SEC said that its online payments tool will start accepting fee payments to BIR later this year.
SEC — The Securities and Exchange Commission said that its online payments tool will start accepting fee payments to the Bureau of Internal Revenue (BIR) later this year.
The agency said in a report to the Department of Finance (DOF) that its “eSPARC” or Electronic Simplified Processing of Application for Registration of Company currently only accepts payments of SEC fees and the expansion of service to cover BIR fees would expand eSPARC’s utility.
During a recent DoF meeting, SEC Commissioner Javey Paul D. Francisco said that the agency processed 25,685 online business registration applications between January 1 and May 15, bringing the total number of processed applications to 69,350 since its payment tool was launched in the 2nd quarter of 2021.
According to SEC Chairman Emilio B. Aquino, the slowest recorded time for processing an eSPARC application was 2 hours and 37 minutes, while the fastest recorded time for processing an eSPARC application was 1 minute and 14 seconds.
BusinessWorld Online reported that the “OneSEC” or the One-day Submission and E-registration of Companies is a subsystem of eSPARC. There’s a little need for further encoding of information online because company information is already pre-filed under OneSEC.
Based on the report, eSPARC launched last March 2021 the “eSPAYSEC” tool or the Electronic System for Payments to SEC tool in order to receive registration and other fees with the SEC online through debit and credit cards, digital wallets, and other cashless payment options.
Other digital measures the agency launched were the “eFAST” or the Electronic Filing and Submission Tool which allowed companies to submit sworn statement for foundations, general information sheets, audited financial statements, and general and special forms for financial statements, among other reporting requirements.
Led by the Department of Information and Communications Technology (DICT), the Philippine Business Hub aimed to accelerate the process of business registration and fee payments.