Jul 172017
Some taxpayers have reported receiving Benchmarking Notices from the Bureau of Internal Revenue (BIR). As in most cases, any letter or notice from the BIR is received with great trepidation and uncertainty. Generally, taxpayers should keep calm and not be unnecessarily anxious about the benchmarking notice.
Industry benchmarking is not a new program. This was originally instituted in 2006 through the issuance of Revenue Memorandum Order No. (RMO) 4-2006. However, it was not fully implemented at that time. Six year after, RMO 5-2012 was released to prescribe the revised guidelines and procedures in the conduct of industry performance benchmarking but on limited scale.