B2 Audit, Tax & Accounting

GOOD NEWS!

"The memorandum circular exempts both stock and nonstock corporations with total assets or liabilities not exceeding P3 million from submitting audited financial statements. "

📣 𝗦𝗘𝗖 𝗲𝘅𝗲𝗺𝗽𝘁𝘀 𝗺𝗶𝗰𝗿𝗼 𝗲𝗻𝘁𝗲𝗿𝗽𝗿𝗶𝘀𝗲𝘀 𝗳𝗿𝗼𝗺 𝘀𝘂𝗯𝗺𝗶𝘁𝘁𝗶𝗻𝗴 𝗮𝘂𝗱𝗶𝘁𝗲𝗱 𝗙𝗦

Micro enterprises are now exempted from submitting audited financial statements as part of their reportorial requirements, as the Securities and Exchange Commission (SEC) moves to streamline compliance and reduce regulatory burdens for small companies.

The Commission on January 20 issued Memorandum Circular No. 4, Series of 2026, providing the Amendments to the Application and Definition of Terms under Revised Rule 68 of Republic Act No. 8799, or the Securities and Regulation Code (SRC), in Relation to the Adjustment of the Audit Threshold.

The memorandum circular exempts both stock and nonstock corporations with total assets or liabilities not exceeding P3 million from submitting audited financial statements.

Previously, only stock and nonstock corporations with total assets or liabilities less than P600,000 were exempted from mandatory audit.

🔗 Read the full Memorandum Circular here: https://www.sec.gov.ph/mc-2026/sec-mc-no-04-series-of-2026

"Starting January 30, 2026, all Beneficial Ownership Declaration (BOD) Pages shall be submitted exclusively through HARBOR. Only active authorized eFAST filers with an active eSECURE account may submit, and all filers must use the 2026 version of the GIS, which removes the BOD Page."

NEW GIS TEMPLATE.

PUBLIC ADVISORY: In line with the issuance of Revenue Memorandum Circular No. 107-2025, everyone may send their complaints, concerns, and suggestions relating to audits and the issuance of Letters of Authority (LOAs) and Mission Orders directly to this email address: [email protected]

"Business groups have long complained that inconsistent audit practices create uncertainty and expose firms to potential abuse. The BIR has yet to release details of the review or say whether it plans to issue revised guidelines."

BIR to review audit authorization rules amid ‘weaponization’ claims - BusinessWorld Online The Bureau of Internal Revenue (BIR) is reviewing rules on documents that authorize tax audits after reports that some officials have been using them to pressure businesses, according to a lawmaker. These documents — known as letters of authority (LoA) — allow revenue officers to open an investi...

Congratulations!

CPALE 1st Placer na, may girlfriend pang kasabay pumasa ng CPALE! Parehong REO babies! Bebe time is the key talaga 😍

We are one with the Government in the search of accountability and justice but WE DEMAND MORE!

This is a reminder to all government employees to demonstrate professionalism and dedication to their work.

"The BIR office in Novaliches said the employee went on leave after the incident, and that the employee’s contract will be terminated starting this Nov. 1"

Read more:
https://www.gmanetwork.com/news/topstories/metro/964369/woman-files-complaint-vs-rude-bir-employee-in-novaliches/story/?fbclid=IwY2xjawN6k3NleHRuA2FlbQIxMABicmlkETFqOU16Qm45WWF0MUg5NzZqc3J0YwZhcHBfaWQQMjIyMDM5MTc4ODIwMDg5MgABHjdjok12CgskFPCSduGGog__qiJ7Sf2vBQiBz84n7SDNDPpkCl7pL2Z_yq1O_aem_ty0J0PL8XRf1BFqL5Sonvg

Woman files complaint vs 'rude' BIR employee in Novaliches A woman has lodged a complaint against an employee of the Bureau of Internal Revenue (BIR) who was allegedly rude to her while answering questions on how to secure a taxpayer identification number ID.

Oh oh!

https://www.facebook.com/share/p/1Jr8KqtcmG/

BIR FILES P7.1-B TAX EVASION COMPLAINTS VS DISCAYAS

The Bureau of Internal Revenue (BIR) has filed multiple tax evasion complaints before the Department of Justice against contractors Sarah and Curlee Discaya, along with a corporate officer of St. Gerrard Construction.

According to the BIR, the couple’s total tax liability amounts to P7.1 billion, covering unpaid taxes from the purchase of nine luxury vehicles and documentary stamp taxes related to their divestment from the company.

The agency also discovered that the couple failed to file income tax returns from 2018 to 2021.

The BIR said this is the first set of complaints filed against the Discyas, with more possibly to follow as the audit of their businesses continues. | via Camille Samonte/News5

📣 B reminded 📣

The SEC has released the 2025 deadlines for filing the Annual Financial Statements and General Information Sheet for all corporations with fiscal year ended December 31.

Make sure to file your Annual Financial Statements and General Information Sheet on or before the prescribed due date thru eFAST: https://efast.sec.gov.ph

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