INSIGHTS is a monthly publication of BDB LAW to inform, update and provide perspectives to our clients and readers on significant tax-related court decisions and regulatory issuances (includes BIR, SEC, BSP, and various government agencies).

DISCLAIMER: The contents of this Insights are summaries of selected issuances from various government agencies, Court decisions, and articles written by our experts. They are intended for guidance only and as such should not be regarded as a substitute for professional advice.

Copyright © 2021 by Du-Baladad and Associates (BDB Law). All rights reserved. No part of this issue covered by this copyright may be produced and/or used in any form or by any means – graphic, electronic, and mechanical without the written permission of the publisher.

RMC No. 45-2021, April 5, 2021

This extends the deadline of (a) filing of replies, documents, letters, and correspondences in relation to ongoing BIR audit investigations that fall due on April 5, 2021, and during the ECQ period and (b) VAT refund applications of the following taxpayers:

(1) Taxpayers registered with RDOs in NCR Plus areas; and

(2) Other registered taxpayers outside NRC Plus who have transactions with any BIR office within the NCR Plus.

The extended deadlines are:

RMC No. 50-2021, April 8, 2021

This prescribes the guidelines in the filing and payment of Annual ITR by non-individual taxpayers for the taxable year ending July 31, 2020 to June 31, 2021, which was affected by the passing of RA No. 11534 or also known as the “Corporate Recovery and Tax Incentives for Enterprises Act” (CREATE).

Non-individual taxpayers, whether eFPS or Non-eFPS Filers shall use the Offline eBIRForms Package v7.9 (eBIRForms) in filing their Annual ITR, which is available for download from the following sites:

(1) www.bir.gov.ph; and
(2) www.knowyourtaxes.ph

The automatic computation of tax due has been disabled and the taxpayer shall indicate the rate of tax applicable based on the matrix below, depending on the taxable period of the taxpayer:

Payments of taxes due thereon, if any, shall be made thru:

(a) Manual Payment – Non-eFPS Filers thru any authorized agent banks (AABs), or in the absence thereof, with Revenue Collection Officer under the jurisdiction of any RDO

(b) Online Payment – Non-eFPS Filers thru:

• Mobile Payment (Gcash/Paymaya); or
• Landbank of the Philippines Link.Bizportal – for taxpayers who have ATM account with LBP and/or holders of Bancnet ATM/Debit Card
• Development Bank of the Philippines Tax Online – for taxpayers-holders of Visa/Master Credit Card and/or Bancnet ATM Debit Card
• Union Bank Online Web and Mobile Payment Facility – for taxpayers who have an account with Union Bank
• PESONet through LBP Link.BizPortal – for taxpayers who have an account with RCBC, Robinsons Bank, Union Bank, and BPI

(c) Online Payment – eFPS Filers

RR No. 2-2021, April 8, 2021

This amends certain provisions of RR No. 2-98 to implement the amendments introduced by CREATE to the Tax Code, relative to the final tax on certain passive income.

A. Final Tax on Passive Income

B. Government Money Payments – subject to 1% withholding tax for the period from July 1, 2020 to June 30, 2023.

C. Transitory Provision – Any taxes withheld from person/entities where the withholding agents used the rate higher than what is imposed in these Regulations, may be claimed as a tax refund by the withholding tax agents. In case the withholding agents or person/entities shall file the claim for refund on behalf of the payees, they must be duly authorized by the latter.

RR No. 4-2021, April 8, 2021

This implements the provisions on VAT and percentage tax under CREATE.

A. The following are VAT-Exempt Transactions:

(1) Sale of real properties:

(i) Sale of residential lot valued at P1.5M and below; or

(ii) House and lot and other residential dwellings valued at P2.5M, as adjusted in 2011 using the 2010 Consumer Price Index values.

Beginning January 1, 2021, the VAT exemption shall only apply to:

(a) Sale of real properties not primarily held for lease in the ordinary course of trade or business;

(b) Sale of real properties for socialized housing as defined by RA 7279; and

(c) Sale of house and lot, and other residential dwellings with a selling price of not more than P2M.

(2) Sale, importation, printing, or publication of books, and any newspaper, magazine, journal, review bulletin, or any such educational reading materials covered by the UNESCO Agreement on importation of educational, scientific, and cultural materials, including the digital format thereof, provided that:

(a) Such materials are not devoted principally to the publication of paid advertisements;

(b) Such materials are compliant with the requirement set forth by the National Book Development Board pursuant to RA No. 8047.

(3) Sale or importation of prescription and medicine for:

(i) Diabetes, high cholesterol, and hypertension beginning January 1, 2020; and

(ii) Cancer, mental illness, tuberculosis, and kidney diseases beginning January 1, 2021.

(4) Sale and importation of the following beginning January 1, 2021 to December 31, 2023:

(i) Capital Equipment, its spare parts, and raw materials necessary for the production of personal protective equipment (PPE) components for COVID-19 prevention;

(ii) All drugs, vaccines, and medical devices specifically prescribed and directly used for the treatment of COVID 19; and

(iii) Drugs for the treatment of COVID-19 as approved by the FDA for use in clinical trials, including raw materials directly necessary for the production of such drugs.

Provided that:

(a) The DTI shall certify that such equipment, spare parts, or raw materials for importation are not locally available or insufficient in quantity, or not in accordance with the quality or specification required;

(b) For item (ii), within 60 days from the effectivity of CREATE, and every 3 months thereafter, the DOH shall issue a list of prescription drugs and medical devices covered by this provision.

(c) For items (i) and (iii), the supplier/s or importer shall submit, for the purpose of availing the exemption, the following:

1. CTC of “License to Operate,” issued to the manufacturer-buyer by DOH-FDA, authorizing the manufacture of medical grade PPE components and drugs for the treatment of COVID-19; and

2. “Sworn Declaration” from the manufacturer-buyer that the items shall be used for the manufacture of the PPE components and drugs for the treatment of COVID-19.

B. Tax on Persons Exempt from VAT

Any person whose sale or receipts are exempt from payment of VAT under Section 109(1)(CC) of the Tax Code and who is not VAT-registered shall pay a tax equivalent to 3% of his gross sales or receipts (effective July 1, 2020 until June 30, 2021, the rate shall be 1%). The following shall be exempt from 3% percentage tax:

(1) Cooperatives; and

(2) Self-employed individuals and professionals availing the 8% tax on gross sales and/or receipts and other non-operating income.

C. Transitory Provisions

(1) A VAT-registered person who opted to register as non-VAT as a result of the additional VAT-exempt provisions, provided that it did not meet the threshold set under Section 109(1)(CC) of the Tax Code, shall:

(a) Submit an inventory list of unused invoices and/or receipts as of the date of filing of the application for an update of registration from VAT to Non-VAT, indicating the number of booklets and its corresponding serial number; and

(b) Surrender the said invoice and/or receipts for cancellation.

(2) The taxpayer shall treat the resulting excess taxes paid due to the inclusion in the items exempt from VAT or adjustment in percentage tax, as the case may be, in the following manner:

(a) Unutilized VAT paid on local purchases and importation from their specified effectivity under RA No. 11534 on July 1, 2021 until the effectivity of these Regulations may be carried over to the succeeding taxable quarter/s or be charged as part of cost pursuant to Section 110 of the Tax Code.

(b) Input VAT which is directly attributable to goods now classified as VAT-exempt may be allowed as part of the cost.

(c) For input VAT that cannot be attributed to goods now classified as VAT-exempt, only a ratable portion thereof shall be charged to cost.

RR No. 6-2021, April 14, 2021

This prescribes the additional guidelines for implementing the tax provisions of the PERA Act of 2008, effectively amending pertinent provisions of RR No. 17-2011.

A. Submission of Reports by PERA Administrators

The following reports shall be submitted by the PERA Administrators through the PERASys administered by the BSP and forwarded to the BIR for approval of the PERA Processing Office, through the ePERA system:

B. Processing and Issuance of PERA-TCC

The PERA-Tax Credit Certificate (TCC) refers to the document evidencing the amount of tax credit equivalent to 5% of the total amount of qualified PERA contributions made in a year. The application for PERA-TCC shall be filed online thru the PERASys by the PERA Administrator within 60 days from the close of the calendar year.

C. Utilization of PERA-TCC

The PERA-TCC shall be used for the payment of income tax liabilities of qualified employees and self-employed contributors, while for qualified overseas Filipino contributors, the PERA-TCC can be used in the payment of any internal revenue taxes. The PERA-TCC shall reflect such restrictions.

In the case of an employee contributor, the PERA- TCC shall be submitted to the employer to apply the gross amount of the PERA-TCC in the annual year-end adjustments for computing the net withholding tax due of the contributor-employee.

In all cases, the PERA- TCC shall be surrendered and attached to the applicable tax returns.

The duly received copies of the tax returns, together with copy/ies of the PERA-TCC and the other
prescribed attachments, shall be submitted to the concerned RDO.

D. Remittance of Penalties on Early Withdrawal of PERA

The penalties of 5% and 20% for early withdrawal of qualified contribution prescribed under RR No. 10-2016 shall be deducted by the PERA Administrator from the PERA account prior to its release of payment of withdrawal by the contributor, which shall be remitted using online filing and payment facilities:

RMC No. 54-2021, April 17, 2021

This addresses the frequently asked questions regarding the submission of BIR Form No. 1709 (RPT Form), and the preparation of Transfer Pricing Documentation (TPD), following the amendment of RR No. 19-2020 by RR No. 32-2020.

Q1: Who are required to accomplish and file an RPT Form?

A1: A taxpayer is required to file an RPT Form if the following conditions are present:

1. it is required to file an Annual Income Tax Return (AITR);

2. it has transactions with a domestic or foreign-related party during the concerned taxable period;

3. it falls under any of the following categories:

a) large taxpayers;
b) taxpayers enjoying tax incentives, i.e. Board of Investments (Bol)-registered and economic zone enterprises, those enjoying Income Tax Holiday (ITH) or subject to preferential income tax rate;
c) taxpayers reporting net operating losses for the current taxable year and the immediately preceding two (2) consecutive taxable years; and
d) a related party that has transactions with (a), (b), or (c).

Q2: Who is a large taxpayer?

A2: Under RR No. l-1998, a large taxpayer is a taxpayer who has been classified and duly notified by the Commissioner of Internal Revenue (CIR) for having satisfied any or a combination of set criteria as prescribed in the said Regulations or any amendatory regulations. Notification may be made via registered mail, publication, or any other mode of service.

Therefore, a taxpayer who meets any of the set criteria but was not notified by the CIR cannot be considered a large taxpayer.

Q3: Who are the taxpayers subject to preferential income tax rate?

A3: In determining whether a taxpayer is subject to the preferential income tax rate, reference must be made to the provisions of the Tax Code or other special laws on how these taxpayers are taxed as a whole and not on a per-transaction basis. Hence, a corporate taxpayer that is subject to regular corporate income tax but has transactions that are subject to preferential income tax rate under tax treaties or the Tax Code are not required to file an RPT Form, provided further that they do not fall under Section 2(a), (c) and (d).
Taxpayers referred to under Section 2(b) of RR No. 34-2020 include, but are not limited to, the following:

1. proprietary educational institutions and hospitals; and
2. regional operating headquarters.

International carriers, though subject to preferential rate under Section 28(A)(3) of the Tax Code or under the relevant tax treaty, are not required to file an RPT Form if they are either subject to tax based on their Gross Philippine Billings or gross revenues. The same rule applies to international carriers that are exempt from tax under the tax treaty or on the basis of reciprocity.

On the other hand, international carriers that are subject to tax on their profits from sources within the Philippines are required to file an RPT Form.

Q4: If the taxpayer operating within the economic zone is subject to regular corporate income tax, is it required to file an RPT Form?

A4: No, because only those enjoying tax incentives with respect to income tax (i.e., Income Tax Holiday or 5%o Special Tax on Gross Income) are required to file an RPT Form. However, if the taxpayer falls under Section 2(a), 2(c), or 2(d) of RR No. 34-2020, then it is required to file an RPT Form.

Q5: Is a tax-exempt corporation required to file an RPT Form? How about a post-employment benefit plan?

A5: Taxpayers who are exempt from income tax under Section 30 or similar provisions of the Tax Code or special laws are not required to file an RPT Form.

Also included in the classification of tax-exempt taxpayers are the regional or area headquarters and representative offices of foreign corporations that are not allowed by law to derive income from the Philippines.

Post-employment benefit plans are also not required to file an RPT Form if their related party transactions consist only of the contributions from their sponsor employers.

Q6: What does the term "net operating losses" mean? Should it be based on the Audited Financial Statements (AFS) or AITR?
A6: The net operating losses for income tax purposes should be the basis and not the amount reflected in the AFS.

Q7: Should BIR registration fees, business permits, and real estate taxes paid for ordinary assets be considered in determining net operating losses?

A7: Registration fees, business permits, and licenses and taxes, except those enumerated under Section 34(C(1) of the Tax Code, are allowable deductions, and should therefore be considered in computing net operating losses.

Q8: If a domestic party had transactions with a nonresident foreign related party that reported net operating losses for the current taxable year and the last two immediately preceding taxable years, is the former required to file an RPT Form?

A8: Since the nonresident foreign-related party is not required to file an RPT Form, the domestic party is likewise not required to file an RPT Form.

To determine whether a taxpayer is required to file an RPT Form pursuant to Section 2(d) of RR No. 34-2020, the transacting taxpayer must verify first if its related party is required to file an RPT Form for falling under categories a to c. Again, the conditions enumerated in Question No. 1 should be present.

Q9: Is there a materiality threshold for reportable related party transactions?

A9: The materiality threshold is only relevant in determining who are required to prepare a TPD. A taxpayer who is required to file an RPT Form must disclose all related party transactions irrespective of the amount.

Q10: In filling out the RPT Form, would it be possible to report a lump-sum amount and not on a per-transaction basis?

A10: If possible, similar transactions with the same related party must be aggregated.

Q11: What do we have to attach when filing the RPT Form?

A11: The last paragraph of RR No. 34-2020 states that the TPD and other supporting documents shall no longer be attached to the RPT Form but shall instead be made available during the audit.

Q12: Is a reasonable estimate of the related party transactions sufficient?

A12: No less than the actual amounts of the related party transactions shall be declared in the RPT Form. Just like any other tax returns, the RPT Form likewise contains a perjury clause whereby the taxpayer or its duly authorized representative attests to the truthfulness of the facts stated therein.

Q13: The short period return was supposed to be filed on December 15, 2020 but the filing thereof was extended by law or revenue issuances until January 31, 2021. Should the RPT Form accompany such a short period return?

A13: No. The filing of the RPT Form shall only be mandatory for short period returns that are originally required by law or existing revenue issuances to be filed in 202l and subsequent years.

Q14: Suppose A Co. is not required to file the RPT but has satisfied the materiality thresholds under Section 3 of RR No. 34-2020. Is it required to prepare a TPD?

A14: Sections 2 and 3 of RR No. 34-2020 are interrelated. Section 2 enumerates the taxpayers who are required to file the RPT Form while Section 3 provides the conditions to be met by these taxpayers before they may be obliged to prepare a TPD.

The enumeration under Section 2 is exclusive such that all taxpayers not included therein are not required to file the RPT Form. A taxpayer who is required under Section 2 to file the RPT Form shall only prepare its TPD if it satisfies any of the conditions set out under Section 3. If the taxpayer is not required to file the RPT Form then it is not also mandated to prepare a TPD.

Nothing prevents any taxpayer, however, from preparing a TPD and presenting the same during an audit to prove that its related party transactions were conducted at arm's length. Though not required to prepare a TPD under RR No. 34-2020, it still needs to reasonably assess and prove whether its dealings with related parties adhere to the arm's length principle. After all, the burden of proof rests upon the taxpayer.

Q15: Who are required to prepare a TPD?

A15: The preparation of a TPD shall be mandatory if the taxpayer meets any of the following conditions:

(a) annual gross sales/revenue for the subject taxable period exceeding P150,000,000.00 and the total amount of related party transactions with foreign and domestic-related parties exceeds P90,000,000.00;
(b) sale of tangible goods involving the same related party exceeding P60,000,000.00 within the taxable year;
(c) service transaction, payment of interest, utilization of intangible goods or other related party transaction involving the same related party exceeding P15,000,000.00.00 within the taxable year; and
(d) if TPD was required to be prepared during the immediately preceding taxable period for exceeding (a) to (c).

Q16: What is the difference between the related party transactions under Section 3(a) and (b) of RR No. 34-2020?

A16: The related party transactions under Section 3(a) refer to transactions involving all related parties in general, while those under Section 3(b) relate to transactions with a specific related party only.

Q17: Does the term "annual gross sales/revenue" pertain to the combined revenue from a related party and third-party transactions?

A17: Yes, the annual gross sales or revenue referred to under Section 3(a) of RR No. 34-2020 is the amount of gross sales/receipts/revenues/fees reported in the AITR, irrespective of the source and identity of the other party to the transaction, i.e., related or otherwise.

Q18: In computing the volume of related party transactions, does the taxpayer have to sum up the amounts received or paid with the outstanding receivable/payable? Should this be read as amounts that hit the income statement in addition to outstanding balances?

A18: In computing the total amount of related party transactions with foreign and domestic-related parties, the following items shall be totaled:

(a) amounts received and/or receivable (trade receivables) from related parties during the taxable year;
(b) amounts paid and/or payable (trade payables) to related parties during the taxable year; and
(c) outstanding balances of loans and non-trade amounts due from/to all related parties (non-trade receivables and payables).

Any compensation paid to key management personnel, dividends, and branch profit remittances shall not be included in the computation.

Q19: What are included in the phrase "other related party transaction"?

A19: The intention of RR No. 34-2020 is to include in such term all other related party transactions not specifically enumerated in Section 3(b) of RR No. 34-2020.

Q20: Should a share in the net income from associates or joint ventures be disclosed in the RPT Form?

A20: Share in the net income of an associate, etc. is akin to dividends. Therefore, it is not required to be reported in the RPT Form.

Q21: What is the effect of failure to supply material information?

A21: The BIR requires the submission of a duly-accomplished RPT Form. If the taxpayer fails to provide any material information (e.g., details of the related parties and related party transactions, etc.), the BIR will regard the RPT Form as not duly filed and the penalty for failure to file such information return will be imposed.

Q22: What currency should be used in accomplishing the RPT Form and in preparing a TPD?

A22: The RPT Form requires the amounts in foreign currency and their equivalent in local currency. However, if several currencies were used for the related party transactions, and it seems impractical to indicate all of them in the RPT Form, their equivalent in the local currency should instead be disclosed.

ln all cases, the exchange rates to be used should be the rate at the transaction date.

The same rule applies to the preparation of a TPD.

Q23: What are the incentives for taxpayers that complied with the requirements under RR No. 34-2020? Will they not be subjected to audit?

A23: Through the RPT Forms submitted, the BIR will conduct an initial transfer pricing risk assessment, identify the high-risk taxpayers and make an informed decision whether or not to conduct a transfer pricing audit of a particular entity or transaction. As to who will be subjected to transfer pricing audit will greatly depend on the results of such initial assessment.

This notwithstanding, the BIR still retains the right to conduct transfer pricing audits against taxpayers with related party transactions, irrespective of whether or not they are required to file the RPT Form and prepare a TPD.

When subjected to an audit, taxpayers who are not mandated to file the RPT Form and to prepare a TPD must still present sufficient evidence to prove that their related party transactions were conducted at arm's length.

Q24: In order for the related party transactions covered by an Advance Pricing Agreement (APA) to be exempt from disclosure in the RPT form, does the APA need to be approved by the BIR?

A24: Yes, the APA should be approved and accepted by the BIR. This may be in the form of a unilateral, bilateral, or multilateral APA.

The BIR is not obliged to accept any unilateral APAs entered into by a foreign taxpayer and the tax authority of the country of residence although it applies to an international transaction between such foreign taxpayer and its related party in the Philippines.

Q25: Is the required disclosure under Section 4 of RR No. 34-2020 applicable to taxpayers who are not required to file an RPT Form and have already finalized their AFS for 2020 prior to its effectivity?

A25: Taxpayers who are not required to file an RPT Form and have already finalized their AFS for the taxable year 2020 prior to the effectivity of RR No. 34-2020 are not expected to comply with the mandate of Section 4 thereof and cannot, therefore, be penalized for non-disclosure.

Section 4 only applies to the AFS that are required to be submitted after the effectivity of RR No. 34-2020.

Q26: Does RR No. 34-2020 have a retroactive effect?

A26: RR No. 34-2020 took effect immediately after its publication in a newspaper of general circulation on December 23, 2020. The provisions thereof shall only apply to the RPT Forms that are required to be submitted after its effectivity.

SEC Memorandum Circular No. 5,
Series of 2021, April 11, 2021

The SEC extended the deadline for submission of 2020 Annual Reports for the calendar year ended December 31, 2020 of all publicly-listed companies, an issuer of registered securities, and public companies.

In view of the reimposition of the ECQ in some major parts of the country, the deadline for submission of the 2020 Annual Reports for the calendar year ended December 31, 2020, has been extended from April 15, 2021 to May 17, 2021, without prejudice to the schedule on the filing of AFS as may be required by the BIR.

BSP Memorandum No. M-2021-025,
April 23, 2021

Section 132/132-Q of the Manual of Regulations for Banks/Manual of Regulations for Non-Bank Financial Institutions (BSFI) provides, among others, that an Independent Director (ID) of a BSFI may only serve as such for a maximum cumulative term of nine (9) years. After which, the ID shall be perpetually barred from serving as ID in the same BSFI but may continue to serve as its regular director. The 9-year maximum cumulative term for IDs shall be reckoned from 2012.

All BSFIs are thus advised that pursuant to Monetary Board Resolution No. 371 dated March 31, 2021, the BSP shall not approve requests for exemption from the said term limit for IDs.

IC CL-2021-29,
April 13, 2021

This provides the guidelines on the electronic submission of the 2020 annual statements.

The IC, through the Circular, takes cognizance of the fact that the continued implementation of the ECQ poses specific challenges on the business operation and preparation of the regulatory requirements.

Annual Statements (AS) of the Pre-need Company and as of Trust Fund

A. Separate AS showing the financial condition of the pre-need company and AS of the Trust Fund for each type of plan shall be submitted in soft copy following the prescribed format (Annex “A-1” and “A-2” of the Circular);

B. Scanned copy of the notarized sworn statement duly signed by the President, Vice President, Actuary, Treasurer, and Chief Accountant with attached documentary stamp tax should be attached; and

C. The submitted AS shall include supporting documents necessary to authenticate the contents of the AS (Annex “B” of the Circular).

Any AS not in accordance with the prescribed format, with missing data/information, and incomplete attachments shall not be accepted. This does not, however, prevent the Commission to require other relevant information in the regulation, supervision, and monitoring of the operations and management of pre-need companies to ensure compliance with the Pre-Need Code, as well as existing laws, rules, regulations, and procedures.

Online Submission

All AS and corresponding attachments referred to in this CL as Annex “B” shall be uploaded through the IC Online Uploading Portal via https://onuploading.insurance.gov.ph/templates/login only.

The documents in Annex “B” shall be arranged numerically according to the item numbers. Uploaded documents shall be encrypted and the checksum of each file/folder shall be certified and uploaded in the above portal to ensure the data integrity of the uploaded documents.

Deadline of Online Submission of the AS

The AS and corresponding attachments of the above-mentioned companies shall be submitted on or before April 30, 2021, at 4:00 PM. Submissions made until May 31, 2021, 4:00 PM may be accepted without the imposition of penalty for delayed submission.

Review and Approval

The submission shall be considered official once an e-mail from the company’s authorized representative, stating that the AS and corresponding attachments are completely uploaded, is received by the IC Examiner-in-Charge (EIC), copy furnished by the Division and Supervisors.

The EIC will evaluate the uploaded documents and if complete, the EIC will notify the company’s authorized representative to proceed with the payment of the filing fee and penalty through email attaching an Order of Payment (OP). Incomplete uploaded AS and its attachments shall not be accepted, and the EIC will notify the company’s authorized representative via email.

Payment of the filing fee and penalty (if any) shall be made within the date indicated in the OP either by cash/check in the Cashier Section of the IC Head Office, or Online Deposit through the Link.BizPortal using the following links:

1. https://www.lbp-eservices.com/egps/portal/index.jsp
2. https://epaymentporatl.landbank.com/pay1.php?code=OW1NMEdmdm1UbHE1OHk5ZXlqZXBTLzJtOEFpS1PUmVqdkEVTIncVFraz0

The OP shall be valid until the next business day from the date indicated in the OP. Payment made via cash/check shall be proven by Official Receipt in the Pre-Need Divisions, while payment made via online deposit shall be proven by a screen-captured image of the Landbank-generated Transaction or Acknowledgment Receipt to the EIC via email to validate the completion of filing.

Access of the Authorized Representative to the Online Uploading Portal

The Online Uploading Portal shall be opened for uploading immediately upon effectivity of this CL and shall be closed at 4:00 PM as of April 30, 2021.

Submission of the AS and its attachments AFTER April 30, 2021, shall only be allowed in the said portal beginning May 3, 2021, from 9:00 AM to 4:00 PM every working day.

IC CL-2021-32,
April 13, 2021

This provides additional guidelines on the electronic submission of the 2020 AS.

In view of the ECQ period and subsequent quarantine measure, the IC acknowledges the specific challenges on business operations and preparation of regulatory requirements.

The following additional guidelines are hereby promulgated:

1. The AS and corresponding attachments of the above-mentioned regulated entities shall be submitted on or before April 30, 2021, at 4:00 PM.
2. Submission made until May 31, 2021, 4:00 PM may be accepted without the imposition of penalty for delayed submission.