BIR sees P1B revenue from improved business registration

THE Bureau of Internal Revenue (BIR) on Monday said the government can generate about P1 billion in fresh revenues by improving its business registration processes to encourage unregistered firms to leave the informal sector.

The tax agency said this revenue target could be hit following the signing of memorandum of agreement (MOA) between the Department of Trade and Industry (DTI) and the BIR that aims to improve the registration process for sole proprietors and partnerships.