REVENUE MEMORANDUM CIRCULAR NO. 16-2017 issued on February 22, 2017 amends Revenue Memorandum Circular (RMC) No. 36-2016 and clarifies the requirement of Professional Regulatory Board of Accountancy (BOA).

     Relative to RMC No. 21-2016 circularizing the BOA Resolution No. 03, Series of 2016 entitled “Requiring the Submission of Certificate by the Responsible Certified Public Accountants on the Compilation Services for the Preparation of Financial Statements and Notes Thereto”, the implementation of the said BOA requirement shall be on December 31, 2016 as per BOA Resolution No. 115, Series of 2016.

     It is further clarified that only the existing documentary requirements in the filing of Income Tax Returns shall be submitted to the BIR.