The Philippine Chamber of Commerce and Industry (PCCI) yesterday said the newly-signed Republic Act 11976 or the Ease of Paying Taxes should be coupled with proper implementation and monitoring.
Enunina Mangio, PCCI president, in a statement said the group lauds the passage of Ease of Paying Taxes law as this would encourage businesses to file their taxes properly and on time, paving the way for an increased government revenue collection.
Mangio hopes the law would encourage foreign investors to do business in the Philippines.
“We need to harmonize and streamline our processes for us to attract investors into the country. Otherwise, we will remain low in the ease of doing business,” she added.
Benedicta Du-Baladad, director for PCCI Tax and Legislative Committee, urged the Bureau of Internal Revenue (BIR) to intensify its information campaign to ensure more people and companies are aware and informed of the new law.
The implementing rules and regulations of the law are yet to be released.
Mangio underscored the importance of having a modernized, efficient, and effective tax administration system to streamline processes and minimize the burden on taxpayers.
“The passage of RA 11976 is certainly a welcome development to the business community. I hope this law, coupled with proper implementation and monitoring, will significantly ease the paying of taxes in the country,” Mangio said.
RA 11976 provides classification of taxpayers into micro, small, medium and large companies. It also allows the filing of income tax returns electronically or manually with the BIR through any authorized agent bank or authorized software provider. The law eliminates the distinction between documentation and basis of sales of goods and services; and classification of value-added tax refund claims into, medium and high-risk.
Du-Baladad said PCCI will hold a series of information and education campaigns in partnership with the BIR to ensure t members, many of which are small enterprises are able to use this mechanism.
