![]() PRINCIPAL RECEIPTS / INVOICES – is the written account evidencing the sale of goods and/or services issued to customers in an ordinary course of business which necessary includes the following: Principal and Supplementary Receipts and Invoicesįor tax purposes, official receipts and commercial invoices are classified into principal and supplementary as follows under Revenue Regulations No. “The Commissioner may, in meritorious cases, exempt any person subject to an internal revenue tax from compliance with the provisions of this Section.”īased on the above, let us share you some important matters about official receipts and sales invoices in the Philippines a s follows:ġ. “The original of each receipt or invoice shall be issued to the purchaser, customer or client at the time the transaction is effected, who, if engaged in business or in the exercise of profession, shall keep and preserve the same in his place of business for a period of three (3) years from the close of the taxable year in which such invoice or receipt was issued, while the duplicate shall be kept and preserved by the issuer, also in his place of business, for a like period. All persons subject to an internal revenue tax shall, for each sale and transfer of merchandise or for services rendered valued at Twenty-five pesos (P25.00) (Update: One hundred pesos (PhP100.00)) or more, issue duly registered receipts or sale or commercial invoices, prepared at least in duplicate, showing the date of transaction, quantity, unit cost and description of merchandise or nature of service: X x x. ![]() ![]() Issuance of Receipts or Sales or Commercial Invoices. By: Tax and Accounting Center PhilippinesĪs a rule under Section 237 of the Tax Code, as amended, taxpayers engaged in trade or business are required to issue official receipts and/or sales invoices for each sale and transfer of goods and services.
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