2026.06.24 Philippine Tax Bureau Launches Fast-Track Business Deregistration System

Philippine Tax Bureau Launches Fast-Track Deregistration for Small Businesses

The Philippine Bureau of Internal Revenue has issued Revenue Memorandum No. 47-2026, introducing a fast-track tax deregistration system. Effective immediately, micro and small enterprises with annual sales under PHP 3 million or total assets below PHP 8 million are exempt from mandatory tax audits upon deregistration. After settling all tax dues, these businesses can obtain a tax clearance certificate within as few as three working days. Late filing penalties will no longer apply once closure documents are submitted. Large and medium enterprises must still undergo full tax audits. All businesses can submit applications online or via email, with significantly simplified documentation. Cross-border sellers with Philippine affiliates or those planning to close local entities are advised to check if they meet the exemption criteria and use the new system promptly to avoid ongoing penalties.