Tax Notes

Business Registration via CBP Now Available for Sole Proprietors

Contents

An easier processing of taxpayers’ businesses is now available through the Central Business Portal (CBP). Previously available for corporations and partnerships only, sole proprietors can now experience the smooth online application of businesses as well.

As a project of the Anti-Red Tape Authority (ARTA), in coordination with the Department of Information and Communication Technology (DICT), the CBP caters registration and approval of Business Name with the Department of Trade and Industry (DTI), issuance of Taxpayer Identification Numbers (TINs) to sole proprietors with no existing TINs and the identification of corresponding national revenue taxes, payment of the Annual Registration Fee of five hundred pesos (Php 500.00) and loose Documentary Stamp Tax (DST) of thirty pesos (Php 30.00) electronically, and the subsequent issuance of an electronic Certificate of Registration (COR).

The applicants will then proceed to their Revenue District Office (RDO) to buy BIR Printed Receipts/Invoices or apply for an Authority to Print (ATP) their own receipts/invoices. A BIR officer shall also re-evaluate the registered tax types of the CBP applicant to make certain the accuracy and correctness of the taxpayer’s registration information.

 

Source:

P&A Grant Thornton 

Certified Public Accountants

 

As published in SunStar Cebu, dated 22 June 2022

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