Caw, Francisco & Co. Audit and Compliance Services

❗Attention all One Person Corporations (OPCs)❗
Guidelines on the Compliances of One Person Corporations.

📣 𝗦𝗘𝗖 𝗜𝘀𝘀𝘂𝗲𝘀 𝗡𝗲𝘄 𝗚𝘂𝗶𝗱𝗲𝗹𝗶𝗻𝗲𝘀 𝗼𝗻 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 𝗳𝗼𝗿 𝗢𝗻𝗲 𝗣𝗲𝗿𝘀𝗼𝗻 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗶𝗼𝗻𝘀

The Securities and Exchange Commission has released Memorandum Circular No. 10, series of 2026, providing updated guidelines on reportorial compliance and the scale of penalties to ensure uniform monitoring and enforcement.

These guidelines aim to strengthen compliance standards and support transparency under the Revised Corporation Code.

🔗 Read the full Memorandum Circular here: https://www.sec.gov.ph/mc-2026/sec-mc-no-10-series-of-2026/

The deadline for filing of the AFS through the SEC Electronic Filing and Submission Tool (eFAST), shall be on 29 May 2026.

📣 𝗦𝗘𝗖 𝘀𝗲𝘁𝘀 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲 𝗳𝗼𝗿 𝗔𝗙𝗦, 𝗚𝗜𝗦 𝗳𝗶𝗹𝗶𝗻𝗴 𝗳𝗼𝗿 𝟮𝟬𝟮𝟲

The Securities and Exchange Commission (SEC) has issued the schedule for the submission of corporations’ annual financial statements (AFS) and general information sheets (GIS) for 2026.

The SEC on February 11 issued Memorandum Circular No. 9, Series of 2026, which provides for the schedule of the 2026 Filing of Annual Financial Statements and General Information Sheets.

The AFS and GIS shall be filed through the Electronic Filing and Submission Tool, or eFAST. Other reports not yet accepted through eFAST shall be submitted through the iMessage Online Ticketing System at imessage.sec.gov.ph.

🔗 Read the full Memorandum Circular here: https://www.sec.gov.ph/mc-2026/sec-mc-no-09-series-of-2026/

Gong Xi Fa Cai! 🎊 Manifesting success, growth, and big wins this Lunar New Year. 🧧✨

Roses are red,
Violets are blue,
Your Annual Tax Return
is almost Due 😉

Happy Valentine’s day to all taxpayers! We LOA-ve you all ♥️

Cheers to a joyful Christmas and a bright New Year! Grateful for this year and excited for the next. Thank you for being part of our 2025 journey. 💙💛🎄✨

𝐁𝐈𝐑 𝐂𝐨𝐦𝐦𝐢𝐬𝐬𝐢𝐨𝐧𝐞𝐫 𝐌𝐞𝐧𝐝𝐨𝐳𝐚 𝐨𝐫𝐝𝐞𝐫𝐬 𝐭𝐡𝐞 𝐭𝐞𝐦𝐩𝐨𝐫𝐚𝐫𝐲 𝐬𝐮𝐬𝐩𝐞𝐧𝐬𝐢𝐨𝐧 𝐨𝐟 𝐋𝐞𝐭𝐭𝐞𝐫𝐬 𝐨𝐟 𝐀𝐮𝐭𝐡𝐨𝐫𝐢𝐭𝐲, 𝐌𝐢𝐬𝐬𝐢𝐨𝐧 𝐎𝐫𝐝𝐞𝐫𝐬, 𝐚𝐧𝐝 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐟𝐢𝐞𝐥𝐝 𝐚𝐮𝐝𝐢𝐭𝐬

In a joint announcement at the Department of Finance today, Finance Secretary Frederick Go and Bureau of Internal Revenue Commissioner Charlito Mendoza announced the immediate and temporary suspension of all field audits and related operations of the BIR.

“I have ordered the immediate suspension of all field audits and related operations, including the issuance of Letters of Authority and Mission Orders, effective immediately, in accordance with Revenue Memorandum Circular 107-2025. No Letter of Authority or Mission Order shall be created, printed, signed, or served during the suspension period,” detailed Commissioner Mendoza.

In his first week in office, Commissioner Mendoza convened key units of the Bureau of Internal Revenue to gain a thorough understanding of existing audit operations and to identify long-standing issues that have affected taxpayer experience and internal discipline. The suspension was issued after extensive internal consultations and was undertaken with the guidance and strategic oversight of Finance Secretary Frederick Go to ensure full alignment with national priorities on good governance, taxpayer protection, and efficient revenue administration.

“This is in response to the concerns raised by the taxpayers regarding the issuance of Letters of Authority and Mission Orders. We hear the people, we hear your concerns, and are immediately acting on them. The people deserve better,” said Secretary Go, emphasizing that the Department of Finance is committed to protecting taxpayers from potential abuse through a comprehensive review of our existing policies and procedures.

The temporary suspension applies to all BIR offices involved in audit and field operations, including the Large Taxpayers Service, Revenue Regions and District Offices, Assessment Divisions, VAT Audit Units, and Intelligence and Special Audit Units. The exceptions to RMC 107-2025 apply only to urgent or legally mandated cases such as active criminal investigations, one-time transactions, audits prescribing within six months, refund claims that require audits, or immediate action on taxpayers flagged by verified intelligence.

“This suspension is necessary to protect taxpayer rights, strengthen internal discipline, and ensure the integrity of our audit processes. We take every complaint seriously, and any misuse of authority, harassment, or irregularity has no place in the Bureau,” Commissioner Mendoza emphasized.

“All taxpayers shall be treated with the highest degree of professionalism, courtesy, and adherence to the rule of law. Our economy is built upon the contributions of our taxpayers, who deserve fair and honest tax audits,” explained Secretary Go.

Commissioner Mendoza also instructed the creation of a Technical Working Group on LOA and Mission Order Integrity and Audit Reforms to lead the reform efforts. The group is tasked with evaluating existing procedures, identifying operational and systemic vulnerabilities, recommending revised LOA protocols, and integrating digital safeguards and uniform audit standards.

“Our goal is to create processes that are predictable, evidence-based, technology-driven, and fair,” explained Commissioner Mendoza, reiterating that these systems are meant to protect taxpayers while helping the Bureau perform its mandate efficiently.

“I cannot overemphasize President Ferdinand Marcos, Jr.’s directive for the BIR to continue meeting revenue targets while strengthening service delivery for workers, small business owners, and all taxpayers who rely on predictable and transparent audit processes. The overarching directive of the President when I assumed office is to ensure efficient and fair revenue collections,” Commissioner Mendoza said to end the joint announcement.

RMC No. 107-2025: https://tinyurl.com/bdynx69h