ALL OFFICIAL RECEIPTS and invoices will no longer have a validity period starting July 16, the Bureau of Internal Revenue (BIR) said.
The BIR issued Revenue Regulations No. 6-2022 which removed the five-year validity period on all printed and system-generated receipts, in line with the government’s efforts to improve the ease of doing business in the country.
“Based on the regulations, the previously required phrases ‘This invoice/receipt shall be valid for five years from the date of the Permit to Use’ and ‘Valid Until’ at the bottom portion of the system-generated receipts/invoices shall be omitted,” the agency said. The repeal also extends to the Authority to Print principal and supplementary receipts, inclusive of its serial numbers.However, the agency noted that some taxpayers complained about the additional cost of printing new receipts and invoices when the five-year validity has ended.
The BIR said the validity date on unused receipts and invoices would be disregarded and could still be used. —
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Peso strengthens on aggressive BSP hike - BusinessWorld OnlineTHE PESO continued to strengthen against the dollar on Thursday as the Bangko Sentral ng Pilipinas (BSP) delivered its biggest-ever rate hike amid growing inflation pressures.
Read more »
Legislators consider new tax, privatization bills - BusinessWorld OnlineMEMBERS of Congress are exploring untapped sources of potential funds, ranging from taxes on digital transactions, single-use plastics, and carbon emissions as signaled by economic managers, as well as privatizing government-owned and -controlled corporations (GOCCs) and public land.
Read more »
Debt-to-GDP ratio still manageable — DoF - BusinessWorld OnlineAMID CONCERNS over the Philippines’ ballooning debt, Finance Secretary Benjamin E. Diokno said the debt-to-gross domestic product (GDP) ratio is “not the sole criterion that matters” in assessing the economy’s health. READ:
Read more »
DTI’s Pacual calls RCEP a Marcos priority - BusinessWorld OnlineParticipation in the Regional Comprehensive Economic Partnership (RCEP) is a government priority, Trade Secretary Alfredo E. Pascual said on Thursday. READ:
Read more »
SL Agritech pushes hybrid rice research to boost production - BusinessWorld OnlineSL AGRITECH Corp. is ramping up efforts to enhance hybrid rice technology in the country to further boost production and provide more income for farmers. READ:
Read more »
Emperador lists in Singapore, targets expansion - BusinessWorld OnlineSINGAPORE — Emperador, Inc. on Thursday started trading on the Singapore stock exchange after holding its secondary listing in the global financial hub to mark the Filipino spirits company’s move to boost its international presence.
Read more »