The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) expressed confidence that the Bureau of Internal Revenue (BIR) would resume the issuance of letters of authority (LOA) using a more controlled and data-driven approach.
FFCCCII President Victor Lim said Finance Secretary Frederick Go provided assurances that tax audits WOULD be anchored to a digitized, risk-based system to prevent abuse.
Lim described the shift as a seminal advancement in the fiscal governance of the Philippines that minimizes discretion and strengthens accountability.
The reform includes a commitment to reduce the number of offices authorized to issue LOAs and a limit on how many letters a taxpayer may receive within a year.
Lim said these changes provide necessary predictability for the private sector and signal a transition from an enforcement-centric model to one based on transparency and fairness.
The business group expects the new framework to fuel investor confidence and encourage both domestic and foreign investments.
The FFCCCII said intelligently-crafted policies are essential for maintaining a stable and equitable environment for sustained economic growth.
Go earlier said the move aims to foster a climate of mutual trust between the government and its economic contributors.
The FFCCCII said it remains in support of the leadership as the bureau moves away from arbitrary measures in its audit processes.
