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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
The purpose for which the Affidavit of No Income is being executed
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