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Official appointment books for the Monitoring of Service fees of Professionals

Official appointment books  for the Monitoring of Service fees of Professionals 

Summary of REVENUE REGULATIONS NO. 4-2014 issued on March 20, 2014 prescribes the policies and guidelines in the monitoring of service fees of professionals.

Self-employed professionals

1. shall register and pay the Annual Registration Fee with the Revenue District Office/Large Taxpayers District Office having jurisdiction over them.

2.  They shall also submit an affidavit indicating
a. the rates
b. manner of billings and the factors they consider in determining their service fees upon registration and every year thereafter on or before January 31.

3. Said professionals are obligated to register the books of accounts and official appointment books of their practice of profession/occupation/calling before using the same.

4.  The official appointment books shall contain only
a.  the names of the client
b.  the date/time of the meeting.
c. They are likewise obligated to register their sales invoices and official receipts (VAT or non-VAT) before using them in any transactions.
d.  In cases when no professional fees are charged by the professional and paid by client, a BIR-registered receipt, duly acknowledged by the latter, shall be issued showing a discount of 100% as substantiation of the “pro-bono” service. 

All existing and registered self-employed professionals at the time these Regulations became effective are required to submit  the required affidavit, register its official appointment books within 30 days from date of effectivity of these Regulations.  

DEADLINE  within 30 days from date of effectivity of these Regulations.
Effectivity of this regulation -   shall take effect after fifteen (15) days following publication in any newspaper of general circulation. Revenue regulation 4-2014 Published in Manila Bulletin on March 21, 2014.  

Below is the Revenue regulations 4-2014

March 3, 2014

REVENUE REGULATIONS NO. 4-2014
Guidelines and Policies for the Monitoring of Service fees of Professionals

TO

All Internal Revenue Officers and Others Concerned

Section 1. Background —
In line with the Bureau of Internal Revenue’s (BIR) campaign to promote transparency and to eradicate tax evasion among self-employed professionals, the BIR has consistently enjoined them to comply with the BIR’s requirements on registration pursuant to Section 236 of the National Internal Revenue Code (NIRC) of 1997, as amended and issuance of official receipts and invoices under Sections 113 and 237 of the same Code. In order to complement these efforts, there is a pressing need to monitor the service fees charged by self-employed professionals.

Pursuant to Section 244 of the NIRC of 1997, as amended, these regulations are issued for the purpose of monitoring the fees charged by the professionals, aid the BIR personnel in conducting tax audit and boost revenue collections in such sectors.

Section 2. Policies and Guidelines —
1. Self-employed professionals shall register and pay the annual registration fee (ARF) with the RDO/LTDO having jurisdiction over them. In addition to the requirements for annual registration, all self-employed professionals shall submit an affidavit indicating the rates, manner of billings and the factors they consider in determining their service fees upon registration and every year thereafter on or before January 31.

2. Self-employed professionals are obligated to register the books of accounts and official appointment books of their practice of profession /occupation/calling before using the same. The official appointment books shall contain only the names of the client and the date/time of the meeting. They are likewise obligated to register their sales invoices and official receipts (VAT or non-VAT) before using them in any transactions.

3. In cases when no professional fees are charged by the professional and paid by client, a BIR registered receipt, duly acknowledged by the latter, shall be issued showing a discount of 100% as substantiation of the “pro-bono’ service.

SECTION 3. Transitory Provision. — All existing and registered self-employed professionals at the time these Regulations became effective are required to submit the required affidavit and register its official appointment books within thirty (30) days from date of effectivity of these Regulations.

SECTION 4. Penalty Clause. — Any violation of the provisions of these Regulations shall be subject to the penalties provided for in Sections 254 and 275, and other pertinent provisions of the NIRC of 1997, as amended.

SECTION 5. Repealing Clause. — Any rules and regulations or parts thereof inconsistent with the provisions of these Regulations are hereby repealed, amended, or modified accordingly.

SECTION 6. Effectivity. —The provisions of these Regulations shall take effect after fifteen (15) days following publication in any newspaper of general circulation.

Official appointment books  for the Monitoring of Service fees of Professionals 

2014 SCHEDULE OF FILING OF ANNUAL FINANCIAL STATEMENTS

2014 SCHEDULE OF FILING OF ANNUAL FINANCIAL STATEMENTS
SEC MEMORANDUM CIRCULAR NO. 16.
SERIES OF 2013


TO:

ALL CONCERNED CORPORATIONS


SUBJECT:       2014 SCHEDULE OF FILING OF ANNUAL FINANCIAL STATEMENTS


DATE:

13 SEPTEMBER 2013


To maintain an organized and orderly filing of annual financial statements (AFS), the Commission, pursuant to its authority under the Corporation Code and Securities Regulation Code, adopt the following measures in the filing of the AFS of companies whose fiscal year ends on December 31, 2013:
1. All corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, that file their AFS at the Commission's Head Office in Mandaluyong City, Davao, Cebu, lloilo and Baguio Extension Offices shall, depending on the last numerical digit of their SEC registration or license number, be governed by the following schedule in the filing period for 2014:
         Date of Filing                        last numerical digit of their SEC registration or license number

April 14, 15, 16, 17, 18                          "1"   "2"
April 21, 22, 23, 24, 25                          "3"   "4"
April 28, 29, 30 May 2                          "5"   "6"
May 5, 6, 7, 8, 9                                  "7"    "8"
May 12, 13, 14, 15, 16                           "9"   "0"

2.  The above filing schedule shall not apply to the following corporations:
(a)      Those whose fiscal year ends on a date other than December 31, 2013. These entities shall file their AFS within 120 calendar days from the end of their fiscal year;
(b)      Those whose securities are listed on the Philippine Stock Exchange. These entities shall continue to observe the due date of filing of their AFS as attachment to their Annual Reports (SEC Form 17-A), in accordance with the Implementing Rules and Regulations of the Securities Regulation Code;
(c)   Those whose AFS are being audited by the Commission on Audit (COA) provided that the following documents are attached to their AFS:


(i) An Affidavit signed by the President and Treasurer (or Chief Finance Officer, where applicable) attesting to the fact that the company timely provided COA with the financial statements and supporting documents and that the audit of COA has just been concluded; and
(ii) A letter from COA confirming the information provided in the above Affidavit.
3.       Prior to April 14, 2014, all corporations may file their AFS regardless of the last numerical digit of their registration or license number;
4.       Late filings shall be accepted starting May 19, 2014 and shall be subject to the prescribed penalties which shall be computed from the date of the last day of filing schedule stated in paragraph 1;
5.       Any filing of AFS before or after the scheduled dates shall not be accepted unless covered by paragraphs 2, 3 and 4 above;
6.       The AFS, other than the consolidated financial statements, shall have the stamped "received" by the Bureau of Internal Revenue (BIR) or its authorized banks, unless the BIR allows an alternative proof of submission for its authorized banks (e.g. bank slips);
7.       The basic components as prescribed under SRC Rule 68, as amended, shall be presented for pre-screening. Failure to comply with any of the formal requirements under said Rule including the prescribed qualifications for independent auditors shall be considered a sufficient ground for the denial of the receipt of the financial statements. The acceptance and receipt by the Commission of the financial statements shall be without prejudice to the fines that may be imposed for any material deficiency or misstatement that may be found upon evaluation of the specific contents thereof.

All other circulars, memoranda and implementing rules and regulations that may be inconsistent with the foregoing provisions shall be deemed modified or amended accordingly.
2014 SCHEDULE OF FILING OF ANNUAL FINANCIAL STATEMENTS
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