HAVE YOU LOST YOUR BIR CERTIFICATE OF REGISTRATION?


lostDid you lose your original BIR form 2303 or the Certificate of Registration (COR)? That you already exerted effort but you can’t find it.   Or your company’s BIR 2303 was caught by fire, flood or natural disaster?  Well, don’t worry, you can always replace the BIR Form 2303 or the BIR Certificate of Registration (COR) by doing the following:

  1. Get a copy of BIR form 1905 (Application for Registration Information Update) and fill out properly.
  2. Prepare a notarized Affidavit (e.g. Affidavit of Loss, if lost).  Much better if you have a photocopy of the BIR Form 2303.  Much much way better if you have the old original certificate for replacement.
  3. Then go to your Revenue District Office (RDO) where your business is registered and submit the accomplished BIR Form 1905 together with the required attachment/s. Please take note that the BIR is already implementing the queuing system.  Thus, get a number and check window / table number for the submission of your application.
  4. The BIR RDO personnel who is assigned for the receiving will advise you to pay the necessary certification fee and documentary stamp tax. This is the time to get and accomplish copy of BIR Form 0605 (Payment Form).
  5. After which, you will be advised to pay the required amount to the any BIR accredited bank/s and the date when the new Certificate of Registration will be released.
  6. Bring the proof of payment or submit before the issuance of the new Certificate of Registration.  But for some RDO, the proof of payment is required prior to accepting the BIR 1905 and Affidavit.  Either way, you should get a receiving copy of your application and the specific date of release of your new BIR Form 2303.

There. Easy.

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Attention Corporation: Risk of paying not less than Php10,000.00 penalty on 1702Q


1702QATTENTION CORPORATION: There is a potentially expensive sting in the tail for pay and file taxpayers who have not yet paid & filed their 2014 second quarter corporate income tax (1702Q). Second quarter covers April, May & June 2014 and the deadline for filing is on the 28th of August or on or before 60 days following the close of each of the quarters.  Anyhow, for corporate taxpayers, the 2014 income tax return will trigger a penalty not less than Php10,000, if not filed. Therefore, it is important, however, to note that the penalty is calculated on your income tax liability, and that this penalty is in addition to the tax liability. Oh yes! aside from the tax payable you will be charged for additional penalty.  You don’t want that do you?  Well of course, the BIR issued a table of compromise penalty depending on the amount of tax involved.   But that is not he point.  Because additional penalties may also apply for non-compliance with filing obligations and worst you will be monitored already.

Thus, if you want to avoid any penalty then make sure you have filed and paid your 1702Q ON OR BEFORE THE DEADLINE.

 

The BIR Rush and the eFPSyntax of 2012


Yesterday’s tax filing a.k.a. Annual Income Tax Return (1702 for Corporations and Partnerships) was a total rush! Is it? Or it was a total havoc? Of course, in any system that is under a transition process will always experience some sort of glitches.

Anyhow, the issuance of Revenue Memorandum Circular (RMC) No. 10-2012, the Bureau of Internal Revenue (BIR) has provided the transition procedures for all Electronic Filing and Payment System (eFPS) filers in using the enhanced income tax return (BIR Form Nos. 1700, 1701, and 1702-November 2011 version).

Now, if you have filed your ITR via eFPS you will notice that the system automatically computes for the tax due at 30% of the taxable net income or 2% of gross income whichever is higher. Further, you need to encode itemized deduction so that the system will capture operating expenses, truly; disclosure of direct cost and opex is so necessary. It’s an easy step basically should a filer or taxpayer had done this prior to the April 16 deadline.  April 15 is a Sunday that is why…

The problem though is the attachment that is needed for the system to validate the transaction is somehow had glitches.  Some taxpayers who filed via eFPS easily uploaded their ITR and accepted by the system even without the attachment. The syntax as provided by Revenue Memorandum Circular (RMC) No. 15-2012 in naming the attachment is quite unclear, especially the statement “where 000 is the branch code.” Other taxpayers understand this naming convention as the “000” shall be substituted by the “branch code per se.”  For example RDO Code 044. But the thing is, there is NO need to change the 000 as the branch code.

Anyhow, until next time… for another BIR rush.

SEC i-Register


This blog had been receiving a lot of queries about on-line SEC registration.  However,  sad to say the SEC i-Register only offers reservation of your proposed company name or selected name for a non-stock or your desired name for a certain corporation for a particular industry.

SEC Registration Requirements for Stock Corporation


Here are the requirement that you need to prepare in connection with the registration of a stock corporation with the Philippine Securities and Exchange Commission (SEC).

1) COVER SHEET

2) NAME VERIFICATION SLIP

3) BANK CERTIFICATE OF DEPOSIT OF PAID-UP CAPITAL (notarized in the place executed)

4) ARTICLES OF INCORPORATION

5) TREASURER’S AFFIDAVIT

6) BY-LAWS

7) UNDERTAKING TO CHANGE NAME (not required if provided in the Articles of Incorporation)

HOWEVER, additional requirements such as: (1) Indorsement/clearance from other government agencies, if applicable (2) For corporations with foreign equity, submit proof of inward remittance by non-resident aliens and foreign corporate subscribers who    want to register their investment with BSP; (3) For corporations with more than 40% Foreign equity, submit SEC Form No. F – 100; (4) For corporations with Phil. Economic Zone Authority (PEZA), Subic Bay Metropolitan Authority (SBMA) or other economic zones application, attach Certificate of Authority or indorsement from said government agencies.

Of course, as of my last inquiry,  the cost associated with the registration are (1) Filing Fee:  1/5 of 1% of the Authorized Capital Stock but not less than Php1,000.00 (2) By Laws: Php510.00 and (3) Legal Research Fee:  1% of Filing Fee but not less than Php10.00.