Inquirer
CEBU CITY, Philippines — Small business owners, who already stopped operations but failed to formally close their registration with the Bureau of Internal Revenue (BIR), may now immediately stop the accumulation of additional tax penalties by filing closure documents under newly streamlined rules that took effect this month. Under a revenue memorandum circular, the BIR simplified the process for closing businesses and cancelling tax registrations, particularly for micro taxpayers or businesses earning less than P3 million annually. READ: BIR now cuts business closure process to 3 days for small taxpayers The reform seeks to address a long-standing problem among small […]... Keep on reading: Closing your small business? A step-by-step guide to avoid BIR penalties
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