SEC Form 20-IS - iRemit Global Remittance

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In the opinion of management and its legal counsel, the eventual liability under these lawsuits or
claims, if any, will not have a material or adverse effect on the Parent Company’s financial
position and results of operations. The information usually required by PAS 37 is not disclosed on
the grounds that it can be expected to prejudice the outcome of these lawsuits, claims and
assessments.
25. Approval of the Release of the Parent Company Financial Statements
The accompanying financial statements of the Parent Company were approved and authorized for
issue by the BOD on March 23, 2012.
26. Supplementary Information Required Under Revenue Regulations No. 19-2011
On December 9, 2011, the BIR issued RR No. 19-2011 prescribing the new income tax forms to
be used effective calendar year 2011. In the case of corporations using BIR Form 1702, the
taxpayer is now required to include as part of its notes to the financial statements, schedules and
information on taxable income and deductions.
In compliance with the requirements set forth by RR 19-2011, the schedule and information of
taxable income and deductions are as follows:
Service income P=490,087,163
Cost of services 175,332,116
314,755,047
Non-Operating Taxable Other Income
Miscellaneous Income 14,350,754
Total Gross Income 329,105,801
Less: Itemized deductions
Salaries and Allowances 89,059,553
Interest 38,322,540
Advertising and promotions 28,248,090
Transportation and travel 21,159,472
Rent 14,230,999
Communication, Light and Water 13,782,359
Office Supplies 8,941,140
Professional fees 8,488,153
Taxes and Licenses 6,726,300
Depreciation and amortization 6,535,059
Representation and entertainment 4,459,545
Insurance 814,865
Repairs and maintenance 691,037
Miscellaneous 7,169,373
Others 3,230,078
251,858,563
Net Taxable Income P=77,247,238
*SGVMC116501*