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Things you need to know about Affidavit of No Income for Business.
1. What is an Affidavit of No Income?
An Affidavit of No Income is a written statement under oath by an authorized representative of the business (the “affiant”) that the business does not have any income for a certain period.
2. When do you need an Affidavit of No Income?
An Affidavit of No Income is usually needed by a business that has no income and is renewing its business permit and BIR registration with the government. The Affidavit is necessary to explain to the government that the business did not pay income tax because it does not yet have any income.
3. What information do you need to create the Affidavit of No Income?
To create your Affidavit of No Income, you’ll need the following minimum information:
The name and details (i.e. nationality and address) of the affiant;
The name and details (i.e. address, government registration details) of the business;
The period during which the business does not have any income; and
The purpose for which the Affidavit of No Income is being executed.
4. How much is the document?
The document costs PHP 350 for a one-time purchase. Once purchased, you have unlimited use and revisions of this type of document.
You can also avail of Premium subscription at PHP 1,000 and get (a) unlimited use of our growing library of documents (from affidavits to contracts); and (b) unlimited use of our “Ask an Attorney” service, which lets you consult an expert lawyer anytime for any legal concern you have.
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