THE Land Transportation Franchising and Regulatory Board (LTFB) has eased the renewal of franchises for public utility vehicles by waiving the requirement for audited financial statements or annual income tax returns.
LTFRB chairman Vigor Mendoza II said the move would be a big help for small industry players who struggle to keep up with documents for the issuance of certificate of public conveyance.
“There are so many of our colleagues in the transport sector who are complaining about the filing of audited financial statements and the annual income tax returns, and we understand them so we promise to look into these,” he said.
“And based on our review, the filing of audited financial statements and annual income tax returns is not necessary for the operation of public utility vehicles,” he added.
