SEC, BIR TO HAVE single portal for company filings
A unified online portal is being eyed that would serve as a single submission point for audited financial statements of SEC-registered companies.
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A unified online portal is being eyed that would serve as a single submission point for audited financial statements of SEC-registered companies.
Companies may soon have to file their audited financial statements only once instead of submitting the same documents separately to two government agencies, as the Securities and Exchange Commission (SEC) and Bureau of Internal Revenue (BIR) move to simplify corporate filings.
The SEC and BIR said over the weekend they are eyeing a unified online portal that would serve as a single submission point for the audited financial statements (AFS) of SEC-registered companies.
Once in place, the system would securely transmit the documents to the appropriate SEC and BIR systems, removing the need for companies to make separate submissions to each agency.
Proposed Unified AFS Submission Portal
The proposed Unified AFS Submission Portal is among the key initiatives under a memorandum of understanding (MoU) signed by the SEC and BIR on 31 July. The portal will be covered by a separate agreement.
The plan is expected to reduce duplicate filings, make compliance easier for businesses and give regulators access to more consistent financial information.
BIR Commissioner Charlito Martin R. Mendoza said closer coordination between the agencies should make compliance less burdensome for companies.
“The MoU with the SEC brings our agencies into closer coordination as we work toward a more streamlined process for the submission of audited financial statements by SEC-registered corporations. It reflects our shared objective of reducing unnecessary duplication and making compliance easier for the business community,” he said.
Agencies need to work together
Meanwhile, SEC Commissioner McJill Bryant T. Fernandez said government agencies need to work together to make regulation more efficient.
“Effective regulation is not achieved by individual agencies acting in isolation. It is reinforced when institutions come together, leverage each other’s expertise, and pursue reforms through a coordinated whole-of-government approach,” he said.
