You better watch out: LGU renewal deadline is coming to town

The holiday season is here!

- MA. JESSICA A. GUEVARRA

Parties, gift shopping, and year-end deadlines are piling up. Thus, the Christmas lyric, "You better watch out, you better not cry..." rings true. Because after the holiday cheer, LGU deadlines are waiting for business owners and taxpayers. While you have been busy decking the halls and enjoying the festivities, January brings important compliance tasks renewal of business registration, payment of local business tax (LBT), and settling real property tax (RPT).

If you do not renew your business permits or pay your real property tax on time, you might start the new year with penalties instead of fireworks. For business owners and taxpayers, one of the key dates to remember is Jan. 20, the deadline for business permit renewal. Failure to renew the business registration would entail the imposition of penalties 25% surcharges, 2% monthly interest, and even closure orders.

WHY EARLY RENEWAL IS YOUR BEST GIFT TO YOURSELF

The Local Government Code of 1991 (RA No. 7160) requires businesses to renew permits and local business taxes annually. Real property tax is also due at the start of the year, with early payment discounts of up to 20%, meaning more funds for your business and less stress for you.

Think of it this way: early renewal is not just about being compliant but also a strategy. By starting now, you avoid the rush, skip long lines, and steer clear of penalties that can eat into your profits. You'll enter the new year with peace of mind, ready to focus on growth instead of paperwork.

CHECKLIST BEFORE YOU DECK THE HALLS

Getting ahead means gathering all the necessary documents now, so you're not scrambling when the clock strikes January. Here's what you'll need to keep your business merry and bright: