Philippines Tax Updates July 2026: BIR, SEC and PEZA Issuances

BIR ISSUANCES

REVENUE MEMORANDUM CIRCULARS

Revenue Memorandum Circular No. 75-2026
Date of Issue: July 8, 2026

Frequently Asked Questions Relative to the Application for One-Time Transaction (ONETT) Computation Sheet (OCS) and Electronic Certificate Authorizing Registration (eCAR) of Properties

This Circular is hereby issued to address frequently asked questions relative to the application and processing of OCS and eCAR, to wit:

Some of the key questions addressed by this Circular are as follows:

Q2: What type of taxes are associated with ONETT, the deadlines for their payment and the corresponding BIR forms to be used in filing the tax returns?

A2: Below is the matrix showing the taxes that must be paid corresponding to the type of ONETT, the due date and the BIR Form to use in the filing of the tax returns:

Q4: Since the filing of ONETT-related tax returns and payment of taxes due thereon can be done in any AABs, does it mean that application for the issuance of eCAR be made in any BIR office?

A4: The processing and issuance of eCAR, regardless of where the tax returns and the tax payments were made, shall still be at the Revenue District Office (RDO) which has jurisdiction over the ONETT, as follows:

Q6: Is the original and/or certified true copy/ies of the document/s required to be submitted to the BIR?

A6: Yes. To process the OCS, it is essential to provide the original and/or certified true copies of the required documents. This step is crucial for certifying and validating the authenticity of the submitted materials. When it comes to obtaining the eCAR, the taxpayer must submit the original copy of the transfer document. This document will be stamped on the back with key details, such as the issued eCAR number(s), the date of issuance, and the name of the approving officer.

After the eCAR is issued, the BIR will retain only photocopies of the documents.

Q8: Will the BIR accept an application for OCS or eCAR with incomplete documents?

A8: No. The BIR will not accept the application. However, the taxpayer shall receive a copy of the Checklist of Documentary Requirements (CDR) from the ONETT Officer of the Day (OD) or thru the taxpayer dashboard of the eONETT System indicating therein the lacking documents that the taxpayer must submit/comply to complete the application.

The CDR must be received and acknowledged by the taxpayer to ensure that he/she has been properly informed of the list of documents.

Revenue Memorandum Circular No. 81-2026
Date of Issue: July 22, 2026

Prescribing Workaround Procedures for Claiming Five-Year Net Operating Loss Carry-Over Incurred in Taxable Years 2020 and 2021 in the Offline eBIRForms Package and Electronic Filing and Payment System

Pursuant to Section 4 of Revenue Regulations (RR) No. 25-2020, a business or enterprise that incurred a Net Operating Loss for taxable years 2020 and 2021 shall be allowed to carry over the same as a deduction from its gross income for the next five (5) consecutive taxable years immediately following the year of such loss, unless otherwise disqualified from claiming the deduction.

However, the current version of the Offline eBIRForms Package and Electronic Filing and Payment System (eFPS) limits the input of Net Operating Loss Carry-Over (NOLCO) to three (3) immediately preceding taxable years, which prevents the proper reflection of NOLCO incurred in 2020 and 2021 in later taxable-year filings (e.g., taxable year 2025).

Relative thereto, this Circular is hereby issued to prescribe interim workaround procedures to allow the accurate declaration of such NOLCO in BIR Form Nos. 1701, 1702-RT and 1702-MX, without affecting the validity of the electronically filed return.

Revenue Memorandum Circular No. 84-2026
Date of Issue: July 23, 2026

Clarifying certain provisions of Revenue Regulations No. 004-2026, prescribing the guidelines and procedures for the availment of the one-time abatement of taxes and/or penalties for micro taxpayers

This Circular is issued in order to clarify certain provisions of Revenue Regulations (RR) No. 004-2026 which prescribes the guidelines and procedures for the availment of the one-time abatement of taxes and/or penalties for Micro Taxpayers.

The One-Time Abatement Program is an exercise of the authority of the Commissioner of Internal Revenue under Section 204 (B) of the National Internal Revenue Code of 1997, as amended (Tax Code), to abate or cancel a tax liability where the administration and collection costs involved do not justify the collection of the amount due, in relation to the taxpayer classification introduced under Section 21 (B) of the Tax Code, as amended by Republic Act No. 11976 or the Ease of Paying Taxes Act, and implemented by RR No. 8-2024.

The basis for the taxpayer’s tagging was discussed in Question-and-Answer No. 1 of this Circular, to wit:

Q1: What is the basis for tagging a taxpayer as a Micro Taxpayer?

A1: For purposes of RR No. 004-2026, the taxpayer’s classification as a Micro Taxpayer shall be determined based on the taxpayer’s classification reflected in Internal Revenue Integrated System-Taxpayer Registration System (IRIS-TRS) as of December 31, 2025. Taxpayers may verify their classification online through the BIR Online Registration and Update System (ORUS) via the “BIR-Registered Business Search and Taxpayer Classification Inquiry” facility at https://orus.bir.gov.ph/search/businessname.

Alternatively, taxpayers may coordinate with their respective RDOs to verify their classification.

Only applications with complete documentary requirements shall be received and processed.

REVENUE MEMORANDUM ORDER

Revenue Memorandum Order No. 18-26
Date of Issue: July 23, 2026

Creation of Alphanumeric Tax Code (ATC) of Selected Revenue Source under Revenue Regulations No. 004-2026

To facilitate the proper identification and monitoring of payments for the availment of the One-Time Abatement of Taxes and/or Penalties for Micro Taxpayers, the following ATCs are hereby created:

SEC ISSUANCES

SEC Memorandum Circular No. 21 Series of 2026
Date of Issue: July 17, 2026

Guidelines on the Implementation of Paperless Filing for Select Amendment Applications Through the eAMEND Portal

This Memorandum Circular supplements existing rules governing amendment applications filed through the eAMEND Portal.

Amendment applications not covered by this Circular shall continue to be governed by existing rules and procedures, including the submission of hard copies of amendment documents where applicable.

According to Section 2 of this Memorandum Circular, paperless filing shall apply only to amendment applications involving amendments to the following provisions or a combination thereof:

A. Articles of Incorporation

1. Prefatory Clause;
2. Change in the Principal Office Address;
3. Term of Existence;
4. Increase or Decrease in the Number of the Board of Directors/Trustees; and
5. Fiscal Year for One Person Corporations (“OPCs”).

B. By-Laws

1. Date of Annual Meeting of the Stockholders/Members; and
2. Fiscal Year.

Applications involving amendments not listed above shall not qualify for paperless filing and shall be processed under the existing procedures requiring submission of hard copies. The Commission may expand the coverage of amendment applications eligible for paperless filing, as may be deemed appropriate.

Note that the paperless filing under this Circular is optional and not mandatory. Corporations may still choose to file through Simple Processing or Regular Processing, pursuant to MC 3, S. 2026, which still requires the submission of the hard copies of the amendment documents.

SEC Memorandum Circular No. 22 Series of 2026
Date of Issue: July 15, 2026

Adoption of Philippine Financial Reporting Standards (PFRSs) and Philippine Interpretations Committee Questions and Answers (PIC Q&As)

The Commission, in its meeting held on 14 July 2026, approved the adoption of the following pronouncements as part of SEC’s rules and regulations on financial reporting:

1. Philippine Interpretations Committee (PIC) Q&A No. 2024-01 Accounting for Experience Refund or No-claims Bonus.
2. Adoption of IFRS S1, General Requirements for the Disclosure of Sustainability-related Financial Information and IFRS S2, Climate-related Disclosures as endorsed by the Philippine Sustainability Reporting Committee (PSRC).
3. PFRS 18 Presentation and Disclosures of Financial Statements.
4. PIC Q&A 2024-03: Allocation of Transaction Price for Bundled Contracts under PFRS 15.
5. Amendments to PFRS 9 and PFRS 7, Amendments to the Classification and Measurement of Financial Instruments.
6. PFRS 19, Subsidiaries without Public Accountability: Disclosures.
7. Financial Reporting Guidance as of June 2024.
8. Compilation of PIC Q&As as of June 2024.
9. Philippine Interpretation Committee (PIC) Q&A No. 2024-02: Conforming Changes to PIC Q&As-Cycle 2024.
10. Annual Improvements to PFRS Accounting Standards—Volume 11.
11. PIC Q&A 2025-01: Timing of recognition for the cost of plastic packaging diversion activities under the Extended Producer Responsibility Act of 2022.
12. Amendments to PFRS 9 and PFRS 7, Contracts Referencing Nature-dependent Electricity.
13. Amendment to PFRS 17, Date of Initial Application.
14. PIC Q&A 2025-03: Accounting for cash received/paid via electronic transfer as settlement for a financial asset/liability.
15. Revised IFRS Practice Statement 1, Management Commentary.
16. Amendments to IFRS 19, Subsidiaries without Public Accountability: Disclosures.

SEC Memorandum Circular No. 23 Series of 2026
Date of Issue: July 27, 2026

Blockchain-based Digital signing and authentication of SEC-related documents using SEC VERITAS

The Commission has developed the Verification of Electronic Records and Information Trust and Authentication System (VERITAS), a blockchain-based document signing and verification platform

designed to strengthen the security, reliability, and non-repudiation of digitally signed and authenticated submissions. Thus, the Commission, pursuant to its mandate to modernize its regulatory framework and in support of national development goals, hereby issues and promulgates the following guidelines for the use of blockchain-based digital signing and authentication through VERITAS.

This Memorandum Circular applies to all individuals with a credentialed eSECURE account, including incorporators, directors, officers, authorized representatives, and other persons who are designated to sign and submit documents to the Commission on behalf of a juridical entity. It covers all corporations, partnerships, and other juridical entities registered with the Commission as well as Commission departments, extension offices, and personnel involved in the processing, verification, and archiving of electronically submitted documents.

Some of the key features of VERITAS, pursuant to Section 3 of this Circular, are as follows:

PEZA ISSUANCE

Department of Finance Department Order No. 026.2026

PEZA Memorandum Circular No. 2026-047
Date of Issue: July 24, 2026

This advisory is also issued to guide all concerned on the coverage, rules, and regulations under DOF DO No. 026.2026 for the availment of the Enhanced Deductions Regime (EDR) by the following Registered Business Enterprises (RBEs):

• Registered domestic market enterprises, including High-value Domestic Market Enterprises, which were granted EDR under their certificate of registration with their respective IPAs pursuant to RA Nos. 11534 and 12066;
• Registered export enterprises that have elected the EDR upon registration with their concerned IPA; and
• Pre-Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) RBEs that have transferred their registration to CREATE and opted to avail of the EDR pursuant to the Interim IRR on the Availment of Incentives and Transfer of Registration as provided under RA No. 12066.