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8box Solutions Inc.

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REVENUE MEMORANDUM CIRCULAR NO. 111-2024 issued on September 26, 2024 publishes the full text of the Memorandum of Agreement (MOA) between the Bureau of Internal Revenue (BIR) and its twelve (12) multi-sectoral partners, namely: the Philippine Chamber of Commerce and Industry (PCCI), Tax Management Association of the Philippines (TMAP), Management Association of the Philippines (MAP), Financial Executives Institute of the Philippines (FINEX), Philippine Institute of Certified of Public Accountants (PICPA), Association of Certified Public Accountants in Public Service and Practice (ACPAPP), Association of Certified Public Accountants in Commerce and Industry (ACPACI), Philippine Exporters Confederation, Inc. (PHILEXPORT), Joint Foreign Chambers of the Philippines (JFC), Makati Business Club (MBC), Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), and the Alliance for Tech Innovators for the Nation (ATIN).

The purpose of the MOA is to strengthen and expand, if necessary, the membership and working relationship of the “BIR-Multi-Sectoral Working Group”, hereinafter referred to as “Working Group” whose primary objective is to engage in regular dialogues and consultations, to provide guidance and advise on the drafting of Revenue Issuances, as well as to facilitate and ensure compliance by the business sector.

The Parties agree to cooperate, in accordance with their respective mandates, policies, resources, and instruments, to contribute to the following key initiatives:

    • The “BIR-Multi-Sectoral Working Group” will be a mechanism for consultations on policies and issues that both BIR and private sector face on tax matters;
    • Share knowledge and expertise on best practices on taxation policies, regulations and strategies to enhance the Philippine business tax system, aiming to create a more supportive and conducive environment for business growth and expansion;
    • Advocate comprehensive, relevant, and lawful policies, plans, and regulations in tax administration.
    • Address and resolve issues within agreed timeframes to ensure compliance and implementation of relevant and responsive policies.

The responsibilities of the BIR and the multi-sectoral partners are specified in the Circular.