Trade and Industry Secretary Ramon Lopez and Bureau of Internal Revenue commissioner Caesar Dulay signed a memorandum of agreement to further strengthen their commitment in simplifying business registration process for micro, small and medium enterprises. MIKE AMOROSO
MANILA, Philippines - Tax registration for new small businesses just got easier after two government agencies agreed yesterday to facilitate the procedures on their behalf.
Under a memorandum of agreement, the Bureau of Internal Revenue (BIR) and the Department of Trade and Industry (DTI) are linking their systems to process tax identification numbers (TIN) and other permits for micro, small and medium enterprises (MSMEs).
MSMEs are businesses with asset size worth between P3 million and P100 million and employ less than 200 employees, according to trade data.
They account for around 97 percent of local enterprises. Read more.
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