BIR extends use of old receipts to August 30 13
June 12, 2013 10:20 pm
By Joann Santiago
MANILA, June 12 (PNA) — The Bureau of Internal Revenue (BIR) extended until August 30, 2013 the deadline on the use of old receipts after some businessmen reported inability to meet the July 1, 2013 implementation for the use of new receipts.
BIR Commissioner Kim Jacinto-Henares said a number of businessmen requested for the extension because they cannot find printers that will accommodate requests for rush printing of new receipts.
Since there are lots of requests and the printers are already overloaded we noted that it is physically impossible to accommodate everyone so we adjusted the deadline, she said.
Henares advised businesses to surrender the old receipts 10 days after they get their new receipts.
BIRs Revenue Regulations No. 18-2012 required businessmen to apply for the printing of new receipts at least sixty (60) days, or by April 30, before the expiry of their old receipts on June 30, 2013 and start issuing the same on July 1, 2013.
Businessmen who fail to comply with this rule will be penalized and need to pay the maximum penalty of P50,000 based on the provision of Section 264 of the Tax Code.
Henares explained that we're finding out that lots of businesses are registered with the BIR, but are not engaged in businesses.
They are engaged in sale of invoice, she said.
BIR requires business and professionals to issue receipts for the government to be able to track whether these entities and persons are declaring correct tax payments.
Henares admits that requiring businesses and professionals to issue receipts for the services they rendered or items they transact will help the government get all the revenues due for it because people will do everything to excuse themselves to pay right taxes.
But as of now this is one way of securing all receipts are legitimate. This is the best possible method as of the moment, she added. (PNA)