NEW SYSTEM AIMED AT DUMMY FIRMS

Bureau of Internal Revenue (BIR) Commissioner Kim Henares said that with the Department of Finance’s new accreditation system, the BIR will take over accrediting phase of importations done with the Bureau of Customs (BOC) which will ensure the legality and the consistency of importers in their businesses and their income taxes.

In a phone interview, Henares told The Manila Times that the BIR’s role in the new regulation is “to eliminate dummy corporations that were vanishing into thin air” when it comes to paying their respective income taxes.