The Right Way to Answer a BIR's Benchmarking Letter Notice

The purpose of the Benchmarking Letter Notice is to inform you that your competition or the industry where you allegedly belong is performing better than you in terms of income tax and value added tax payments. Meaning, your competition is paying more taxes than you are. Do not be alarmed. Do not follow your competition. It does not mean that you are evading the payment of taxes. It only means that your competition much richer or bigger than you are and may have a business formula or secret that makes them pay more taxes. Three things that you will learn from this Lecture, (1) Acknowledging the Benchmarking Letter Notice, (2) Understanding the Benefits and Disadvantages that the Benchmarking Letter Notice are Presenting and Offering, and (3) Responding Correctly and Timely to the Opportunities and Challenges that the Benchmarking Letter Notice Bring.

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