2016 Year-End and 2017 Year-Start Compliances

The table below is a simple reminder or schedule of what business establishments need to accomplish for ending the year 2016 and starting anew for 2017. We shall update the legal basis for each item included in the list very soon. In cases where we missed some items, please feel free to contact us. We hope that we provide you little insight about your compliance.

Duration or Due Date	Description	Regulatory Agency
On or before Dec. 24, 2016	Release of employees’ 13th month pay (PD 851)	DOLE
Dec. 1, 2016 until the last working day of December 2016	Registration of manual books of accounts for those who uses Simplified Bookkeeping and those who does not write anything in the books of accounts. (RMC 82-2008)	BIR
Jan. 1 2017 to Jan. 15, 2017	Registration of the loose-leaf bound books of accounts (RMC 82-2008)	BIR
Until Jan. 15, 2017	Report of compliance with PD 851 – Alphalist of 13^th Month Pay as prescribed by DOLE Advisory 03-2010	DOLE
Jan. 20, 2017	Application for Renewal of business permits for 2017 (Deadlines may vary depending on the Local Government Unit)	LGU
Jan. 1, 2017 until Jan. 25, 2017	Release of employees’ tax refunds for 2016 and distribution of their respective 2316 (RR 10-2008)	BIR; DOLE
January 1 until Jan. 30, 2017	Inventory list as of December 31, 2016 (RMC 57-2015)	BIR
Jan. 31, 2017	Lessee information sheet (RR 12-2011)	BIR
Jan. 31, 2017	Submission of books generated from the taxpayer’s computerized accounting system (CAS)	BIR
Until Jan. 31, 2017	Filing of the employee alphalist through BIR form 1604CF	BIR
January 1 to Jan. 31, 2017	Payment of BIR annual registration fees (ARF)	BIR
January 1 to January 31, 2017	Professional tax receipt (PTR) for 2016	LGU
January 1, 2015 to February 28, 2017	Securing community tax certificate or cedula without a penalty	LGU
January 1, 2015 to Feb. 28, 2017	Submission of 2316 duly signed by employees who are covered under the substituted filing	BIR
On or before Mar. 01, 2017	Filing and submission of the 2016 annual alphalist of payees through BIR Form 1604E	BIR
On or before Apr. 15, 2017	Filing and submission of the 2016 annual income tax return for individuals and non-individual taxpayers whose account period ends at December 31, 2016	BIR
On or before Apr. 15, 2017	Filing and submission of the annual audited financial statements before complying to the SEC number coding scheme	SEC

Beating the deadlines is important. If you missed one of mandatory requirements that you need to complete, then fund your pockets for additional cash because you will have to pay more than what you should. You do not plan to fail, you only fail to plan. And one last thing as we always quote: “Compliance is costly. Noncompliance is luxury.”

Disclaimer: The schedule of deadlines presented in this article is not complete and may not cover specific industries with special reporting requirements to other regulatory agencies. Some items is not also applicable to some companies. We advise that you do your own diligence in completing all your reportorial requirements.

Greg Aquino

Greg V. Aquino is a Certified Public Accountant engaged in Public Practice since the year 2010. He is the managing partner of Clemente Aquino & Co., CPAs since the year 2013. Sector experience includes food & franchise company; real estate; distributorship; gasoline dealership; PEZA companies; BPOs; and non-profit organizations. He can handle individual tax planning; corporate tax planning; estate planning; transfers of real and personal properties; setup of a corporation, partnership, one-person corporation, and sole proprietorships; local government taxation; corporate housekeeping; resident agent services; corporate secretariat; fs preparation or compilation; fs reconstruction; fs audit; internal audit; and others.

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