Businesses in the Philippines must comply with tax and accounting regulations set by the Bureau of Internal Revenue (BIR), Securities and Exchange Commission (SEC), and local government units (LGUs) to avoid penalties and legal issues. Companies are required to register with the BIR, maintain Books of Accounts, and submit regular tax filings, including income tax, VAT or percentage tax, and withholding tax on compensation. Corporations must also file Audited Financial Statements (AFS) and General Information Sheets (GIS) with the SEC. Employers are responsible for payroll compliance, including SSS, PhilHealth, and Pag-IBIG contributions, as well as issuing BIR Form 2316 for employee tax declarations. Failure to comply can result in fines, tax audits, or business closure.