Manila, Philippines –The Bureau of Internal Revenue (BIR) advised business establishment owners yesterday to notify the bureau if they are closing their operations to avoid paying penalties and surcharges as delinquent taxpayers.
Revenue regional directors and district officers from all over the country made the recommendation as thousands of companies had stopped their operations for years without reporting them as prescribed under Revenue Regulations No. 7-2012.
They said this omission by taxpayers has been clogging the BIR computer system with these useless accounts dubbed as “stop filers.”
They said failure to report such closure will subject the owners to fines and surcharges, including P1,000 compromise penalty for every unfiled return.
Revenue field officials said operators of these closed enterprises should not fault the BIR in imposing fines even as many of them have refused to pay the charges on the ground that no earnings were realized from the failed business ventures. (Jun Ramirez)
Incoming search terms:
- BIR Compromise penalty for delayed notice of Closure (3)
- bir to close business without penalty (2)
- how to close business in bir (1)
- how to close a business in bir (1)
- closure of business bir (1)