Become a Licensed Real Estate Broker in the Philippines

As of May 2016, only Bachelor of Science in Real Estate Management (BS REM) degree holders are now qualified to take the broker’s licensure exam as per Republic Act No. 9646, known as the Real Estate Service Act (RESA) of the Philippines. Memorandum Order No. 28 has been issued by CHED in October 2011 which includes guidelines and policies for the implementation of BS REM. BS REM is a program developed to prepare students for a career in the field of real estate management in different institutions and to come up with globally competitive real estate practitioners whether in the … Continue reading Become a Licensed Real Estate Broker in the Philippines

Checklist for April 15

We summarized below the general documents required by the SEC and BIR from a stock corporation in relation to the submission of annual audited financial statements (FS) and corporate income tax returns (ITR): Cover sheet; Company title page; Statement of Management Report on FS; Statement of Management Report on ITR; Certificate of Compilation Services of Company’s CPA; Independent Auditor’s Report on FS (opinion, basis of opinion, responsibilities of Management, and auditor’s responsibilities); Face (SFP, SCI, SCE, and SCF); Notes to the FS; RR 15-2010 and RR 19-2011; Independent Auditor’s Report on SRC Rule No. 68; Independent Auditor’s Report on Supplementary … Continue reading Checklist for April 15

BIR accreditation requirements

Since we are currently registering our Firm in the regulatory agencies, one of the first things we need to secure is our BIR accreditation. For guidance, following are the full texts of the BIR regulations pertaining to BIR accreditation requirements for individual, GPPs, and incorporated entities: BIR Revenue Regulation No. 11-2006 BIR Revenue Regulation No. 14-2010 Continue reading BIR accreditation requirements

SEC Reportorial Requirements

The Securities and Exchange Commission (SEC) has issued a manual that specifies the (a) reports that should be submitted to the agency; (b) the filing period; (c) FS that are required to be audited or certified; (d) the format of these documents; and (e) other references. A. Reports for all SEC-Registered Corporations with Primary License General Information Sheet (GIS) – In 4 copies. GIS should be certified and sworn to by the corporate secretary. In the submission of GIS, the 30-day calendar period shall be counted from the date the annual stockholders’ meeting was actually held. Audited Financial Statements (AFS) stamped … Continue reading SEC Reportorial Requirements

Easy way to find FS

Philippine financial statements are available online through the following steps: Go to PSE Edge Portal. Type the Company Name. Go to the lower section of the page to find the company you are searching for. Click the company name. From there, you may navigate through the Stock Data, Company Information, Directors and Management, Financial Reports, Company Disclosures, and Dividends and Rights. In order to download the financial statements, kindly go to Company Disclosures. Find or Control+F and type “Annual Report”. Then a new window will appear so you may download the attachment or financial statement (or portion of the financial … Continue reading Easy way to find FS

January 2018 Tax Reminders

It’s that time of the year again when the wind blows of busy accounting season is starting to form into drizzle and eventually turn into storms before April 15 comes. Perhaps every accountant or auditor knows the #busyseasonfeels. As the season is finally approaching, let us not forget these reminders after closing the books and opening the books for 2018: 1. Registration of Manual Books of Accounts or Books for Computerized Accounting System; 2. Renewal of Business Permit; 3. Submission of Summary of Accountable Forms; 4. Annual BIR registration; 5. List of Regular Suppliers; and 6. Summary List of Sales … Continue reading January 2018 Tax Reminders

TRAIN (Simplified version)

The TRAIN or The Tax Reform for Acceleration and Inclusion (RA 10963) has been effective in the Philippines since January 1, 2018. Its primary objective is to shift the levied taxes from the lower-income generating public into the high-income earners of the country. Much have been said about the new tax rules and summaries of the RA have already been circulating, but the real question is, how will this reform really affect each stakeholder and how will they understand each tax law given its vast data? Sometimes, we ignore details due to varied constraints. One of the best advices given … Continue reading TRAIN (Simplified version)