THE Bureau of Internal Revenue (BIR) on Monday said the government can generate approximately P1 billion in sparkling revenues by improving its business registration procedures to encourage unregistered corporations to leave the informal sector.
The tax enterprise said this revenue goal will be hit following the signing of memorandum of agreement (MOA) among the Department of Trade and Industry (DTI) and the BIR that ambitions to improve the registration technique for sole proprietors and partnerships.
“We are not talking in their earnings or taxing them. We are best speakme of having them into the string… registration rate is P500. The sort of earnings that isn’t always being captured…is set P1 billion [and we can achieve that] if we genuinely get them to sign up,” said Internal Revenue Commissioner Caesar Dulay for the duration of the signing of the MOA.
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