Commissioner Tan-Torres pointed out, “With the agreement in place and the cooperation of SEC and the AABs, the receipt of ITRs, including its attachments will now be easier, faster and more convenient for the taxpaying public.”

Quezon City, 17 February 2010 – Bureau of Internal Revenue (BIR) Commissioner Joel L. Tan-Torres and Securities and Exchange Commission (SEC) Chairman Fe B. Barin today signed a Memorandum of Agreement (MOA) on certain policies and procedures on the submission of Annual Financial Statements (AFS) by registered corporations, partnerships and associations at the 10th Floor Training Room in Quezon City in preparation for the 2010 Tax Filing Season.

The agreement tasked the SEC to support the BIR by requiring just one (1) original copy of the complete AFS with the External Auditors Certification, Balance Sheet and Income Statement duly stamped by the BIR or Authorized Agent Banks (AABs) and two (2) sets of photocopies of the said documents.

The SEC shall also conduct a random review of the submitted AFS to determine the corporations’ or associations’ compliance with its financial reporting requirements.

The BIR for its part shall receive and stamp three (3) copies of the Income Tax Return (ITR) only on the first page of the ITR, the external auditor’s certification, income statement, and balance sheet.  The other pages of the financial statements and its attachments need not anymore be stamped received.

Another BIR responsibility is that all concerned BIR offices shall certify photocopies of the ITRs, including its attached financial statements, upon the request of the concerned corporations, partnerships or associations upon payment of the required certification fee.

Commissioner Tan-Torres pointed out, “With the agreement in place and the cooperation of SEC and the AABs, the receipt of ITRs, including its attachments will now be easier, faster and more convenient for the taxpaying public.”