How to Renew Your Business Permit for 2024
Business permits expire at the end of every year. As such, the BIR requires companies to renew their licenses from January 1 to January 20 annually.
Failure to renew these necessary documents may result in penalties and even possible prison time. If you need help in processing your permits, avail our business permit renewal assistance here at Loft.
Loft employs its own corporate lawyers, accounting experts, and business consultants who have years of experience and expertise with starting and running a Philippine business. We’re committed to delivering consulting and liaison service at the highest standards, and we’ll help you get your business registered or renewed, and ready for operations at the soonest time.
Business Permit Renewal Packages
Avoid the hassle of missed deadlines or penalties from late filing. Contact us about our quarterly and annual business renewal services today!
Business permits expire at the end of each year (December 31st) and should be renewed immediately before January 20th of the upcoming year. Plan ahead to avoid penalties and fees.
According to the National Internal Revenue and Local Government codes —
- Fine of not less than P5,000 but not more than P20,000
- Imprisonment of not less 6 months but not more than 2 years
- 25% surcharge on the tax assessed, plus 2% penalty for every month in which the business permit was not renewed
- In extreme cases, closure and/or seizure of properties and assets