Financial institutions in the Philippines are expected to maintain strong audit, compliance, and internal control systems. For banks and other BSP-supervised financial institutions, audit is not just an annual requirement. It is part of good governance, risk management, and public trust. The Bangko Sentral ng Pilipinas (BSP) considers external auditors important partners in promoting the safety and soundness of BSP-supervised financial institutions, especially through audits

Tax filing season may be over, but for many businesses, the real work is just beginning. After months of preparing financial reports, submitting tax returns, and meeting compliance deadlines, many companies are left with messy books, unresolved entries, missing documents, and accounting records that no longer match actual business activity. This is where accounting cleanup becomes essential. In 2026, businesses in the Philippines face increasing pressure to maintain accurate

Corporate compliance in the Philippines can be complex, especially with requirements from the SEC, BIR, and local government units (LGUs). Many corporations both startups and established businesses face penalties and delays not because of major violations, but due to simple, avoidable mistakes. Understanding these common compliance errors can help your business stay on track, avoid fines, and maintain good standing. Why Compliance Mistakes Happen Most compliance issues arise

Submitting your Audited Financial Statements (AFS) is a major step in corporate compliance, but the process does not always end after uploading or filing. For companies in the Philippines, the post-submission period is important because regulators, auditors, banks, or other stakeholders may still review your documents. Understanding what happens after AFS submission helps your business stay prepared, organized, and compliant. What Happens After You Submit Your AFS? After subm

Choosing the right auditor is not just about compliance it’s about protecting your business. In the Philippines, working with an auditor accredited by the Board of Accountancy (BOA), Bureau of Internal Revenue (BIR), Securities and Exchange Commission (SEC), and Bangko Sentral ng Pilipinas (BSP) ensures that your financial statements meet regulatory standards and are trusted by authorities, banks, and stakeholders. This guide explains why accreditation matters and how it bene

Filing your tax returns and SEC reports is a major milestone but compliance doesn’t end there. For corporations in the Philippines, the post-filing period is just as important. This is when regulators like the BIR and SEC may review your submissions, verify your records, and check for consistency. Having a clear post-filing compliance process helps your business stay organized, avoid penalties, and remain audit-ready. Why Post-Filing Compliance Matters Many companies assume t

Closing a business is never easy but when the time comes, it’s important to do it properly. In the Philippines, dissolving a corporation is a legal process that must be completed with the Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR), along with other government agencies. Failing to follow the correct process can lead to ongoing tax liabilities, penalties, and compliance issues even if the business is no longer operating. This guide explain

Filing season may be over, but tax compliance does not end once returns are submitted. For many businesses and taxpayers in the Philippines, the period after filing is just as important because the Bureau of Internal Revenue may review returns, payments, records, and supporting documents. While no taxpayer can fully prevent a BIR audit, you can reduce the risk of issues by keeping your records accurate, complete, and consistent. Why BIR Audits Happen A BIR tax audit may happe

Current deadline position in 2026 For calendar-year taxpayers filing 2025 annual income tax returns in 2026, the ordinary statutory deadline is April 15. However, as of the current 2026 filing season, the BIR issued Revenue Memorandum Circular No. 30-2026 extending the deadline for the filing of 2025 Annual Income Tax Returns, payment of the corresponding taxes, and submission of required attachments from April 15, 2026 to May 15, 2026, without imposition of penalties. That m

Why This Case Matters The Supreme Court’s ruling in McDonald’s Philippines Realty Corporation v. Commissioner of Internal Revenue is an important development in Philippine tax law. It answers a practical question that affects many businesses and taxpayers: When does a mistake in a tax return become serious enough to extend the government’s time to assess taxes? For years, even small or unintentional errors could expose taxpayers to longer audits. This decision changes that. I

Submitting Audited Financial Statements (AFS) is one of the most important annual compliance duties of companies in the Philippines. It helps the SEC and BIR verify a company’s financial position, tax reporting, and compliance status. But for many businesses, AFS filing can feel stressful. One missed signature, wrong format, late submission, or inconsistent information can lead to delays, rejected filings, and possible penalties. Why Companies Should Take AFS Filing Seriously

(c) Photo courtesy of Philippine Daily Inquirer. No copyright infringement intended. For news and commentary use only. As the political climate intensifies around the possible impeachment of Vice President Sara Duterte, a fundamental legal question has moved to the center of public debate: can Congress—or an impeachment body—legally access her Income Tax Returns (ITRs), including those of her husband and businesses allegedly linked to her? This is not merely a political issue

Staying compliant with the Securities and Exchange Commission (SEC) Philippines is important for every corporation, partnership, and registered business entity. Proper SEC filing helps your company avoid penalties, maintain good standing, and build trust with regulators, investors, clients, and stakeholders. This 2026 guide explains the key SEC filing requirements in simple terms. Why SEC Filing Compliance Matters SEC compliance is more than submitting documents. It is part o

Handling estate matters after losing a loved one is already difficult. Adding tax compliance into the situation can make it even more stressful and confusing. To address common issues and clarify procedures, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 033-2026, which provides guidance on the filing and payment of estate tax under the Estate Tax Amnesty program. This article explains the circular in simple terms so you can understand what

Starting a business is exciting, but it also comes with responsibilities. For startups in the Philippines, SEC compliance is one of the most important things to manage early. Many compliance problems do not happen because founders ignore the law on purpose. They often happen because deadlines are missed, records are incomplete, or company updates are not properly documented. The good news is that most SEC compliance issues can be avoided with the right systems from the begi

Missing filing deadlines with the SEC or BIR can feel overwhelming but it’s more common than you think, especially for startups and growing businesses. The key is to act quickly, understand the process, and correct the issue before it leads to bigger penalties or compliance risks. This guide walks you through how to fix late SEC and BIR filings in the Philippines in a clear, practical way. Why Late Filings Should Be Addressed Immediately Late filings don’t just mean penalties

For many corporations in the Philippines, compliance does not stop with running the business well. It also means meeting two very different sets of obligations: Tax compliance with the Bureau of Internal Revenue (BIR) and corporate compliance with the Securities and Exchange Commission (SEC). These are not the same thing. A company may be current with its SEC filings but still have BIR exposure. It may also be tax-compliant but still face SEC problems if it misses reportorial

In every corporation, the board of directors plays a central role in making sure the company stays compliant with the law. SEC compliance is not just an administrative task for the corporate secretary, accountant, or compliance officer. It is ultimately a governance matter, and the board is expected to exercise oversight over the corporation’s legal and regulatory obligations. Under the Revised Corporation Code, a corporation exercises its powers and conducts its business thr

Missing the deadline for filing your Audited Financial Statements (AFS) with the Securities and Exchange Commission is more than a minor delay. For many corporations, it can lead to penalties, compliance issues, rejected submissions, and complications in future SEC transactions. Philippine corporations are required to submit annual financial statements to the SEC, and the SEC’s online systems now track this compliance closely. If your company is late in filing its AFS, the mo

Family corporations are common in the Philippines and in many other countries. They often begin with trust, shared goals, and a desire to build something that can last for generations. In many cases, this structure works well because family members know each other, communicate easily, and make decisions quickly. But family-owned corporations can also face a serious issue that is often overlooked: hidden ownership risks. When ownership, control, and decision-making are not cle