BIR reiterates rules on receipt, invoice-A A +A
Friday, May 31, 2013
CITY OF SAN FERNANDO – In pursuance of the regulations mandated by the Bureau of Internal Revenue (BIR), businesses were reminded to comply with the new regulations in the issuance of invoices and receipts.
BIR regional director Araceli Francisco said that the regulation was pursuant to Section 2 (b) of Section 264, in relation to Section 237 of the 1997 Tax Code.
The regulations, signed by BIR Commissioner Kim Jacinto-Henares, are promulgated to set guidelines in the proper invoicing and receipting of output tax on the sale of goods and services, respectively.
The regulations states that all Value Added Tax (VAT)-registered taxpayers who are required under Section 237 of the 1997 Tax Code, as amended, to issue sales or commercial invoices or official receipts and should separately bill VAT.
The amount of the tax should be shown as a separate item in the invoice or receipt.
Failure or refusal to comply with the requirement will be fined from P1,000 to a maximum of P50,000 and suffer imprisonment of no less than two years but not more than four years.
Franciso told Sun.Star Pampanga that they are urging all VAT-registered establishments and businesses to comply with the new regulations in their issuance of sales invoices and receipts.
Published in the Sun.Star Pampanga newspaper on June 01, 2013.