Setting Up for Success: Top Compliance

Top Compliance - Goals For The Year

Compliance isn’t just about meeting government requirements—it’s about building a solid foundation for sustainable business growth. As you embark on your entrepreneurial journey in 2025, setting clear compliance goals will ensure smooth operations and protect your business from penalties. Here are the key milestones to achieve this year and why they matter.

Renew Your Business Permits Early

Compliance starts with being proactive. Ensure you renew your:

Mayor’s Permit, Barangay Clearance, and other permits.

Avoid operational delays, fines, or even suspension of your business. Early renewal allows you to focus on scaling your business without interruptions.

Update Your BIR Registration

Verify and update your registration details with the Bureau of Internal Revenue (BIR), including:

Address changes

New branches

Updated revenue projections

Outdated records may lead to miscalculations or compliance violations, especially during tax audits.

Meet Filing Deadlines

Filing tax returns on time is non-negotiable. For 2025, prioritize:

• Monthly VAT or percentage tax filings

• Withholding Tax Filings (Expanded and Compensation)

• Quarterly and annual income tax returns

• Audited Financial Statement/Financial Statement

• Business Reportorials in BIR

Late filings result in penalties and interest charges that can hurt your business finances.

Register New Employees

For businesses planning to expand, ensure all new hires are properly registered with SSS, PhilHealth, and Pag-IBIG.

Timely registration builds trust with your team and avoids legal disputes or fines for non-compliance.

Conduct an Internal Compliance Audit

Take time to review your operations to ensure adherence to all legal requirements. This includes tax payments, benefits remittances, and proper documentation of transactions.

Regular audits prevent surprises during government inspections and identify areas for improvement.

Stay Updated on New Regulations

Regulatory updates, like the expanded Ease of Doing Business Act, often introduce changes to compliance requirements.

Staying informed helps you adapt quickly, reducing the risk of penalties and missed opportunities.

Why Compliance Goals Matter

Compliance isn’t just a legal obligation—it’s a trust-building exercise. Customers, investors, and employees value businesses that operate transparently and ethically. Achieving your compliance goals in 2025 will:

• Boost your credibility

• Open doors to financing and partnerships

• Lay the groundwork for long-term success

  
  

If you want to learn more, you can also watch our video related to this article to guide you to become compliant in your business. Just click this link: https://www.youtube.com/watch?v=KcUSxyqzy_s

You may also message our Facebook page for a free consultation. IEN Business Consultancy https://www.facebook.com/ienbusinessconsultancy