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Tax Identification

Number for Foreign


Investors
August 1, 2013 by David Elefant

Foreign corporations and individuals whether


resident or non-resident, who have
opened/invested in a domestic corporation,
branch office, representative office or any
other legal entity licensed to transact
business in the Philippines are now required
to obtain a Tax Identification Number (TIN)
from the Bureau of Internal Revenue (BIR).
SEC Filings
All documents to be filed with the SEC by
corporations and partnerships after their
incorporation (i.e. General Information Sheets,
application for amendments) will not be
accepted by the SEC unless the TIN of all its
foreign investors natural or judicial, resident
or non resident are indicated therein no
matter their percentage of foreign ownership.
Foreigners are not required to obtain a TIN for
incorporation but must instead indicate their
nationality, passport number and date of issue
in the registration documents (i.e Articles of
Incorporation, etc…).
These new rules are to be found in
Memorandum Circular No. 1, Series of 2013,
issued by the Securities and Exchange
Commission (SEC) which requires the
mandatory inclusion of the Tax Identification
Number (TIN) of foreign investors in all forms,
papers and documents filed with the SEC.
The above memo was issued to comply with
Revenue Regulation 7-2012 dated April 2,
2012, known as the “Amended Consolidated
Revenue Regulations on Primary Registration,
Updates and Cancellation”, which provides –
“Section 4(I)(V)– Non-resident Aliens Not
engaged in Trade or Business (NRANETB) or
Non-Resident Foreign Corporations (NRFC)
shall be issued TIN’s for purposes of
whithholding Taxes on their income from
sources in the Philippines. The withholding
Agent shall apply for the TIN in behalf of the
NRANETB or NRFC prior to or at the time of
the filing of thier monthly withholding tax
return”
and in relation to E.O. 98, Series of 1998
signed by President Joseph Ejercito Estrada
directing all persons whether natural or
juridical having dealings with any government
agencies and instrumentalities, including
Government owned and/or Controlled
Corporations (GOCCS), and all Local
Government Units (LGUs) to include their TIN
in all forms, permits, licenses, clearances,
official papers and documents which they
secure from these government agencies,
instrumentalities, including GOCCs and LGUs
by corporations/partnerships with foreign
investors.
This is part of the government campaign to
enforce tax compliance of foreign investors in
the Philippines.

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