TAX info and updates

[C.P.A.]

---

Requirement to issue invoices and official receipts

The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Order No. 3-09 launching "Oplan Kandado". The program is aimed at intensifying BIR's enforcement operations through the imposition of the applicable administrative sanctions for non-compliance. Surveillance activities will be instigated for this purpose.
The issuance invoices and official receipts is among the compliance requirements targetted under the program. Under the Tax Code, all persons subject to internal revenue tax are required to issue an invoice for each sale of goods and an official receipt (OR) for services rendered valued at P25.00 or more.
For VAT-registered taxpayers, invoices and ORs are required for all transactions. Failure to issue invoices/receipts is a ground for suspension of business operations and temporary closure of the business establishment.
Failure to issue invoices/ORs could also be a basis for assessing undeclared revenues if the revenues declared in the income tax or VAT returns are less than the revenues estimated from the surveillance operations.
Also make sure that the required information are indicated in the invoices/ORs and that the required registration/authorization for the printing of receipts and the use of cash register machines or point of sale machines are complied with.

[dhonz]

As a buyer, are you cautious of the contents of official receipts (OR) or invoices you receive from a seller?

Most of us are not.

Taxpayers beware: simple non-compliance of ORs or invoices you receive from your suppliers may cost your business.

In fact, the absence of the address or Tax Identification Number (TIN) of the buyer may render the value-added tax (VAT) OR/invoice noncompliant and, therefore, make it a ground for disallowance of input VAT claimed by the taxpayer. This is the position taken by the Court of Tax Appeals (CTA) in one of its recent case decisions.

The VAT regulations specifically provide that input taxes (i.e., VAT related to importation of goods or the domestic purchase of goods, properties or services) made by taxpayers in the course of their trade or business must be substantiated and supported by the following documents:

1. For the importation of goods: import entry or other equivalent document showing actual payment of VAT on the imported goods;
2. For the domestic purchase of goods and properties: invoice showing the information required under Sections 113 and 237 of the 1997 Tax Code, as amended;
3. For the purchase of real property: public instruments (i.e., deed of absolute sale, deed of conditional sale, contract/agreement to sell, etc., together with VAT invoice issued by the seller);
4. For the purchase of services: OR showing the information required under Sections 113 and 237 of the 1997 Tax Code, as amended.

[rcadism]

Mga Bro, appreciate if you could shed some light on my question. Nag work ko karon as contractor diri sa Manila sa usa ka agency. Then akong tax deduction is according to tax table. Then akong contract nagstart atong November 2008 up to May 2009.

Question nako: Possible ba ma refund sa agency ang akong mga tax deductions since dili man ko fully employed for one year?

Mga mods if you find off topic ako pangutana, lihug lang ko ug transfer or removed. Tanx.

[dhonz]

Mga Bro, appreciate if you could shed some light on my question. Nag work ko karon as contractor diri sa Manila sa usa ka agency. Then akong tax deduction is according to tax table. Then akong contract nagstart atong November 2008 up to May 2009.

Question nako: Possible ba ma refund sa agency ang akong mga tax deductions since dili man ko fully employed for one year?

Yes, it is possible! From the Net Compensation Income you received from your employer, you are still allowed to deduct your Personal Exemption and your Additional Exemption (if you have dependent child/children) before you apply the tax table. Since November 2008 naka nag-start ug work, and considering you're receiving an average compensation income, mura'g naa jud ka tax refund.
Gitagaan ba ka ug BIR form 2316 (Certificate of Compensation Payment / Tax Withheld For Compensation Payment With or Without TAx Withheld) sa imong employer?

to help you compute your tax, you may refer with this thread, naa diri ang mga tax tables & schedules https://www.istorya.net/forums/specia...nterprise.html

[C.P.A.]

TAX REMINDERS
May11, Monday

Deadline for Withholding on Compensation (1601-C) & EWT (1601-E) together w/ the Monthly Alphalist of Payees (MAP)

[babypaupau]

i need help. im managing a small business now and we are vat registered as it is required by our clients but i have no idea regarding the taxes and all. the very little info i got, i only got from the seminar from BIR w/c is required if ur going to get ur COR. the 20th is the deadline for monthly remittance if am not mistaken and i dont know how im going to go about the books. help!!!

[rts1980]

i need help. im managing a small business now and we are vat registered as it is required by our clients but i have no idea regarding the taxes and all. the very little info i got, i only got from the seminar from BIR w/c is required if ur going to get ur COR. the 20th is the deadline for monthly remittance if am not mistaken and i dont know how im going to go about the books. help!!!

you know what, you should have a bookkeeper.. their really a big help jud.. i have businessess and all my taxes are handled by my book keeper para wa nako huna2x sa tax.. they even are the ones na mulihuk para sa mga renewal sa akong mga permits ug other documents needed sa operation sa akong business.. so dapat, you should hire a book keeper

[babypaupau]

yeah...desperately looking for one but...are they expensive? how much does it usually cost? we're just starting and we dont have that much income yet. i dont know if i can afford it... are there any book keepers around here?

[rts1980]

yeah...desperately looking for one but...are they expensive? how much does it usually cost? we're just starting and we dont have that much income yet. i dont know if i can afford it... are there any book keepers around here?

dili na kaau mahal.. i have a bookkeeper.. if your interested, just pm me and i can send you her number.. kamu nalang pag storya.. when your into business, you have to have a book keeper..

[rts1980]

yeah...desperately looking for one but...are they expensive? how much does it usually cost? we're just starting and we dont have that much income yet. i dont know if i can afford it... are there any book keepers around here?

ang cost niya is depending on the size of your business.. para nako, barato na cya..