Registration with the Bureau of Internal Revenue (BIR)

All persons subject to internal revenue taxes are required to obtain a Taxpayer Identification Number (TIN) with the Bureau of Internal Revenue (BIR) and register and keep Books of Account. Persons with gross sales or receipts exceeding P150,000 in any quarter must submit audited financial statements with their tax returns. The SEC requires stock corporations with paid-up capital of at least P50,000 upon registration, including branches of foreign corporations, to file the report of an independent certified public accountant (CPA) with their financial statements.