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What happens if I fail to comply with the new BIR Revenue Regulation?

Ren avatar
Written by Ren
Updated over 10 months ago

For the new BIR Revenue Regulation, affected merchants will need to accomplish the following requirements before the specified due dates:

  1. Submit your Sworn Declaration to [email protected] before October 7, 2024 (Monday). The Sworn Declaration must be received, verified and stamped by BIR.

  2. Submit your BIR Registration to [email protected] before October 11, 2024 (Friday).

  3. For Sole Proprietor Merchants, make sure to convert your PayMongo beneficiary bank into a Business Bank account. There's no deadline for this yet but we urge you to convert your beneficiary bank account as early as possible to avoid any problems. We will issue a separate advisory regarding this matter.

The failure to submit the following requirements via email to [email protected] will result in the following:

  1. Non-compliance with the submission of Sworn Declaration - You will be taxed regardless of the volume of transactions of your business (Regardless of whether your gross remittance hits 500k or not)

  2. Non-compliance with the submission of BIR Registration - You will not be able to reduce your tax due when filing your quarterly income tax return for Q1 2024 since there is no proof of your Tax Identification Number.

⚠️ In summary, non-submission will not allow you to credit your Withholding Tax for Q2 and you'll end up remitting twice to BIR


For other questions, feel free to send an email to [email protected] so we can assist you!

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