Prevent Costly Fines
A piece of trivia for you if you decide to put up a business in the Philippines.
When you open a business and along the way you decide to close it but did not formally close the business with all the agencies it is registered with, you are still required by law to submit tax forms regularly to signify that your business is NOT operating. Otherwise, you will be charged penalty fees of not less than PhP200.00 for sole proprietors and not less than PhP1,000.00 for partnerships and corporations for each unfiled form.
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