BIR to require online sellers to register and declare past transactions for tax purposes

2 min read
0
0
384
Bureau of Internal Revenue

MANILA – The Bureau of Internal Revenue (BIR) are now requiring the online sellers and digital shops to register their businesses and declare their previous transaction and settle the taxes before July 31.

According to the memorandum, The government are requiring all persons doing and earning money online to registervpursuant to the provisions of Section 236 of the Tax Code.

The Revenue Memorandum Circular No. 60-2020 also covered payment gateways, delivery channels and internet service providers. BIR are requiring the businesses to update and register their activities by end-July.

BIR is also encouraging online sellers to voluntarily declare their past transactions subject and pay the appropriate tax due thereon without penalty.

Newly registered business entities are advised to comply the following:

  • Issuance of Official Receipt for every sale of goods or services to clients, customers, or buyers
  • Keeping of registered accounting records of transactions
  • Withholding of taxes
  • Filing of required tax returns
  • Payments of correct taxes due

Businessess who fail to comply on time shall be penalized under the law and existing revenue regulations.

House Committee on Ways and Means chairman Joey Salceda filed a similar measure this week imposing tax on digital services. However, Sen. Imee Marcos criticizes the move as putting taxes on digital transactions such as online selling amid the the health crisis would be ill-timed and would not ultimately help the public.

Load More By Jasmine C.
Load More In Philippines
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Check Also

Philippines Resumes Face To Face Classes As It Undergoes Minimal Risk

Philippines – 28 government funded schools in Metro Manila invited back understudies…