The Bureau of Internal Revenue (BIR) is an affiliated agency of the Department of Finance and is in charge of collecting national taxes in the country.
The BIR is required by law to assess and collect all national internal revenue taxes, fees, and charges, as well as to execute any forfeitures, penalties, and fines associated with them, including the execution of judgments rendered in its favor by the courts. Thus, this agency governs all the finance, taxation, and monetary policies of the country with the purpose of strengthening our national identity and improving the lives of Filipinos.
Why is it important to register in BIR?
BIR registration is one of the main requirements for doing business in the Philippines. Any person who receives an income, whether from business, profession, or compensation, has the legal obligation to register and pay their taxes in the BIR as failure to do so may result in a fine or imprisonment.
There are also benefits that a business may receive once it is registered with the BIR, including financial services such as loan applications, tax incentives, and other financial assistance from the government. Furthermore, being registered is necessary for the growth and promotion of your brand and business; establishing a reputation in the market is crucial for a company’s continuity and success.
Learn more about Business Registration for Individuals and Non-individuals by simply clicking it!
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