Tax Law, Estates

April 15 deadline for Tax Returns NOT Extended BUT…

The BIR recently came out with Revenue Memorandum Circular No. 46-2021 last 6 April 2021. The deadline has NOT been extended for the filing of Annual Income Tax Returns for taxable year ending Dec. 31, 2020.

BUT, here is some good news:
1. Tentative AITR may be filed.
2. This can be amended on or before May 15, 2021 without fines/penalties.
3. Digital signatures are now allowed
4. Electronic submission of returns allowed in accordance with RMC 49-2020

Here is the full text of RMC 46-2021

Tax Law, Estates

SEC introduces Online Submission Tool

Composition of portable netbook with empty screen placed near dry plant in vase with basket

The Online Submission Tool (OST) is an online facility to be used for submitting the Audited Financial Statement (AFS), General Information Sheet (GIS), Sworn Statement for Foundations (SSF), General Form for Financial Statements (GFFS), Special Form for Financial Statement (SFFS) and other reportorial requirements. All corporations registered with SEC must enroll in the OST in order to access and submit reports through the system.

Here is the link to start submitting.

This is a very timely development as we continue to face the pandemic and as more and more processes are being done online. Should you wish for more guidance, please feel free to contact us. Keep safe!


141 days Before the Estate Tax Amnesty Expires

Do you have a house or land that could not be transferred because of estate taxes? For those who died before 2018, you can save a lot on estate taxes under the estate tax amnesty law which will expire on June 14, 2021.

This will be the last chance to avail of the 6% tax on the net estate or a minimum of only PHP 5,000 for loved ones who died before the year 2018. If not, estate tax rates can go up to as much as 20% PLUS interest and penalties.

For more information, see

#TaxAmnestyLaw #RA11213



We hope you’re all safe in the midst of the pandemic of Covid-19.

We decided to change our website format (from static to blog type) to do our part and help people stay informed.

We will also be posting content regularly about the law and how it affects our everyday lives which we hope will also serve the community.