DOCUMENTATION REQUIREMENT FOR BMBE REGISTRATION FURTHER SIMPLIFIED
In November 2002, President Gloria Macapagal-Arroyo signed into law Republic Act 9178: “An act to Promote the Establishment of Barangay Micro Business Enterprises (BMBEs), Providing Incentives and Benefits Therefor, and for Other Purposes, otherwise known as the BMBEs Act of 2002.
As mandated under the Act, the DTI issued the Implementing Rules and Regulations (IRR) as DTI DAO No. 01, series of 2003. The Department of Finance consequently issued its own IRR as DOF DO No. 17-04 dealing with specific portions of the Law. Under Section 3 of said DOF DO, BMBE registrants were required to submit nine (9) documents: registration as business entity, TIN, BIR Certificate, municipal business permit, sworn affidavit that the barangay enterprise is barangay-based and micro-business in nature, sworn statement of assets and liabilities, pistures of the place of business, copy of loan contracts and ITR.
The stringent requirements made it difficult for most registrants to register or obtain a Certificate of Authority in their localities. Thus, in September 2004 the SMED Council requested the Department of Finance (DOF) to ease the requirements for BMBE registrations.
The DOF has granted the request. Stipulated in DOF’s Department Order No. 31-05 “Simplifying the Documentation Requirement for the registration of BMBEs with Assets of P300,000.00 or less”, BMBE registrants with asset size of P300,000.00 and below are required to submit only two (2) requirements: a) registration as a business entity and b) municipal permit. (ends)
In November 2002, President Gloria Macapagal-Arroyo signed into law Republic Act 9178: “An act to Promote the Establishment of Barangay Micro Business Enterprises (BMBEs), Providing Incentives and Benefits Therefor, and for Other Purposes, otherwise known as the BMBEs Act of 2002.
As mandated under the Act, the DTI issued the Implementing Rules and Regulations (IRR) as DTI DAO No. 01, series of 2003. The Department of Finance consequently issued its own IRR as DOF DO No. 17-04 dealing with specific portions of the Law. Under Section 3 of said DOF DO, BMBE registrants were required to submit nine (9) documents: registration as business entity, TIN, BIR Certificate, municipal business permit, sworn affidavit that the barangay enterprise is barangay-based and micro-business in nature, sworn statement of assets and liabilities, pistures of the place of business, copy of loan contracts and ITR.
The stringent requirements made it difficult for most registrants to register or obtain a Certificate of Authority in their localities. Thus, in September 2004 the SMED Council requested the Department of Finance (DOF) to ease the requirements for BMBE registrations.
The DOF has granted the request. Stipulated in DOF’s Department Order No. 31-05 “Simplifying the Documentation Requirement for the registration of BMBEs with Assets of P300,000.00 or less”, BMBE registrants with asset size of P300,000.00 and below are required to submit only two (2) requirements: a) registration as a business entity and b) municipal permit. (ends)
posted by dtibohol @ 3:52 PM
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