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.

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