The Bureau of Internal Revenue is set to develop in-depth expertise on various industries with the issuance of policies and guidelines for the Industry Champion. This Program helps the BIR audit officer to understand and expand issues on tax assessment, increase collections and strengthen enforcement in identified industries and sectors.“There is a need to develop deep expertise on certain industries in order to get a full understanding of tax issues affecting them. We still target industries where there is a substantial tax potential,” BIR Commissioner Joel L. Tan-Torres said.
Industry champions and specialist in the BIR shall tap experts from the industry (e.g. discussion with experts/insiders within industries); coordinate with government regulatory offices (e.g. tapping the data bank of agencies regulating industries or forging Memoranda of Agreement); monitor transactions reported in major newspapers or other media; link with industry associations (e.g. participation of BIR Officers and personnel in industry activities, meeting, conference and fora); and shall pursue knowledge database development.
“Initially we have identified the mining, shipping, telecoms, banks and insurance, power, petroleum, utilities, tourism enterprise, firms enjoying tax incentives, business process outsourcing, showbusiness and entertainment, cement manufacturers, health maintenance organization, where BIR will implement a industry champion program other industries will follow as the need arises” Commissioner Tan-Torres noted.
“The industry champions shall also ensure that the taxpayer in the various sectors shall have a ready forum where they can discuss their concerns,” Mr. Tan-Torres added.