Running a business can be extremely exciting and rewarding. Although, on the way to building one’s own business there are certain precautions that one should take to protect their profits and their dream.
The first obstacle one should be mindful of is proper navigation of all BIR regulations. This is a simple step that most businesses in the Philippines get wrong. Not knowing how to properly navigate BIR obstacles can lead to audits, penalties, encounters with corrupt BIR agents, and leave your business and your investment prospects vulnerable.
Below we have outlined our Easy Guide to avoiding BIR penalties for businesses. By following these steps you can protect yourself and your business from a wide range of possible BIR penalties, easing your mind and allowing you to focus your attention where it should be, the growth of your business.
- Register your business before starting operation. Obtain proper registration whether as a VAT registered or a non-VAT registered taxpayer.
- Pay and display your Annual Registration return (BIR Form 0605).
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