The tax season is over and almost all taxpayers who were able to file within the deadline yesterday, April 17, are now wondering what’s next in the pipeline of the Bureau of Internal Revenue (BIR) in so far as tax reforms are concerned.
A welcome development has come in the BIR’s pursuit of a simplified tax administration system. On April 5, the BIR issued a memorandum for business taxpayers claiming income tax exemption under the Barangay Micro-Business Enterprise (BMBE) Act of 2002 (Republic Act No. 9178). Under the law, all BMBEs are exempt from income tax for income arising from the operation of the enterprise.’