Businesses have given more time to prepare for the full implementation of the Bureau of Internal Revenue (BIR) regulation requiring the issuance and use of new sets of receipts.
In a TV interview, BIR Commissioner Kim Jacinto-Henares said that the bureau delayed the deadline for the full implementation of Revenue Regulations (RR) 18-2012 so that business can print new sets of receipts.
The extension also means that firms can still use their old receipts in the conduct of their businesses.
The deadline for the full implementation of the regulation was originally set on July 1, 2013, however, because of numerous complaints from various business firms, the BIR decided to delay the deadline until August 30, 2013.
Issued last year, RR 18-2012 provides, among others, that taxpayers must apply for the printing of their new receipts at least 60 days (or April 30) before the expiry of their old receipts on June 30, 2013, and start issuing the same on July 1, 2013.
Henares said that, “the BIR issued Revenue Memorandum Order [RMO] No. 12-2013 on May 2, 2013 to provide for penalties, since very few taxpayers were complying with the said regulations.”
The BIR said that taxpayers who apply for authority to print receipts beyond April 30, 2013, shall pay a penalty of P1,000.
However, those who apply for said authority beyond June 30, 2013, and/or on or before June 30, 2013, but failed to use the new sets of receipts starting July 1, 2013, shall pay the maximum penalty of P50,000 as provided for in Section 264 of the Tax Code.