Happy new year and happy 2012 balance sheet as well!
The calendar year 2012 has just ended and this means another year of accounting period for most businesses. The end of a year as well as the start of another year requires several things that needs to be accomplish. An example of it is the annual business registrations of most business establishments to the local government. Almost, if not all, government requirements are mandatory. That, it MUST be done.
With the on-going day-to-day business operations, sometimes its difficult to keep our minds ahead of the government requirements and deadlines. This article will provide you a simple reminder regarding the government requirements and deadlines so that you can do the right thing for your business organization and you won’t miss or forget a significant event. Because it is always cheaper to comply with the requirements than not complying at all. Stated otherwise, “COMPLIANCE is COSTLY, but NONCOMPLIANCE is even worst.”
Provided below are the events and requirements for your business undertakings as a result of the start of a new calendar year and the end of an accounting period. This does not however mean that you have to file all of the following items, but only choose what is applicable to your company or organization.
Disclaimer: The list is very general and incomplete. Some deadlines to government compliance may have been excluded or omitted. We advise you to check your requirements as it suits your company.
Due Date | Govt. Agency | Form | Required Action | Risk of Noncompliance |
December 31, 2012 | BIR | Registration of the manual books of accounts | Late registration are subject to fines and penalties | |
January 15, 2013 | BIR | BIR Form 1601C | File and pay taxes withheld from employees | Late filing are subject to penalties. Noncompliance will create an open case subject to penalties. |
January 15, 2013 | BIR | BIR Form 1601E with MAP | File and pay taxes withheld from suppliers | Late filing are subject to penalties. Noncompliance will create an open case subject to penalties. |
January 15, 2013 | BIR | Registration of the loose-leaf bound books of accounts | Late registration are subject to fines and penalties | |
January 20, 2013 | BIR | BIR Form 2551 (For NON-VAT) | File and pay percentage taxes | Late filing are subject to penalties. Noncompliance will create an open case subject to penalties. |
January 25, 2013 | BIR | BIR Form 2550Q with SLSP | File and pay value-added taxes | Late filing are subject to penalties. Noncompliance will create an open case subject to penalties. |
January 30, 2013 | BIR | Registration of computerized Books of Accounts | Late registration are subject to fines and penalties | |
January 31, 2013 | BIR | BIR Form 1604 CF with the Alphalist of Employees | File or submit the annual information return of employees or alphalists. Release any tax refunds to the employees and distribute the income tax Form 2316 of the employees | Late filing are subject to penalties. Noncompliance will create an open case subject to penalties. |
January 31, 2013 | BIR | Inventory list as of December 31, 2012 | Submit to BIR the inventory list valued at cost exclusive of VAT | Late filing are subject to penalties. Noncompliance will create an open case subject to penalties. |
January 31, 2013 | LGU | Business permits | Secure all necessary permits and licenses from the local government | Late filing are subject to penalties. Noncompliance will create an open case subject to penalties. |
January 31, 2013 | BIR | BIR Form 0605 (RF) | Pay the annual BIR registration fee | Late filing are subject to penalties. Noncompliance will create an open case subject to penalties. |
January 31, 2013 | BIR | Submit or file the lessee information sheet (For Lessors Only) | Late filing are subject to penalties. Noncompliance will create an open case subject to penalties. |
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March 1, 2013 | BIR | BIR Form 1604E with the Alphalist of Suppliers | FIle or submit to BIR the 1604E together with the Alphalist of Payees or suppliers | Late filing are subject to penalties. Noncompliance will create an open case subject to penalties. |
April 15, 2013 | BIR | BIR Form 1700, 1701, or 1702 (Annual Income Tax Return with the SAWT) | File and pay income tax For corporations, an Audited Financial Statement should be filed together with the annual income tax return |
Late filing are subject to penalties. Noncompliance will create an open case subject to penalties. |
April 15, 16, 7, 18, and 19, 2013 | SEC | AAFS | Submit an Annual Audited Financial Statement (For corporations with an SEC Registration Number that ends with “1” and “2”) | |
April 22, 23, 24 ,25, and 26, 2013 | SEC | AAFS | Submit an Annual Audited Financial Statement (For corporations with an SEC Registration Number that ends with “3” and “4”) | |
April 29 and 30, May 2 and 3, 2013 | SEC | AAFS | Submit an Annual Audited Financial Statement (For corporations with an SEC Registration Number that ends with “5” and “6”) | |
May 6, 7, 8, 9 and 10, 2013 | SEC | AAFS | Submit an Annual Audited Financial Statement (For corporations with an SEC Registration Number that ends with “7” and “8”) | |
May 14, 15, 16, 17 | SEC | AAFS | Submit an Annual Audited Financial Statement (For corporations with an SEC Registration Number that ends with “9” and “0”) | |
May 20, 21, 22 ,23 and 24, 2013 | SEC | AAFS | Late submission of an Annual Audited Financial Statement (For corporations that failed to submit on the prescribed dates as stated by SEC Memo Circ 2-2013 | |
Qualified date | SEC | GIS | Within 30days from the date of the annual stockholder’s meeting as stated in the by-laws (For corporations only) |
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Renewal of Business Permits with LGU’s is January 20.
There is also the deadline for the General Form Financial Statements. The deadline is 30 days after the SEC filing.