C P C Escaño & Co., Certified Public Accountants

𝗕𝗜𝗥 𝗟𝗔𝗨𝗡𝗖𝗛𝗘𝗦 “𝗘𝗔𝗦𝗘 𝗢𝗙 𝗖𝗟𝗢𝗦𝗜𝗡𝗚 𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦” 𝗚𝗨𝗜𝗗𝗘𝗟𝗜𝗡𝗘𝗦 𝗙𝗢𝗥 𝗧𝗔𝗫 𝗥𝗘𝗚𝗜𝗦𝗧𝗥𝗔𝗧𝗜𝗢𝗡 𝗖𝗔𝗡𝗖𝗘𝗟𝗟𝗔𝗧𝗜𝗢𝗡; 𝗧𝗔𝗫 𝗖𝗟𝗘𝗔𝗥𝗔𝗡𝗖𝗘 𝗥𝗘𝗟𝗘𝗔𝗦𝗘𝗗 𝗔𝗦 𝗙𝗔𝗦𝗧 𝗔𝗦 𝗧𝗛𝗥𝗘𝗘 𝗗𝗔𝗬𝗦

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 47-2026 on May 19, 2026, prescribing new guidelines to simplify the process for closing businesses and cancelling tax registration, as part of the implementation of Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act.”

“This is our ‘Ease of Closing Business’ reform,” Commissioner Charlito Martin R. Mendoza said. “In line with President Ferdinand R. Marcos Jr.’s directive to make government services faster, better, and more responsive, and Finance Secretary Frederick D. Go’s push to make tax administration more investor-friendly and business-friendly, the BIR is making it easier for taxpayers who have already ceased operations to properly close their business and cancel their registration.”

“From improving the ease of doing business and the ease of paying taxes, this reform completes the BIR’s support for businesses through every stage of the business life cycle. If we make it easier to start and operate a business, then the government must also make it easier to properly close BIR registration once operations have already ceased,” he added.

Under RMC No. 47-2026, taxpayers who have already ceased operations may now apply for the closure or cancellation of their registration, either manually or electronically, through the Revenue District Office where their head office or branch is registered.

The Circular simplifies and standardizes documentary requirements. Together with the application form and the surrender of original BIR registration documents and permits previously issued to the business, taxpayers will only be required to submit two other document sets for closure: the list of ending inventory of goods and supplies, including capital goods for VAT-registered taxpayers, and the unused invoices, supplementary documents, and other unutilized accounting forms, together with their inventory.

Under the new guidelines, penalties for non-filing of tax returns shall no longer accrue once the taxpayer submits the complete documentary requirements for the closure or cancellation of registration. To prevent the further accumulation of open cases, the taxpayer’s registered form types shall likewise be placed under “deregistered” status upon submission of the complete requirements. Filing an application for the closure or cancellation of registration, however, does not preclude the Bureau from conducting an audit to determine any outstanding tax liabilities.

In addition, micro taxpayers shall not be subject to mandatory audit for closure and/or cancellation of business registration. Hence, tax clearances will be issued within three (3) working days from submission of complete documentary requirements for those with no open cases or outstanding liabilities. For micro taxpayers with open cases, tax clearance will be issued within three (3) working days from the submission of the complete documentary requirements and the payment of outstanding liabilities, including penalties.

Commissioner Mendoza encouraged taxpayers who have already ceased operations to avail themselves of the streamlined process to avoid the continued accumulation of penalties and to properly update their registration records with the Bureau.

Read the full RMC here:https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2047-2026.pdf

𝐒𝐄𝐂 𝐔𝐩𝐝𝐚𝐭𝐞:

𝑻𝒉𝒆 𝑺𝑬𝑪’𝒔 𝒍𝒂𝒕𝒆𝒔𝒕 𝒎𝒐𝒗𝒆 𝒎𝒂𝒓𝒌𝒔 𝒂 𝒔𝒊𝒈𝒏𝒊𝒇𝒊𝒄𝒂𝒏𝒕 𝒔𝒕𝒆𝒑 𝒕𝒐𝒘𝒂𝒓𝒅 𝒎𝒐𝒅𝒆𝒓𝒏𝒊𝒛𝒊𝒏𝒈 𝒐𝒖𝒓 𝒄𝒂𝒑𝒊𝒕𝒂𝒍 𝒎𝒂𝒓𝒌𝒆𝒕𝒔. By introducing rules on Umbrella Funds, the Commission is opening doors for fund managers to streamline operations while giving investors more accessible pathways to diversify. This framework not only enhances efficiency but also strengthens investor confidence by providing clear guidance and robust oversight.

In a landscape where adaptability and transparency are key, the Umbrella Fund structure reflects a forward-looking approach—one that balances innovation with investor protection.

📣 𝗦𝗘𝗖 𝗶𝘀𝘀𝘂𝗲𝘀 𝗿𝘂𝗹𝗲𝘀 𝗼𝗻 𝗨𝗺𝗯𝗿𝗲𝗹𝗹𝗮 𝗙𝘂𝗻𝗱𝘀

The Securities and Exchange Commission (SEC) has issued rules on the creation of Umbrella Funds, expanding the structuring options for investment companies in a bid to provide greater operational flexibility and administrative efficiency for fund managers and increase portfolio diversification options for investors.

The Commission on April 8 issued SEC Memorandum Circular No. 14, series of 2026, which provided for the Rules on Umbrella Funds, outlining the policy on the registration, operation, and reporting of open-end investment companies structured as Umbrella Funds and its Sub-funds.

“These new rules provide the public with clear guidance on the registration and reportorial requirements of these funds, as part of our commitment to enhance operational adaptability and streamline administrative processes of funds and fund managers, while expanding the range of investment opportunities in the capital market,” SEC Chairperson Francis Lim said.

“By allowing single investment firms to pursue other investment objectives and strategies through the creation of sub-funds, registration and monitoring of the umbrella fund and accompanying sub-funds will be more efficient while also providing investors with the opportunity to conveniently diversify their portfolio,” Chairperson Lim added.

Under the rules, an Umbrella Fund refers to a newly formed or existing registered open-end unit-issuing investment company that holds two or more Sub-Funds, such as equity, bonds or fixed incomes, among others, with segregated assets and liabilities.

Read the full memorandum circular here: https://www.sec.gov.ph/mc-2026/sec-mc-no-14-series-of-2026rules-on-umbrella-fund/

Read the full press release here: https://www.sec.gov.ph/pr-2026/sec-issues-rules-on-umbrella-funds/

𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐨𝐧 𝐭𝐡𝐞 𝐑𝐢𝐬𝐞, 𝐑𝐞𝐟𝐮𝐧𝐝𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐑𝐞𝐭𝐮𝐫𝐧!

The BIR collected ₱198.755 billion in March 2026, marking an 11.87% jump from last year. Even more striking—₱11.368 billion in tax refunds were released, over five times higher than March 2025.

Net collections may have grown at a steadier 6.68%, but the bigger story is how more funds flowed back to taxpayers and businesses during the energy crisis. This balance of strong revenue and timely refunds shows resilience and responsiveness in action.

𝗕𝗜𝗥 𝗖𝗢𝗟𝗟𝗘𝗖𝗧𝗦 ₱𝟭𝟵𝟴.𝟳𝟱𝟱 𝗕𝗜𝗟𝗟𝗜𝗢𝗡 𝗜𝗡 𝗠𝗔𝗥𝗖𝗛 𝟮𝟬𝟮𝟲, 𝗨𝗣 𝟭𝟭.𝟴𝟳%

The Bureau of Internal Revenue (BIR) posted a gross collection of ₱198.755 billion in March 2026, up by ₱21.086 billion or 11.87% from the same month last year, based on preliminary data as of April 13, 2026.

The BIR also released ₱11.368 billion in tax refunds in March 2026, or more than five times the amount released in March last year. As a result, net collection for the month reached ₱187.387 billion, up by ₱11.727 billion or 6.68% year-on-year. While the higher level of refunds tempered net collection growth, it also meant more funds were returned to taxpayers and businesses during the ongoing energy crisis.

“Our March 2026 collection performance is encouraging, especially at this time of economic strain. We at the BIR heed the directive of President Ferdinand R. Marcos Jr. and Finance Secretary Frederick D. Go to help ensure that the government has steady revenues to fund essential services and provide timely support, especially to those who need it most,” Commissioner Charlito Martin R. Mendoza said.

𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐔𝐩𝐝𝐚𝐭𝐞!

The SEC has announced an extension of deadlines for filing the 2025 Annual Financial Statements and related reports.

This is a welcome breather for corporations, brokers, and dealers—but let’s not wait until the last minute. Timely filing shows professionalism, accountability, and readiness.

Take note of the revised dates and make sure your submissions are complete and duly received by the BIR. Staying ahead of deadlines means staying ahead in compliance.

📣 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/

Deadline: 𝟐𝟗 𝐌𝐚𝐲 𝟐𝟎𝟐𝟔 for Dec. 31 year‑end corporations. Audited FS required for those above ₱3M. File right, file on time!

One login, one gateway—your SEC services made simpler and safer.

𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐦𝐚𝐝𝐞 𝐬𝐢𝐦𝐩𝐥𝐞: 𝐒𝐄𝐂 𝐚𝐥𝐥𝐨𝐰𝐬 𝐭𝐞𝐦𝐩𝐨𝐫𝐚𝐫𝐲 𝐮𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝟐𝟎𝟐𝟎 𝐆𝐈𝐒 𝐅𝐨𝐫𝐦 𝐨𝐧 𝐞𝐅𝐀𝐒𝐓 𝐮𝐧𝐭𝐢𝐥 𝐀𝐩𝐫𝐢𝐥 𝟏𝟓, 𝟐𝟎𝟐𝟔. 𝐀𝐜𝐭 𝐧𝐨𝐰 𝐚𝐧𝐝 𝐬𝐭𝐚𝐲 𝐚𝐡𝐞𝐚𝐝 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐮𝐫𝐯𝐞.

📣 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/

𝐀 𝐦𝐢𝐥𝐞𝐬𝐭𝐨𝐧𝐞 𝐟𝐨𝐫 𝐢𝐧𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐟𝐢𝐧𝐚𝐧𝐜𝐞—these Sukuk guidelines mark a decisive step toward broadening Shari’ah-compliant investment opportunities in the Philippines, strengthening transparency, and opening doors for sustainable growth.

📣 𝗦𝗘𝗖 𝗽𝗿𝗼𝗺𝗼𝘁𝗲𝘀 𝗜𝘀𝗹𝗮𝗺𝗶𝗰 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗺𝗮𝗿𝗸𝗲𝘁 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁 𝘄𝗶𝘁𝗵 𝗿𝘂𝗹𝗲𝘀 𝗼𝗻 𝗦𝘂𝗸𝘂𝗸 𝗶𝘀𝘀𝘂𝗮𝗻𝗰𝗲𝘀

The Securities and Exchange Commission (SEC) has released new rules on Sukuk issuances in the Philippines, promoting the continued development of the country’s Islamic capital market and further expanding the range of Shari’ah-compliant investment opportunities for both issuers and investors.

The SEC on February 25 issued SEC Memorandum Circular (MC) No. 12, Series of 2026, providing for the Guidelines on the Issuance and Disclosure of Sukuk.

Sukuk refers to certificates of equal value representing undivided investment, interest in or rights to the underlying assets, usufructs and services or projects undertaken in accordance with Shari’ah principles.

The guidelines establish the regulatory framework for Sukuk issuances, outlining rules on registration, permissible structures, as well as reporting and disclosure requirements for issuers, among others, to ensure transparency, reinforce investor protection, and uphold Shari’ah compliance.

“The SEC recognizes Sukuk as a strategic instrument for capital raising and investment activities, both locally and internationally,” SEC Chairperson Francis Lim said.

Read the full Memorandum Circular here: https://www.sec.gov.ph/mc-2026/sec-mc-no-12-series-of-2026/

Read the full press release here: https://www.sec.gov.ph/pr-2026/sec-promotes-islamic-capital-market-development-with-rules-on-sukuk-issuances/

𝐒𝐭𝐚𝐫𝐭𝐢𝐧𝐠 𝐚𝐧𝐝 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐣𝐮𝐬𝐭 𝐛𝐞𝐜𝐚𝐦𝐞 𝐦𝐨𝐫𝐞 𝐚𝐜𝐜𝐞𝐬𝐬𝐢𝐛𝐥𝐞 𝐟𝐨𝐫 𝐅𝐢𝐥𝐢𝐩𝐢𝐧𝐨 𝐞𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫𝐬. (JP/YNM)

The Department of Trade and Industry has launched its next-generation Negosyo Center, a modern, digital-ready hub designed to simplify government processes and provide stronger support for micro, small, and medium enterprises (MSMEs).

From business name registration and BMBE processing to advanced advisory services, skills training, innovation support, and digital tools, the upgraded center brings essential services together in one efficient space. This initiative reflects the government’s commitment to improving ease of doing business and empowering entrepreneurs to thrive in a rapidly changing economy.

With MSMEs accounting for nearly all businesses in the Philippines and generating the majority of local jobs, initiatives like this play a vital role in strengthening communities and driving inclusive economic growth.

Learn how the model Negosyo Center is reshaping support for Filipino entrepreneurs and what this means for businesses nationwide.

Read more: https://escano-cpas.com/msme-hub