CAGAYAN DE ORO CITY (PIA) — The Bureau of Internal Revenue (BIR) highlighted the importance of taxpayers and their role in the successful implementation of the Ease of Paying Taxes (EOPT) Act.
This message comes as the BIR brought the second Mindanao leg of the EOPT Roadshow initiative to Cagayan de Oro City on July 15, 2024.
“The EOPT Roadshow is part of the BIR’s nationwide effort. It is not just about sharing the transformative benefits of the new law, but also about recognizing your crucial role as a taxpayer in this process,” stated BIR Deputy Commissioner Maridur V. Rosario.
Rosario said the EOPT Act introduces significant reforms to simplify tax compliance and reduce the burden. Key features include a simplified taxpayer classification system with categories for micro, small, medium, and large businesses, allowing electronic filing and payment from anywhere, reduced paperwork through revised regulations, and elimination of the annual P500 registration fee for businesses.
“The Act is particularly advantageous to micro and small businesses, marking a new chapter in tax compliance and administration for Filipino entrepreneurs. It reduces the complexity of filing income tax returns and imposes lower civil penalties, significantly easing the tax burden on smaller enterprises,” she said.
According to her, the EOPT Act is a significant milestone in encouraging greater participation in the tax system and enhancing revenue collection for the benefit of all Filipinos.
“By streamlining processes and minimizing bureaucratic hurdles, we aim to create a more conducive environment for business growth while ensuring the integrity and fairness of our tax system,” Rosario added. (APB/PIA-10)
