𝗦𝗘𝗖, 𝗕𝗜𝗥 𝘀𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻 𝗶𝗻𝘁𝗲𝗿𝗮𝗴𝗲𝗻𝗰𝘆 𝗰𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻 𝘁𝗼 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝗲𝗮𝘀𝗲 𝗼𝗳 𝗱𝗼𝗶𝗻𝗴 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗮𝗻𝗱 𝗱𝗲𝗲𝗽𝗲𝗻 𝘁𝗵𝗲 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗺𝗮𝗿𝗸𝗲𝘁

Seen on SEC’s official Facebook – The Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR) formalized a stronger institutional partnership through the signing of a memorandum of understanding (MOU) on July 31, demonstrating their commitment to strengthen regulatory coordination, simplify compliance processes, and enhance the delivery of public services.

The MOU establishes a framework for closer collaboration between the two agencies in identifying opportunities for policy harmonization and improving information governance, recognizing their common reliance on corporate information in carrying out their respective mandates.

Among the key initiatives envisioned under this is the proposed Unified Audited Financial Statements (AFS) Submission Portal, which will be pursued through a separate Memorandum of Agreement. Once implemented, the portal will provide corporations with a single submission point for their AFS, allowing the documents to be securely transmitted to the appropriate receiving systems of the SEC and the BIR.

The initiative is expected to reduce duplicative submissions, promote consistent and traceable financial information, and enable both agencies to perform their regulatory functions more efficiently while advancing the government’s ease of doing business agenda.

Read the full press release: https://www.sec.gov.ph/…/sec-bir-strengthen…/…