The Bureau of Internal Revenue (BIR) and the Department of Trade and Industry (DTI) signed on Monday a memorandum of agreement requiring mandatory registration for a taxpayer identification number (TIN) from sole proprietorships and partnerships seeking to register under the Philippine Business Registry (PBR).
The agreement mandates the BIR to facilitate the issuance of a TIN for all sole proprietorships and partnerships applying to be registered under the PBR of the DTI.
Under the agreement, the BIR agreed to issue a TIN through the e-registration, or eReg, System linked to the PBR.
The BIR will process the registration of the new business and issue the corresponding Certificate of Registration and other permits relative to the secondary registration after the businesses shall have completed the documentary requirements.
The DTI, on the other hand, will generate and provide the BIR with a monthly list of DTI-registered businesses with newly issued TINs.
The DTI will also inform the applicants to proceed to the BIR to complete their registration requirements before the issuance of the Certificate of Registration.
The two agencies also agreed to coordinate their policies and procedures in registering new businesses to broaden the tax base, which is one of the solutions which the Department of Finance is looking into to generate more revenues amidst the measures aimed at lowering the tax rates.
The agreement was signed at the BIR’s main office in Quezon City by Internal Revenue Commissioner Caesar R. Dulay and Trade and Industry Secretary Ramon M. Lopez.
source: Business Mirror
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