Accounting in Philippine
All companies must be in compliance with the Philippine Financial Reporting Standards (PFRS)/
Philippine Accounting Standards (PAS).
All accounts must be filed for each tax year (1st January – 31st December), although a different
fiscal year may be used if needed. Companies need to publish an annual financial report and submit
it to the Securities and Exchange Commission (SEC).
Corporate Tax Requirements
Under the revised Corporate Tax Scheme, from 2020 onwards, the original 30% will be slowly
reduced to 20% in the coming decade.
Annual General Meeting
The Corporation Code of the Philippines requires an Annual General Meeting to be held on a fixed
date as stated by the company’s by-laws or any date in April of each year.
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