payments Allowed
Banks must accept payments even if taxpayer is registered in another RDO
Key procedures:
Require 3 copies of AITR/payment form + deposit slip
Deposit slip must include:
TIN, taxpayer name
Amount, date, bank details
🏷️ Required Stamping
Stamp on forms:
“RECEIVED”
“Out-of-District”

⏰ Late Filing / Payment
Accept returns marked “LATE FILING”
Must include penalty computation
Stamp:
“FILED LATE”
“INCREMENTS NOT PAID” (if penalties unpaid)
🧾 Validation & Documentation
Machine-validate deposit slips
Must reflect:
Date, amount, transaction number
Bank branch, teller details

📤 Release to Taxpayer
Provide:
Stamped AITR (triplicate copy)
Validated original deposit slip

🏦 Posting of Payments
Payments must be:
Posted via online tellering
Credited to Bureau of Treasury (BTr) account

📦 Batching & Encoding
Out-of-district returns:
Must be batched separately
Encoding:
Use accepting branch RDO, not taxpayer’s RDO
💵 Required Payment Details
For cash/check payments, include:
Taxpayer name, TIN
Tax type, return period
Amount paid
For checks: bank name, check number, issue date

🧾 2. CHECK PAYMENT RULES
✔️ Accept even if:
Different AAB branch indicated on check
Missing details on check face
✔️ Conditions:
Check payable to “Bureau of Internal Revenue”
Taxpayer must write at the back:
Receiving branch
TIN
Taxpayer name

⚠️ 3. SPECIAL REMINDERS
🕔 End-of-Day Acceptance
Accept taxpayers within bank premises at closing time
⏳ After Clearing Cut-off
Accept checks even after clearing cut-off
Stamp:
“Received after cut-off/clearing time”
📎 Attachments to AITR
AABs:
No longer required to stamp attachments
Taxpayers must submit via:
eAFS / eSubmission
Or manually to BIR office if system unavailable

🧍 4. MICRO & SMALL TAXPAYERS (NEW)
📄 BIR Form 1701-MS
Manual filing is allowed because:
Not yet available in e-filing systems
AABs must:
Accept payment
Include form in system coding

🚨 5. SYSTEM UNAVAILABILITY
If BIR e-filing is down:
AABs must still accept payments
Based on BIR advisory

📦 6. REMITTANCE & REPORTING
Must follow existing procedures for:
Submission of reports
Remittance to BTr

BIR REVENUE MEMORANDUM CIRCULAR 24-2026 dated March 30, 2026

Clarifying the Application of Revenue Memorandum Circular Nos. 5- 2024 and 38-2024 on the Tax Treatment of Cross-Border Services

Key Highlights of RMC 24-2026:

No Automatic Taxation: Cross-border services (e.g., IT, consulting) do not immediately trigger Philippine income tax.

Four Elements for Taxability: To impose tax, BIR officers must prove: a Philippine payor/non-resident provider, economic benefit, local income situs, and lack of treaty exemptions.

Evaluation Approach: Focuses on analyzing the entire agreement rather than isolated activities.

Burden of Proof: Taxpayers must support their tax treatment with documentation (contracts, invoices, tax residence certificates) during assessments.

No Mandatory Ruling: A confirmatory BIR ruling is not required if documentation supports the tax position