FFCCCII welcomes LOA reforms

The Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) expressed support for Finance Secretary Frederick Go's initiative to introduce reforms to curtail the misuse of letters of authority (LOAs) and related audit instruments of the Bureau of Internal Revenue (BIR), noting the move sends a positive signal to investors.

- By LOUELLA DESIDERIO

In a statement, the FF-CCCI welcomed the move, noting that it strengthens the foundations of a just and professional tax administration.

Go earlier said that the government is looking at reforms, including limiting the number of BIR offices authorized to issue LOAs.

The move was prompted by complaints that LOAs are being abused and used as a tool for extortion.

LOAs allow the BIR to examine taxpayers’ books.