• New regulation on OR proceeds – BIR

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    The Bureau of Internal Revenue (BIR) said on Thursday that the full implementation of a revenue regulation involving the issuance and used of new sets of receipts on July 1, 2013, shall proceed as scheduled.

    “The complaints against the new regulations are without any basis since the tax agency had issued Revenue Regulations [RR] 18-2012 last year, and published the same in the January 3, 2013, issue of the Manila Bulletin informing everyone that existing receipts will expire on June 30, 2013,” BIR Commissioner Kim Jacinto-Henares said in a statement.
    She added that the agency believed that six months is enough preparation for businesses to comply with the requirement.

    RR 18-2012, published on January 3, 2013, provides among others that taxpayers must apply for the printing of their new receipts at 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 added that “the BIR issued Revenue Memorandum Order 12-2013 on May 2, 2013, to provide for penalties since very few taxpayers were complying with the said regulations.”

    The bureau said that taxpayers who apply for authority to print receipts beyond April 30, 2012, 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, 2103, 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.

    Mayvelin U. Caraballo

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