Some 20,000 colorum business operators nationwide have finally registered their operations with the Bureau of Internal Revenue (BIR), thus boosting the agency's chances of hitting its P830-billion collection target for the year, it was learned on Tuesday.

The underground traders were compelled to register their businesses as an offshoot of an agreement that the BIR forged late last year with the country's local treasurers and assessors.

Under the agreement signed by BIR Commissioner Joel L. Tan-Torres and Quezon City Treasurer Vic Endriga, president of the Philippine Association of Local Treasurers and Assessors (Phaltra), store owners were required to first register their businesses with the BIR before they could be issued licenses and permits to operate business.

It was learned that the BIR collected some P50 million in registration fees from this source but Tan-Torres described the amount as minimal, adding that the bureau expects to generate bigger earnings when these businesses starts remitting their income, value-added and percentage taxes. (Jun Ramirez)