Upcoming integrations
- QNE Software (estimated availability Q4 2024)
Disclaimer: Please note that this is for information purposes only. It does not constitute a legally binding document so you should also consult your local requirements.
Government compliance – Philippines
Government compliance - Philippines
Fiscalization receipts
All companies in the Philippines are required to submit annual financial statements to the Bureau of Internal Revenue (BIR).
- For corporations with over P50,000 in assets or gross quarterly sales, audited financial statements must be filed within 105 days of the fiscal year-end.
- Smaller corporations can file unaudited financial statements within 60 days of year-end.
- The statements must follow Philippine Financial Reporting Standards, which are closely aligned with International Financial Reporting Standards (IFRS).
- Companies must also file an Annual Income Tax Return and other tax declarations.
- Quarterly VAT returns are required for companies exceeding P3 million in sales. Monthly returns if sales exceed P25 million.
- There are penalties for late filing or non-filing, ranging from P1,000 to P50,000. Criminal charges may also apply for tax evasion.
