The BIR has advised that the reporting by concerned Philippine financial institutions (PFIs) will not take place on 30 September 2015. Taxand Philippines shares this latest update.

PFIs must take the necessary steps to prepare for full implementation of the terms of the IGA and the concomitant submission of information on reportable accounts beginning the second quarter of 2016.

 

Furthermore, the first batch of reports to be submitted shall include information relating to their 2014 and 2015 reportable accounts as detailed in the IGA.

 

Discover more: BIR’s FATCA Advisory

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Taxand's Take

Multinationals with operations in the Philippines should take note of this news in order to remain compliant.

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International Tax | Philippines

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