Manila: The Philippine Chamber of Commerce and Industry (PCCI) has welcomed the Bureau of Internal Revenue's (BIR) move to simplify the closure and cancellation of business registrations, describing the reform as timely and responsive to the needs of taxpayers.

According to Philippines News Agency, the BIR recently issued Revenue Memorandum Circular No. 47-2026, which streamlines documentary requirements, suspends the accrual of penalties for taxpayers who have completed closure submissions, and speeds up the release of tax clearances for qualified applicants.

PCCI stated that the policy 'complements the objectives of the Ease of Paying Taxes Act and reinforces the importance of supporting enterprises throughout the entire business life cycle - from business registration and operation to proper closure.'

PCCI President Perry Ferrer expressed the organization's support for the policy because 'it directly responds to the needs of the business community.' He emphasized that a clear, simplified, and timely process for closing business registration provides taxpayers a fair opportunity to properly settle their records and move forward without the unnecessary accumulation of penalties.

PCCI Director for Taxation Alfredo Yao described the latest BIR rules on business registration closure and cancellation as 'a practical and meaningful reform for taxpayers.' He noted that by simplifying the closure process and preventing the further accumulation of penalties upon complete submission of requirements, the BIR is helping taxpayers regularize their records while encouraging greater voluntary compliance.