ABP Accounting Services and Business Consultancy

𝗕𝗜𝗥 𝗣𝗨𝗕𝗟𝗜𝗦𝗛𝗘𝗦 𝗨𝗣𝗗𝗔𝗧𝗘𝗗 𝗟𝗜𝗦𝗧 𝗢𝗙 𝟮,𝟮𝟲𝟯 𝗩𝗔𝗧-𝗘𝗫𝗘𝗠𝗣𝗧 𝗠𝗘𝗗𝗜𝗖𝗜𝗡𝗘𝗦

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 27-2026 on April 8, 2026, publishing the FDA-endorsed full list of VAT-exempt drugs under Republic Act No. 10963, or the TRAIN Law, and Republic Act No. 11534, or the CREATE Act.

The Food and Drug Administration Philippines (FDA) of the Department of Health (Philippines) endorsed the updated list of 2,263 VAT-exempt drugs for the treatment of the following illnesses: 702 for cancer, 535 for hypertension, 327 for diabetes, 300 for mental illness, 171 for high cholesterol, 152 for kidney disease, and 76 for tuberculosis.

In line with President Ferdinand R. Marcos Jr.’s directive to make healthcare more accessible and affordable for Filipinos, the Department of Finance, under Finance Secretary Frederick D. Go, supports the timely implementation of measures that help reduce the cost of essential medicines.

BIR Commissioner Charlito Martin R. Mendoza said, “This issuance forms part of the government’s continuing efforts to help ease the cost of essential medicines, especially for Filipinos managing chronic and critical illnesses.”

RMC No. 27-2026 further provides that the updated list supersedes previous revenue memorandum circulars issued on the matter and shall remain in effect until new updates are endorsed by the FDA.

You may access the full text of RMC No. 27-2026 here(https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2027-2026.pdf), while the complete list of VAT-exempt medicines is available through Annex A of the circular (https://bir-cdn.bir.gov.ph/BIR/pdf/Annex%20A%20of%20RMC%20No.%2027-2206%20(1).pdf).

𝗔𝗡𝗡𝗨𝗔𝗟 𝗜𝗡𝗖𝗢𝗠𝗘 𝗧𝗔𝗫 𝗥𝗘𝗧𝗨𝗥𝗡 𝗗𝗘𝗔𝗗𝗟𝗜𝗡𝗘 𝗠𝗢𝗩𝗘𝗗 𝗧𝗢 𝗠𝗔𝗬 𝟭𝟱, 𝟮𝟬𝟮𝟲

The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 30-2026, extending the deadline to May 15, 2026 for the filing of 2025 Annual Income Tax Returns, payment of the corresponding taxes due thereon, and submission of required attachments.

“In line with the directive of President Ferdinand R. Marcos Jr., this extension is meant to make tax compliance easier for taxpayers at a time when many are managing added strain from the ongoing energy crisis,” Commissioner Charlito Martin R. Mendoza said.

Taxpayers may file through the BIR’s electronic filing platforms and pay electronically through available payment platforms, or manually through the nearest Authorized Agent Banks.

RMC No. 30-2026: https://tinyurl.com/RMC302026

📣 𝗡𝗢𝗧𝗜𝗖𝗘: 𝗘𝘅𝘁𝗲𝗻𝘀𝗶𝗼𝗻 𝗼𝗳 𝘁𝗵𝗲 𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲 𝗳𝗼𝗿 𝗙𝗶𝗹𝗶𝗻𝗴 𝗼𝗳 𝟮𝟬𝟮𝟱 𝗔𝗻𝗻𝘂𝗮𝗹 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀 (𝗔𝗙𝗦)

The filing deadline for the 2025 Annual Financial Statements (AFS) and related reportorial requirements has been 𝗘𝗫𝗧𝗘𝗡𝗗𝗘𝗗. This follows the issuance of Revenue Memorandum Circular No. 30-2026 by the Bureau of Internal Revenue (BIR).

🗓️ Revised Deadlines:
• Annual Financial Statements of All Corporations: 𝗝𝘂𝗻𝗲 𝟭𝟱, 𝟮𝟬𝟮𝟲
• SEC Form 52-AR of Brokers & Dealers: 𝗠𝗮𝘆 𝟭𝟱, 𝟮𝟬𝟮𝟲
• Annual Reports (SEC Form 17-A) with AFS as attachment: 𝗠𝗮𝘆 𝟭𝟱, 𝟮𝟬𝟮𝟲

All corporations are reminded to ensure that submitted AFS are duly received by the BIR.

Read the full notice here: https://www.sec.gov.ph/notices-2026/extension-of-the-deadline-for-filing-of-2025-annual-financial-statements-afs/

📣 𝗡𝗢𝗧𝗜𝗖𝗘: 𝗘𝘅𝘁𝗲𝗻𝘀𝗶𝗼𝗻 𝗼𝗳 𝗧𝗲𝗺𝗽𝗼𝗿𝗮𝗿𝘆 𝗨𝘀𝗲 𝗼𝗳 𝟮𝟬𝟮𝟬 𝗙𝗼𝗿𝗺 𝗳𝗼𝗿 𝗙𝗶𝗹𝗶𝗻𝗴 𝗼𝗳 𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗦𝗵𝗲𝗲𝘁 (𝗚𝗜𝗦) 𝗼𝗻 𝗲𝗙𝗔𝗦𝗧

The Securities and Exchange Commission has extended the temporary use of the 2020 General Information Sheet (GIS) Form for filing through eFAST until 15 May 2026.

Corporations that are still setting up their eSECURE accounts may continue to use the 2020 GIS Form during this extended period.

📄 Download the form here: https://bit.ly/2020GISForms

This extension aims to give corporations enough time to complete their HARBOR access and setup.

For assistance, the public may visit the SEC Headquarters in Makati City or the nearest SEC Extension Office.

📞 For inquiries:
• Dial 1-4SEC (14732)
• SEC iMessage Portal: https://imessage.sec.gov.ph/

Read the full notice here: sec.gov.ph/notices-2026/extension-of-temporary-use-of-2020-form-for-filing-of-general-information-sheet-on-efast/

𝗕𝗜𝗥 𝗦𝗔𝗬𝗦 𝗖𝗥𝗢𝗦𝗦-𝗕𝗢𝗥𝗗𝗘𝗥 𝗦𝗘𝗥𝗩𝗜𝗖𝗘𝗦 𝗡𝗢𝗧 𝗔𝗨𝗧𝗢𝗠𝗔𝗧𝗜𝗖𝗔𝗟𝗟𝗬 𝗧𝗔𝗫𝗔𝗕𝗟𝗘 𝗜𝗡 𝗣𝗛

The Bureau of Internal Revenue (BIR) has issued a revenue memorandum circular (RMC) clarifying that income from cross-border services are not automatically subject to Philippine income tax, setting clearer guidelines for how such transactions should be assessed for income tax purposes.

The BIR’s RMC No. 024-2026 sets guidance on the proper application of earlier issuances following the Supreme Court (SC) ruling in Aces Philippines Cellular Satellite Corporation v. Commissioner of Internal Revenue, amid concerns that the rules were being applied beyond their intended scope.

As a general rule, income from services is taxed where the service is performed. While the SC ruling allows consideration of where the benefit of the service is enjoyed, or where the economic activity occurs, the BIR stressed that taxability must still be determined based on the specific facts of each case.

The circular directs revenue officers to assess service agreements as a whole and cautions against isolating a single activity as the sole basis for taxation. Any tax assessment must clearly state its legal and factual basis, in line with Section 228 of the Tax Code.

To support compliance, the BIR outlined documents that taxpayers may present during audits to show that services were performed outside the Philippines, including service contracts, proof of foreign performance, and tax residency certificates.

The issuance also clarifies that taxpayers are not required to secure a prior BIR ruling to claim the proper tax treatment of cross-border transactions, provided they can substantiate their position during assessment.

BIR Commissioner Charlito Martin R. Mendoza said the circular aims to ensure more consistent and fair application of tax rules.

“The circular ensures that both revenue officers and taxpayers apply the rules on cross-border services in line with law and jurisprudence. It reinforces our commitment to fair enforcement while providing clear guidance to taxpayers,” Mendoza said.

https://www.bir.gov.ph/2026-Revenue-Memorandum-Circulars

BIR Revenue Memorandum Circular (RMC) No. 22-2026

Circularizing the Frequently Asked Questions on the 2026 Omnibus Rules on the Statement of Assets, Liabilities and Net Work (SALN)

BIR RMC No. 020-2026
Guidelines in the Filing of Annual Income Tax Returns and Payment of Corresponding Taxes Due Thereon for Calendar year 2025

🔎 𝗞𝗡𝗢𝗪 𝗠𝗢𝗥𝗘 𝗔𝗕𝗢𝗨𝗧 𝗛𝗔𝗥𝗕𝗢𝗥

The Securities and Exchange Commission Philippines invites the public to sign up and join the SEC CAN! Webinar Series featuring Hierarchical and Applicable Relations and Beneficial Ownership Registry (HARBOR) and other relevant SEC Digital Systems, namely the Electronic Filing and Submission Tool (eFAST) and the Electronic SEC Universal Registration Environment (eSECURE).

This webinar will walk participants through the features, functions, and common concerns in using these systems to help them successfully navigate the SEC’s digital services.

📅 17 March 2026 (Tuesday) | 1:30 PM, via Facebook Live
👉 Register now: bit.ly/SEC-CAN-HARBOR

📣 𝗡𝗢𝗧𝗜𝗖𝗘: 𝗧𝗲𝗺𝗽𝗼𝗿𝗮𝗿𝘆 𝗨𝘀𝗲 𝗼𝗳 𝟮𝟬𝟮𝟬 𝗙𝗼𝗿𝗺 𝗳𝗼𝗿 𝗨𝗿𝗴𝗲𝗻𝘁 𝗙𝗶𝗹𝗶𝗻𝗴 𝗼𝗳 𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗦𝗵𝗲𝗲𝘁 𝗼𝗻 𝗲𝗙𝗔𝗦𝗧

The Securities and Exchange Commission (SEC) temporarily allows corporations that are still setting up or restoring access to their eSECURE accounts to submit their General Information Sheet (GIS) through eFAST using the 2020 version of the GIS Form.

This arrangement will be available until 15 April 2026. After this date, corporations will be required to use the 2026 GIS Form, which integrates the submission of beneficial ownership information through HARBOR.

📄 Download the form here: https://bit.ly/2020GISForms
🔗 Read the full notice here: https://www.sec.gov.ph/notices-2026/temporary-use-of-2020-form-for-urgent-filing-of-general-information-sheet-on-efast/

🚨 𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆 𝐍𝐄𝐖𝐒 | 𝐓𝐀𝐗 𝐀𝐔𝐃𝐈𝐓 𝐑𝐄𝐅𝐎𝐑𝐌𝐒

The 𝑩𝒖𝒓𝒆𝒂𝒖 𝒐𝒇 𝑰𝒏𝒕𝒆𝒓𝒏𝒂𝒍 𝑹𝒆𝒗𝒆𝒏𝒖𝒆 (BIR) is nearing completion of its proposed reforms to the tax audit and Letters of Authority (LOA) system.

Key changes include limiting audits to one LOA per taxable year and reducing the number of offices authorized to issue LOAs—measures aimed at preventing abuse, corruption, and taxpayer harassment.

These reforms signal a major step toward fairer audits, stronger accountability, and restored trust in tax administration. 🇵🇭📄