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AIF or AFS?

Which one am I supposed to file?

EJ Arboleda avatar
Written by EJ Arboleda
Updated over a week ago

First of all, you have to ask, are you supposed to include an AFS or AIF in your filing.
You can read more about it here: Do I need an Audited Financial Statement (AFS)?

If you've confirmed that you do need to file an AFS or AIF:

You can get the AIF forms here.
Now to clarify, on whether you should be filing an AFS or an AIF, this is what the BIR says on the matter.

NOTE: Pursuant to Sec. 71 of RA 10963, otherwise known as Tax Reform Acceleration and Inclusion Act, amending Sec. 232 of the Tax Code, as amended, in relation toRevenue Memorandum Circular No. 6 – 2001, corporations, companies or persons whose gross annual sales, earnings, receipts or output exceed P3,000,000 may not accomplish this form. In lieu thereof, they may file their annual income tax returns accompanied by balance sheets, profit and loss statement, schedules listing income-producing properties and the corresponding income therefrom, and other relevant statements duly certified by an independent CPA.

(link to relevant section in BIR website)

So instead of accomplishing the AIF, you may choose instead to file your annual income tax returns accompanied by balance sheets, profit and loss statement, schedules listing income-producing properties and the corresponding income therefrom, and other relevant statements duly certified by an independent CPA -- in other words, an Audited FS.

If you do need an AFS, do get in touch with us. This has to be done by an independent auditor -- we can endorse you to our CPA contacts.

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