THE suspension of all Bureau of Internal Revenue (BIR) field audits will provide immediate relief to businesses and allow them to focus their attention on other priorities, a business chamber said on Tuesday. The Philippine Chamber of Commerce and Industry (PCCI) said that the Department of Finance’s intervention provides “crucial and immediate relief” to businesses, […]THE suspension of all Bureau of Internal Revenue (BIR) field audits will provide immediate relief to businesses and allow them to focus their attention on other priorities, a business chamber said on Tuesday. The Philippine Chamber of Commerce and Industry (PCCI) said that the Department of Finance’s intervention provides “crucial and immediate relief” to businesses, […]

PCCI backs suspension of BIR field audits

THE suspension of all Bureau of Internal Revenue (BIR) field audits will provide immediate relief to businesses and allow them to focus their attention on other priorities, a business chamber said on Tuesday.

The Philippine Chamber of Commerce and Industry (PCCI) said that the Department of Finance’s intervention provides “crucial and immediate relief” to businesses, especially micro, small and medium enterprises.

In particular, the PCCI said that the suspension gives businesses “much-needed operational breathing room to better focus on year-end priorities such as strategic planning, inventory management, and holiday season sales without the added pressure of a BIR audit.”

Revenue Memorandum Circular 107-2025 ordered the suspension of all field audits and related operations.

PCCI also welcomed the establishment of the technical working group (TWG) reviewing and updating the BIR’s policy frameworks related to the issuance of letters of authority (LoA).

“The creation of the TWG to conduct a comprehensive review signals a concrete and meaningful step toward addressing long-standing concerns about clarity, consistency, and proper oversight in audit processes,” it said.

“The PCCI sees this as an important opportunity to improve guidelines, strengthen internal controls, and ensure that the audit system fully aligns with established rules and the principles of due process,” it added.

Meanwhile, Philippine Retailers Association Chairman Roberto S. Claudio said that the suspension is a welcome development.

“This is welcome news not only to retailers but to all businessmen who have suffered from unfair practices of the BIR,” he said via Viber.

He said the DoF now needs “to define BIR’s authority and systems to audit without harassing taxpayers.”

Semiconductor and Electronics Industries in the Philippines Foundation, Inc. President Danilo C. Lachica noted that these audits have been discouraging businesses from availing of incentives.

“There are a lot of incentives like training, research and development, and investments. But unfortunately, within our members, no one is applying. Why? Because before reimbursement, there will be audits,” he said. — Justine Irish D. Tabile

Market Opportunity
FINANCE Logo
FINANCE Price(FINANCE)
$0.0001969
$0.0001969$0.0001969
+0.15%
USD
FINANCE (FINANCE) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Shocking OpenVPP Partnership Claim Draws Urgent Scrutiny

Shocking OpenVPP Partnership Claim Draws Urgent Scrutiny

The post Shocking OpenVPP Partnership Claim Draws Urgent Scrutiny appeared on BitcoinEthereumNews.com. The cryptocurrency world is buzzing with a recent controversy surrounding a bold OpenVPP partnership claim. This week, OpenVPP (OVPP) announced what it presented as a significant collaboration with the U.S. government in the innovative field of energy tokenization. However, this claim quickly drew the sharp eye of on-chain analyst ZachXBT, who highlighted a swift and official rebuttal that has sent ripples through the digital asset community. What Sparked the OpenVPP Partnership Claim Controversy? The core of the issue revolves around OpenVPP’s assertion of a U.S. government partnership. This kind of collaboration would typically be a monumental endorsement for any private cryptocurrency project, especially given the current regulatory climate. Such a partnership could signify a new era of mainstream adoption and legitimacy for energy tokenization initiatives. OpenVPP initially claimed cooperation with the U.S. government. This alleged partnership was said to be in the domain of energy tokenization. The announcement generated considerable interest and discussion online. ZachXBT, known for his diligent on-chain investigations, was quick to flag the development. He brought attention to the fact that U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce had directly addressed the OpenVPP partnership claim. Her response, delivered within hours, was unequivocal and starkly contradicted OpenVPP’s narrative. How Did Regulatory Authorities Respond to the OpenVPP Partnership Claim? Commissioner Hester Peirce’s statement was a crucial turning point in this unfolding story. She clearly stated that the SEC, as an agency, does not engage in partnerships with private cryptocurrency projects. This response effectively dismantled the credibility of OpenVPP’s initial announcement regarding their supposed government collaboration. Peirce’s swift clarification underscores a fundamental principle of regulatory bodies: maintaining impartiality and avoiding endorsements of private entities. Her statement serves as a vital reminder to the crypto community about the official stance of government agencies concerning private ventures. Moreover, ZachXBT’s analysis…
Share
BitcoinEthereumNews2025/09/18 02:13
Forward Industries Bets Big on Solana With $4B Capital Plan

Forward Industries Bets Big on Solana With $4B Capital Plan

The firm has filed with the U.S. Securities and Exchange Commission to launch a $4 billion at-the-market (ATM) equity program, […] The post Forward Industries Bets Big on Solana With $4B Capital Plan appeared first on Coindoo.
Share
Coindoo2025/09/18 04:15
Coinbase Joins Ethereum Foundation to Back Open Intents Framework

Coinbase Joins Ethereum Foundation to Back Open Intents Framework

Coinbase Payments has joined the Open Intents Framework as a core contributor, working alongside Ethereum Foundation and other major players. The initiative aims to simplify complex multi-chain interactions through automated solver technology. The post Coinbase Joins Ethereum Foundation to Back Open Intents Framework appeared first on Coinspeaker.
Share
Coinspeaker2025/09/18 02:43