Conceptual Framework & Accounting Standards

Branch: Tax Accounting

Bureau of Internal Revenue (BIR)

The BIR is a government agency that is accountable for the assessment and
collection of taxes. Its primary functions are to collect, assess, and make sure that the
taxes are properly paid by individuals, businesses, and other organizations operating in
this country. The following are how the BIR works.
To begin with, BIR do the Tax Assessment and Collection, they are responsible
for assessing the amount of tax that individuals and organizations are obligated to pay.
In addition, the Taxpayer Registration, individuals and businesses are required to
register with the BIR and acquire the Taxpayer Identification Number (TIN). This
identification card is used for all tax-related transactions and communications with the
BIR. Furthermore, Revenue Generation, the revenues collected by the BIR contribute
significantly to our government budget. It is utilized for various Public Services for
instance healthcare and education, Development Services such as environmental
conservation and water supply and sanitation and Government Operations.
In conclusion, the Bureau of Internal Revenue (BIR), runs as an essential part of
tax accounting. Tax Accountants possess great knowledge and expertise to know the tax
laws, regulations, and calculations on behalf of individuals and businesses.