The Bureau of Internal Revenue (BIR) has issued rules mandating a lower delinquency and deficiency interest rate of 12 percent under the Tax Reform for Acceleration and Inclusion (TRAIN) Act.
Revenue Regulations No. 21-2018 issued by Finance Secretary Carlos G. Dominguez III and Internal Revenue Commissioner Caesar R. Dulay on Sept. 14 noted that under Republic Act No. 10963 or the TRAIN law, unpaid taxes were to be slapped interest “double the effective legal interest rate for loans or forbearance of any money in the absence of an express stipulation as set by the Bangko Sentral ng Pilipinas from the date prescribed for payment until the amount is fully paid.”
The SEC online registration system was launched late last year even before the signing of Republic Act (RA) No. 11032 or the Ease of Doing Business Act which aims to streamline the procedures and requirements in establishing a business and renewing business permits or registrations.
Prior to the enactment of the RA, the government agencies had been trying to make business registration more efficient by rationalizing the processes through an integrative approach, one of which was the so-called Integrated Business Registry System (IBRS). Under the IBRS, the SEC issues a Unified Registration Record containing the newly registered company’s SEC registration number, pre-issued tax identification number and the corresponding pre-issued employer membership numbers with the three social agencies, the SSS, PhilHealth and Pag-IBIG.
Edgar Navarro Picache, CPA is a financial executive with 20+ years of practical experience in a variety of leadership positions in public accounting and private industry.
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