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FFCCCII welcomes LOA reforms
The Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) supports reforms initiated by Finance Secretary Frederick Go to curb the misuse of Bureau of Internal Revenue (BIR) Letters of Authority (LOAs) and related audit instruments.
The FFCCCII views this initiative as a positive signal to investors, strengthening tax administration.
The proposed reforms include limiting the number of BIR offices authorized to issue LOAs, a measure also considered by the Department of Finance.
Complaints have arisen that LOAs are being abused and used for extortion, prompting these reform considerations.
LOAs grant the BIR the authority to examine taxpayers' books.
The FFCCCII emphasizes that such reforms are crucial for transparency, predictability, and equitable law application, especially during challenging economic times.
They believe arbitrary enforcement actions undermine business confidence and economic growth.
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