Understanding Financial Accounting for Startup Businesses
May 14, 2020
NO PLANS TO FURTHER EXTEND TAX DEADLINES
May 18, 2020
The Bureau of Internal Revenue recently issued RMC 47-2020 allowing businesses to issue temporary receipts or invoices as some stores selling essential goods ran out of official receipts and invoices during enhanced community quarantine.
Under existing rules, all business taxpayers must issue receipts and invoices allowed for printing and use by the BIR. But given the absence of official receipts, the BIR temporarily allowed the use of scanned copies, computer-generated receipts and other forms of receipts that should also be reported to the BIR.
“These temporary receipts/invoices should be prioritized in the issuance of authorized receipts/invoices over the current transactions. It should be noted that the actual date of transaction must be indicated in the authorized manual receipts/invoices to be issued,” according to the memorandum.
Business taxpayers must e-mail a letter to the BIR explaining their workaround procedures in lieu of lack mandatory receipts and invoices.
Upon lifting of the ECQ, establishments are required to issue official receipts covering sales or transactions given temporary receipts during the lockdown.
Establishments must also submit to the BIR a summary of the temporary receipts or invoices within 90 days after the lifting of ECQ.
You may click this link for the full text of the circular: https://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/2020%20RMCs/RMC%20No.%2047-2020.pdf
