For the new BIR Revenue Regulation, affected merchants will need to accomplish the following requirements before the specified due dates:
Submit your Sworn Declaration to [email protected] before October 7, 2024 (Monday). The Sworn Declaration must be received, verified and stamped by BIR.
Submit your BIR Registration to [email protected] before October 11, 2024 (Friday).
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:
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)
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!