Davao CPA

VAT

SLSP Summary List of Sales and Purchases A VAT Registered Taxpayer? Be reminded that you need to submit a Summary List of Sales and Purchases as an attachment to the e-Filed BIR Form 2550Q.

𝗕𝗜𝗥 𝗟𝗔𝗨𝗡𝗖𝗛𝗘𝗦 “𝗘𝗔𝗦𝗘 𝗢𝗙 𝗖𝗟𝗢𝗦𝗜𝗡𝗚 𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦” 𝗚𝗨𝗜𝗗𝗘𝗟𝗜𝗡𝗘𝗦 𝗙𝗢𝗥 𝗧𝗔𝗫 𝗥𝗘𝗚𝗜𝗦𝗧𝗥𝗔𝗧𝗜𝗢𝗡 𝗖𝗔𝗡𝗖𝗘𝗟𝗟𝗔𝗧𝗜𝗢𝗡; 𝗧𝗔𝗫 𝗖𝗟𝗘𝗔𝗥𝗔𝗡𝗖𝗘 𝗥𝗘𝗟𝗘𝗔𝗦𝗘𝗗 𝗔𝗦 𝗙𝗔𝗦𝗧 𝗔𝗦 𝗧𝗛𝗥𝗘𝗘 𝗗𝗔𝗬𝗦

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 47-2026 on May 19, 2026, prescribing new guidelines to simplify the process for closing businesses and cancelling tax registration, as part of the implementation of Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act.”

“This is our ‘Ease of Closing Business’ reform,” Commissioner Charlito Martin R. Mendoza said. “In line with President Ferdinand R. Marcos Jr.’s directive to make government services faster, better, and more responsive, and Finance Secretary Frederick D. Go’s push to make tax administration more investor-friendly and business-friendly, the BIR is making it easier for taxpayers who have already ceased operations to properly close their business and cancel their registration.”
“From improving the ease of doing business and the ease of paying taxes, this reform completes the BIR’s support for businesses through every stage of the business life cycle. If we make it easier to start and operate a business, then the government must also make it easier to properly close BIR registration once operations have already ceased,” he added.

Under RMC No. 47-2026, taxpayers who have already ceased operations may now apply for the closure or cancellation of their registration, either manually or electronically, through the Revenue District Office where their head office or branch is registered.
The Circular simplifies and standardizes documentary requirements. Together with the application form and the surrender of original BIR registration documents and permits previously issued to the business, taxpayers will only be required to submit two other document sets for closure: the list of ending inventory of goods and supplies, including capital goods for VAT-registered taxpayers, and the unused invoices, supplementary documents, and other unutilized accounting forms, together with their inventory.
Under the new guidelines, penalties for non-filing of tax returns shall no longer accrue once the taxpayer submits the complete documentary requirements for the closure or cancellation of registration. To prevent the further accumulation of open cases, the taxpayer’s registered form types shall likewise be placed under “deregistered” status upon submission of the complete requirements. Filing an application for the closure or cancellation of registration, however, does not preclude the Bureau from conducting an audit to determine any outstanding tax liabilities.
In addition, micro taxpayers shall not be subject to mandatory audit for closure and/or cancellation of business registration. Hence, tax clearances will be issued within three (3) working days from submission of complete documentary requirements for those with no open cases or outstanding liabilities. For micro taxpayers with open cases, tax clearance will be issued within three (3) working days from the submission of the complete documentary requirements and the payment of outstanding liabilities, including penalties.

Commissioner Mendoza encouraged taxpayers who have already ceased operations to avail themselves of the streamlined process to avoid the continued accumulation of penalties and to properly update their registration records with the Bureau.

https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2047-2026.pdf

Processing! Processing! Processing! 👌 We'll help you with Processing so you can do what's important for your business!

Congratulations to our newly registered Corporation 🏢 in Davao. 📈May your journey towards building better Davao come true 📊

Davao CPAs at 1CISP General Assembly

BYD Ti7 Luxury SUV (To Inspire you!) 🙂

New Arrival! 2026 BYD Ti7 Super Premium - New Performance Exterior and Interior New Arrival! 2026 BYD Ti7 Super Premium - New Performance Exterior and Interior********************BYD Cambodia Contact Us: 𝟬𝟭𝟳 𝟱𝟱𝟱 𝟵𝟮𝟰 (Telegram) #2...

Income Tax Return ITR Filing deadline is April 15, Let us help you file properly on time or in advance. Leave a message at Davao CPAs.

Lets talk about your financial peace of mind, as tax season doesn't have to be stressful. 📊✨

At MP Management Consultancy Firm, we provide services for you through every number that matters from tax filing to financial modelling. Let us handle the complexity so you can focus on other important things and have a peace of mind.

Whether you need help with tax, bookkeeping, auditing, or estate tax, we’ve got you covered. Stress less and file on time with MP Management Consultancy Firm.

The Services we offer:
✅ Financial Statement Preparation
✅ Tax Filing & Auditing
✅ Bookkeeping
✅ Financial Modelling
✅ Estate Tax

Plan smarter, grow faster. Let’s talk.

📞 Contact Toti Patrimonio today!
(+63)917-716-0347

📧 [email protected]

We can help: Audit of Financial Statements and Filing of Income Tax Return to BIR

Tax Preparation and Filing
Financial Statement Audit