Philippine Tax Updates

Monthly Tax Updates | May 2018

BIR ISSUANCES

TAXPAYERS USING CRS/POS MACHINES MAY OPT TO USE TYPE OF PAPERS DEPENING ON BUSINESS REQUIREMENTS. All taxpayers using Cash Register Machine/Point Of Sales (CRS/POS) machines or other invoice/receipt generating machine/software shall have the option to use the type of paper depending on their business requirements, subject to the retention and preservation of accounting records for a period within which the Commissioner is authorized to make an assessment and collection of taxes. Revenue Regulations No. 16-2018

BIR ISSUANCESTAXPAYERS USING CRS/POS MACHINES MAY OPT TO USE TYPE OF PAPERS DEPENING ON BUSINESS REQUIREMENTS. All taxpayers using Cash Register Machine/Point Of Sales (CRS/POS) machines or other invoice/receipt generating machine/software shall have the option to use the type of paper depending on their business requirements, subject to the retention and preservation of accounting records for a period within which the Commissioner is authorized to make an assessment and collection of taxes. Revenue Regulations No. 16-2018.

BUYER/CUSTOMER MAY RETUN THE ISSUED TAPE RECEIPT TO THE SELLER AND REQUEST FOR THE USSUANCE OF MANUAL INVOICE OR RECEIPT. For tape receipts issued by cash register machine and/or point of sale, buyer/customer who may be needing proof of payment to be able to claim for expense (for income tax purposes) or input tax (for VAT purposes), may return the issued tape receipt to the seller and request for issuance of a manual invoice or receipt. Whenever so requested by the buyer/ customer, the seller shall issue the manual receipt/invoice, whichever is applicable, to replace the previously issued tape receipt. Sales generated from CRM / POS machines where tape receipts issued were replaced by manual invoice / receipt shall be deducted from the sales to be reported in the eSALES system of the BIR. This deduction shall be reflected as an adjustment in the CRM Sales Book/Back end report. The returned tape receipt shall be attached to the duplicate copy of the manually issued invoice / receipt and shall be the basis in adjusting the sales. However, the sales that were replaced with manual invoice / receipt shall still be included but separately indicated in the Summary List of Sales required to be submitted by VAT … Read More

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