Success Motivational Quotes 8

The spirit, the will to win,

and the will to excel are the things

|that endure. These qualities are so

much more important than the

events that occur.

- Vince Lombardi

Success Motivational Quotes 7

Courage is facing your fears. Stupidity is fearing nothing.

- Todd Bellemare

Some Local or Foreign Financial Advisors Claiming To Be Connected With, Or Acting For And On Behalf Of Foreign Corporations

Republic of the Philippines
Securities and Exchange Commission
SEC Bldg. EDSA, Greenhills, Mandaluyong City
ENFORCEMENT AND PROSECUTION DEPARTMENT

SEC WARNING

The Securities and Exchange Commission has received information that the following securities/products are being offered, sold and/or distributed in the Philippines by some local or foreign financial advisors claiming to be connected with, or acting for and on behalf of foreign corporations, without the necessary license or permit from this Commission as required by law.
Based on the records at hand, the following securities/products are not registered with the Commission:

ALB Finance BV 9.375 300449 AO PERP
ALB Finance BV 9.375 300449 PERP
Autopistas Delsol 11.5230517MNREG
Banco Panamericano 11 1080716 JJ REG
Ban Hip 11.25 210610 JD REG LK ARS P
Ban Mac 10.75 070612 EXC L KARS P
Blue Ocean (CPP) 11 280612 JD REGS
BNP Capitaland/ Citedev 291208
BNP Allianz/ Axa /Prudential BN07809
Book-A-Million
China Glass Holdings 9.625 120712JJ
China Glass Holdings 9.625 120712JJ
CNC Group
Comtech CRR BV 10 190611J/D
En Japan Inc
First Investment Finance FIN
12.5.290849PER
First Invest Fin 11.625 310349 PER
First Ukranian 9.75 160210 F/A
Fuji Television Network
Fullcast Co Ltd
G Steel PUBLIC CO 10.5 041010 A/O
HSBC (Merinos HALIS SVT) 11.75 080612
Ind Metalurgicas 11.25 221014A/O REG
Independencia 9.875 310117 J/J REGS
JBS SA (Friboi) 10.5 040816 F/A REG

Kabu.Com Securities
LB Mit Fud/Mit Est/ Sum Rea 210709
LB GE US31.5984/ Wal MT DACEL230209
Lupatech 9.875 310749 JAJO REG PERP
Mag Net Inc
Metro Financiera 11.25 160549 FMANREG
Metro Financiera 11.25 160549FMAN
MDM Bank OAA 9.75 210711 J/J
Mitsubishi UFJ Fin
Mizuho Fin Group
NOM (OCBC /UOB/DBS) CAS 270709 17P
NOM Sum Rea/ Miz Fl/ Sum MIT 060709
NOM Mat Elec/ Mit Est CAS 060109
ProfiloTelra 10.75 071211
PromsvyBank 10.75 210711 J/D
RABO Norn Holdg/Sum Rea ROCA 300409
Rede Empresas 11.125 020449 JAJO REG
Resona Holdings Inc
Russian Standard Bank 9.75 011216
Seven + Holdings Co
Sumitomo Mitsui Fin
TMK Capital (OAOTMK) 10 2090711 J/J
Termir Bank 9.5 210514 M/N REGS
XXI Century Investments 10 240510 MN
Yahoo Inc

The public is hereby advised to refrain from entering into any contract of sale, transfer, conveyance of the aforementioned securities/products because their sale, offer to sell and distribution are strictly prohibited by law. The Commission urges anyone who has knowledge or information about any business transaction involving these securities/products to report such activity immediately to the undersigned so that appropriate measures can be taken.

ATTY. LALAINE P. MONSERATE
Officer-in-charge
Complaints and Investigation Division
Enforcement and Prosecution Department
Securities and Exchange Commission
5F SEC Bldg., EDSA, Greenhills, Mandaluyong City
(632) 584-7652 or 5840923 loc 224
ced@sec.gov.ph

Success Motivational Quotes 6

Don't you get it? This very second you could be doing something you love and dream about doing. So do it! NOW!

Success Motivational Quotes 5

To be a leader, you must
stand for something,

or you will fall for anything.

- Anthony Pagano

Success Motivational Quotes 4

When you think you can't.. revisit a previous triumph.

- Jack Canfield

Success Motivational Quotes 3

What you declare, you will achieve

Success Motivational Quotes 2

Sometimes things become possible if we want them bad enough.

- T.S. Eliot

Success Motivational Quotes 1

To accomplish great things, we

must not only act, but also dream,

not only plan, but also believe.

- Anatole France

New BIR ITR Form 1702 Revenue Memorandum Circular (RMC) No. 40-2011

RMC 40-2011 Form 1702


Revenue Memorandum Circular (RMC) No. 40-2011 New BIR ITR Form 1702

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New BIR ITR Form 1701 Revenue Memorandum Circular (RMC) No. 40-2011

RMC 40-2011 Form 1701

Revenue Memorandum Circular (RMC) No. 40-2011 New BIR ITR Form 1701

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Revenue Memorandum Circular (RMC) No. 40-2011 New BIR Form 1700

RMC 40-2011 Form 1700


Revenue Memorandum Circular (RMC) No. 40-2011 New BIR Form 1700

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LIKE US ON FACEBOOK CLICK HERE

New BIR ITR Form RMC No. 40-2011

RMC_2011-40_RevisedITRs



New BIR Income Tax return ITR Revenue Memorandum Circular RMC No. 40-2011 - July 2011

LANDBANK provincial branches now accepts application for SEC registration of stock corporations

Landbank, SEC tie up to improve corporate registration procedure
By Iris C. Gonzales (The Philippine Star) Updated September 15, 2011 12:00 AM

MANILA, Philippines - The Land Bank of the Philippines (Landbank), a government financial institution and the Securities and Exchange Commission (SEC), the country’s corporate regulator, have started implementing a partnership agreement aimed at improving corporation registration procedures in the Philippines. Landbank yesterday announced that it would start accepting application for SEC registration of stock corporations.

The bank said that starting Sept. 15, all provincial branches of would already be able to accept applications for registration.

The move is part of an agreement with the SEC signed last July.

Under the Memorandum of Agreement (MOA) signed by SEC and Landbank, a stock corporation to be organized can go directly to a Land Bank branch for the pre-processing of its SEC application, verification of the requirements, and payment of the regular filing fee.

The pre-processed application and requirements will be submitted to SEC for the processing and issuance of certificates of incorporation and Stock Transfer Book for release by Landbank to the applicant.

The pilot run of the implementation of the SEC-Landbank partnership started last Aug. 12, 2011 at the Landbank San Fernando La Union Branch.

Landbank president Gilda Pico said the agreement hopes to hasten business registration in the Philippines.

“We look forward to helping streamline the registration process and payment options through branches of Landbank. Through this partnership, Landbank and SEC can contribute to the government’s efforts of promoting businesses and economic activities,” said Pico.

Similarly, SEC chairperson Teresita Herbosa said the project aims to encourage more Filipinos to set up businesses.

“We are confident this project will encourage Filipino entrepreneurs all over the country, especially in areas where Landbank operates, to formally organize their businesses so they can enjoy the benefits of incorporation,” Herbosa said.

Earlier, Finance Secretary Cesar Purisima also said the move would make it easier for investors to do business in the Philippines.

BIR issues new Income Tax Returns ITR Form - Revenue Memorandum Circular (RMC) No. 40-2011

Quezon City, 07 September 2011 – As part of its continuing efforts tostreamline its processes, the Bureau of Internal Revenue (BIR) issued RevenueMemorandum Circular (RMC) No. 40-2011 dated September 5, 2011 notifying allconcerned of the new Income Tax Return Forms for individual and corporatetaxpayers that will be used starting this year covering taxable year 2011.

Released under the said RMC were enhanced versions asof June 2011 of BIR Form No. 1700 (Annual Income Tax Return for IndividualsEarning Purely Compensation Income), BIR Form No. 1701 (Annual Income TaxReturn for Self-Employed Individuals, Estates and Trusts) and BIR Form No. 1702(Annual Income Tax Return for Corporation, Partnership and Other Non-IndividualTaxpayer).

The issuance also provides that all juridical entitiesfollowing the fiscal year of reporting are likewise required to use the new BIRForm No. 1702 starting with those covered by fiscal year ending January 31, 2012.

BIR Form No. 1700 is filed by employees except thoseexpressly exempted by law from filing the same and except employees qualifiedunder the “substituted filingscheme.” With the issuance of the new BIR Form 1700, however, pure compensationincome earners whose annual taxable income derived from within the Philippines exceeds P500,000.00 and on which incomethe correct income tax has been correctly withheld are now required to file.Those employees deriving compensation income concurrently from two or moreemployers at any time during a taxable year shall likewise file the saidreturn, including Part IV thereof.

Part IV of the return refers to supplementalinformation on gross income/receipts subject to Final Withholding Tax and grossincome/receipts Exempt from Income Tax.

Also required to file the return but only Part I andPart IV thereof are individuals, estates and trusts whose sole income has beensubjected to final withholding tax in excess of P125,000.00 annually, whetherremitted or not to the BIR and individuals whose sole income is exempt fromincome tax where the total annual (exempt) income exceeds P500,000.00.

For BIR Form 1701, those required under the law tofile the same should also fill up Part VIII thereof. Part VIII of the returnrefers to supplemental information on gross income/receipts subject to FinalWithholding Tax and gross income/receipts Exempt from Income Tax.

The new BIR Form No. 1702 now includes a Section onTaxpayer Activity Profile and a Section on Tax Relief Availment.

New Case Rate Packages from PhilHealth

New Case Rate Packages from PhilHealth -
August 18, 2011

NEW case rate packages for selected medical conditions and surgical procedures will soon be available in institutional health care facilities accredited by the Philippine Health Insurance Corporation (PhilHealth).

According to PhilHealth President and CEO Dr. Rey B. Aquino, "the shift from fee-for-service to case rates for these medical and surgical cases was prompted by developments taking place in the health care industry, most notable of which is the need to provide optimal financial risk protection especially to the most vulnerable groups, including the poorest of the poor."He added that better member appreciation and faster reimbursement of fees to health care providers were also among the major considerations for introducing this new type of provider payment scheme.

The use of case rates is an internationally accepted payment mechanism that serves to package payment for health interventions. Through this mechanism, members will be able to predict how much PhilHealth will be paying for each of the services provided. "Gone are the days when we could not even give a definite amount of benefits for each of these common medical conditions and surgical procedures," Aquino said, adding that "...now, the member is empowered with just the right amount of information he needs for a particular disease or illness."

Among the medical cases and the corresponding package rates are Dengue I (P8,000.00), Dengue II (P16,000.00), Pneumonia I (P15,000.00), Pneumonia II (P32,000.00), Essential Hypertension (P9,000.00), Cerebral Infarction (CVA I, P28,000.00), Cerebro-vascular Accident with Hemorrhage (CVA II, P38,000.00), Acute Gastroenteritis (P6,000.00), Asthma (P9,000.00), Typhoid Fever (P14,000.00), and Newborn Care Package in Hospitals and Lying-in clinics (P1,750.00).

On the other hand, the surgical procedures include Radiotherapy (P3,000.00 per session), Hemodialysis (P4,000.00 per session), Maternity Care Package (MCP, P8,000.00) coupled with the Normal Spontaneous Delivery (NSD) Package in Level 1 (P8,000.00) and Levels 2-4 hospitals (P6,500.00), Caesarian Section (P19,000.00), Appendectomy (P24,000.00), Cholecystectomy (P31,000.00), Dilatation and Curettage (P11,000.00), Thyroidectomy (P31,000.00), Herniorrhaphy (P21,000.00), Mastectomy (P22,000.00), Hysterectomy (P30,000.00) and Cataract Surgery (P16,000.00).

Aquino said the new case rate packages are available for all member-types admitted in any of the accredited institutional health care providers nationwide starting September 1. He, however, emphasized that "...for our Sponsored Program members who are admitted in government hospitals, the "No Balance Billing" (NBB) policy applies, meaning no other fees nor expenses shall be charged to or paid for by the patient-member above and beyond the package rate."

The NBB policy shall also apply to any other member type such as the employed, individually paying and overseas workers, who will avail themselves of the MCP and NCP in all accredited MCP non-hospital providers such as maternity clinics, and birthing homes.

"This policy was approved after a series of consultations with concerned medical societies and other institutional partners. These conditions and procedures were also among the top 49 percent of total claims we paid for over the previous years," the PhilHealth Chief noted. With all of these packages in place, the government agency needs about P3 billion for the next six to 12 months once members start availing themselves of the packages early next month. (END)

Clarification of Issues Concerning the Imposition of Improperly Accumulated Earnings Tax - REVENUE MEMORANDUM CIRCULAR NO. 35-2011

SUMMARY OF REVENUE MEMORANDUM CIRCULAR NO. 35-2011

issued on August 17, 2011 clarifies issues concerning the imposition of the ten percent (10%) Improperly Accumulated Earnings Tax (IAET) pursuant to Section 29 of the Tax Code of 1997, as amended, as it applies to the taxable income earned starting January 1, 1998 by closely-held domestic corporations, except publicly held corporations, banks and other non-bank financial intermediaries, insurance companies and those enumerated under Section 4 of Revenue Regulations (RR) No. 2-2001.

Under Section 29 of the Tax Code, as amended, a corporation that permits the accumulation of earnings and profits beyond the reasonable needs of the business, instead of dividing or distributing said profits, is subject to 10% IAET on the improperly accumulated taxable income (IATI).

For corporations using the calendar year basis, the accumulated earnings under tax shall not apply on improperly accumulated income as of December 31, 1997. In the case of corporations adopting the fiscal year accounting period, the improperly accumulated income not subject to this tax shall be reckoned as of the end of the month comprising the 12-month period of fiscal year 1997-1998.

 

The amount that may be retained, taking into consideration the accumulated earnings within the “reasonable needs of the business”, as determined under Section 3 of RR No. 2-2001, shall be 100% of the paid-up capital or the amount contributed to the corporation representing the par value of the shares of stock. Hence, any excess capital over and above the par shall be excluded.

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE

BUREAU OF INTERNAL REVENUE

March 14, 2011

REVENUE MEMORANDUM CIRCULAR NO. 35-2011

SUBJECT        :          Clarification   of   Issues   Concerning   the   Imposition   of   Improperly

Accumulated Earnings Tax Pursuant to Section 29 of the Tax Code of 1997, in relation to Revenue Regulations No. 2-2001

TO                   :          All Revenue Officers and Others Concerned

I.     BACKGROUND

This Revenue Memorandum Circular (RMC) is being issued to clarify certain issues relative to the imposition of the 10% Improperly Accumulated Earnings Tax (IAET) pursuant to Section 29 of the National Internal Revenue Code of 1997 (Code), as amended, as it applies to the taxable income earned starting January 1, 1998 by closely-held domestic corporations, except publicly held corporations, banks and other non-bank financial intermediaries, insurance companies, and those enumerated under Section 4 of Revenue Regulations (RR) No. 2-2001.

Under Section 29 of the Code, as amended, a Corporation that permits the accumulation of earnings and profits beyond the reasonable needs of the business, instead of dividing or distributing said profits, is subject to ten percent (10%) improperly accumulated earnings tax on the improperly accumulated taxable income.

II.    DEFINITION OF IMPROPERLY ACCUMULATED TAXABLE INCOME

Section 29(D) of the Code, as amended, defines the term Improperly Accumulated Taxable Income as “taxable income adjusted by:

(1)     Income exempt from tax;

(2)     Income excluded from gross income;

(3)     Income subject to final tax; and

(4)     The amount of net operating loss carry-over deducted;

And reduced by the sum of:

(1)     Dividends actually or constructively paid; and

(2)     Income tax paid for the taxable year.

Provided, however, That for corporations using the calendar year basis, the accumulated earnings under tax shall not apply on improperly accumulated income as of December 31, 1997. In the case of corporations adopting the fiscal year accounting period, the improperly accumulated income not subject to this tax, shall be reckoned, as of the end of the month comprising the twelve (12)-month period of fiscal year 1997-1998.”

The resulting “Improperly Accumulated Taxable Income” is thereby multiplied by 10% to arrive at the Improperly Accumulated Earnings Tax (IAET).

For purposes of this RMC, and in accordance with RR No. 2-2001, the amount that may be retained, taking into consideration the accumulated earnings within the “reasonable needs of the business” as determined under Section 3 of the said RR, shall be 100% of the paid-up capital or the amount contributed to the corporation representing the par value of the shares of stock, hence, any excess capital over and above the par shall be excluded.