THE Bureau of Internal Revenue has issued Revenue Regulations (RR) 10-2019 on Dec. 2, 2019, mandating all commercial establishments to use the new format for Notice to Issue Receipts/Invoices.
The new format is expected to improve revenue collection by asking the public to demand official receipts or sales invoices from the seller. The notice, which contains information such as business name, registered name, tax identification number and branch code, shall be displayed visibly in the area of business. In contrast to the previous notice, the new format is now worded as follows:
Non-compliance will be subjected to applicable penalties and non-issuance of receipts/invoices will be subjected to two to four years of imprisonment pursuant to sections 250 and 264 of the Tax Code, respectively.
RR 10-2019 shall take effect 15 days following publication in two newspapers of general circulation.
Please be guided accordingly.
P&A Grant Thornton
Certified Public Accountants
As published in SunStar Cebu, dated 10 December 2019