By John Victor D. Ordoñez, Reporter
A PHILIPPINE senator is urging the Bureau of Internal Revenue (BIR) to double up on efforts to inform taxpayers of a new rule requiring invoices instead of official receipts when filing taxes, to spare companies from unnecessary penalties. Under the new Ease of Paying Taxes Act, signed by President Ferdinand R. Marcos, Jr. in January, taxpayers must start issuing valid invoices instead of official receipts in declaring output taxes and claiming input taxes for both sales of goods and services.
If a sale is exempt from value-added tax (VAT) the term “VAT-exempt sale” must be written or printed on the invoice.
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