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Manila Bulletin devider Business devider BIR scraps P500 registration fee for business taxpayers

BIR scraps P500 registration fee for business taxpayers

Published Jan 9, 2024 07:48 am

At A Glance

  • Effective Jan. 22, 2024, the Bureau of Internal Revenue (BIR) announced the cessation of the P500 annual registration fee (ARF) for business taxpayers in compliance with Republic Act No. 11976, the 'Ease of Paying Taxes Act.'<br>Business taxpayers are exempt from filing BIR Form No. 0605 and paying the P500 ARF as per the BIR advisory dated Jan. 8, 2024.<br>Existing BIR Certificate of Registration (COR) with the Registration Fee will remain valid, and taxpayers may choose to update/replace their COR at their convenience at the Revenue District Office by Dec. 31, 2024.<br>President Marcos signed Republic Act 11976, the Ease of Paying Taxes Act, on Jan. 5, to streamline tax filing for small and medium enterprises and modernize the revenue collection system of the BIR.

With the implementation of a law aimed at simplifying tax payments, the Bureau of Internal Revenue (BIR) has announced that it will no longer require business taxpayers to pay the annual registration fee (ARF).

In a notice posted on its website and signed by BIR Commissioner Romeo D. Lumagui, Jr., the bureau has announced that it will cease collecting P500 for ARF from business taxpayers effective Jan. 22, 2024.

“This change complies with Republic Act No. 11976, the ‘Ease of Paying Taxes Act,’ As a result, business taxpayers are exempt from filing BIR Form No. 0605 and paying the Five Hundred Pesos (PHP 500.00) ARF on or before January 31 every year,” the BIR advisory dated Jan. 8, 2024 read.

“Business taxpayers with existing BIR Certificate of Registration (COR) that includes the Registration Fee will retain its validity. These taxpayers may choose to update / replace their COR at their convenience,” the agency added.

“This can be done at the Revenue District Office, where they are registered on or before December 31, 2024, by surrendering their old COR [Certificate of Registration],” the bureau further said.

Last Jan. 5, President Marcos signed Republic Act 11976, also known as the Ease of Paying Taxes Act, which is designed to streamline tax filing for small and medium enterprises while also modernizing and enhancing the revenue collection system of the BIR.

Related Tags

Ease of Paying Taxes act Bureau of Internal Revenue (BIR) BIR Commissioner Romeo Lumagui Jr.
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