Authority, Purpose, and Policy Direction
- The Circular requires the Commission to ensure that TINs are included in application, registration, maintenance, and related forms (Section 1).
- The Circular enforces TIN correctness for SEC-issued certificates and permit licenses by withholding release when the TIN is invalid (Section 2).
- The Circular imposes monetary penalties for specific TIN abuses or violations, while also recognizing that other sanctions may apply under the Internal Revenue Code and other laws (Section 3).
- The Circular operationalizes the TIN inclusion mandate under Executive Order No. 98 by specifying concrete SEC document types and filing requirements (preamble).
Defined Coverage for Required TIN Fields
- The TIN requirement covers the corporation, partnership, incorporators, stockholders, members, partners, directors and officers, and also any person acting in behalf of the corporation and partnership (Section 1).
- No application for registration or licensing is accepted unless the TIN of the persons/entities enumerated is indicated in the required SEC forms/documents (Section 1).
- The Circular ties compliance to the particular registration form/documents listed as required TIN-bearing submissions (Section 1).
- The Circular covers both initial registration and specific renewal documentation for certain secondary licenses (Section 1).
Mandatory TIN in SEC Applications
- Section 1 bars acceptance of any registration or licensing application unless the TIN is indicated in the following registration form/documents filed with the Commission:
- A. Cover Sheet for Any Application
- B. Registration Data Sheet (for regular processing)
- C. Express Lane Form of Articles of Incorporation and By-Laws (Express Lane does not require RDS)
- D. Company Data Maintenance Form
- E. Name Relationship Data Maintenance Form
- F. General Formation Sheet
- G. Letter-request for Opinion
- H. Any document submitted for registration/approval
- I. Renewal Applications for Secondary License
- J. Form 19-BD, 19-BDR, 19-S, 19-SR, 40-TA, 40-AR
- K. Personal Information Sheet of Directors/Officers of Financing Companies
- The Circular requires that, in the above forms/documents, the TIN of all covered persons/entities be indicated as a condition for acceptance (Section 1).
- The Circular requires inclusion of TINs not only for registrants but also for the individuals acting in specified corporate and partnership roles (Section 1).
Release of SEC Certificates and Permit Licenses
- Certificates of Registration and Permit Licenses issued by the Commission are withheld from release when the TIN is invalid for any of the persons enumerated in Section 1 (Section 2).
- Release is permitted only upon submission of either:
- the TIN Card, or
- an application for registration thereof using BIR Form 1901/1902/1903, duly stamped by the Bureau of Internal Revenue (Section 2).
- The withholding of release applies specifically to certificates/permits with invalid TINs (Section 2).
Sanctions for TIN Violations
- Section 3 imposes a fine of PHP 1,000.00 on the corporation, partnership, and/or natural person who commits any of the enumerated violations.
- The enumerated prohibited acts triggering the PHP 1,000.00 fine are:
- A. Use of double or multiple TINs by the same taxpayer
- B. Use of TIN other than that assigned to the taxpayer
- C. Use of spurious TIN
- Section 3 expressly applies additional consequences by recognizing that such offenses also carry other sanctions provided in the Internal Revenue Code and other pertinent laws and regulations (Section 3).
Effectivity and Publication Rule
- The Circular takes effect fifteen (15) days after its publication once in any newspaper of general circulation (Section 4).
- The Circular was adopted on August 08, 1999 and signed by Perfecto R. Yasay, Jr., Chairman (Adopted: 08 Sept. 1999).