Use of water-marked paper for receipts backed
The National Tax Research Center (NTRC) of the Department of Finance (DOF) has expressed its support to a proposal to use water-marked paper in all receipts and similar documents to be issued by state agencies, local government units and private and commercial establishments.
The proposal, filed at the House of Representatives, aims to improve tax compliance in the country by preventing the falsification of receipts and similar documents. The proposal, embodied in House Bill 2082, was filed by Buhay Party-list Representatives Rene Velarde, Ma. Carissa Coscolluela and William Irwin Tieng.
The NTRC said the move would enhance and strengthen the tax monitoring and collection functions of the government. “It is also expected that the use of watermarked paper in all commercial and business transactions could minimize if not completely eliminate the use of falsified receipts and other documents,” the NTRC said.
However, the tax research center said there are possible setbacks that the government may face in implementing the proposal if this hurdles deliberations in Congress.
NTRC said that while the use of watermarked papers can help prevent falsification of documents, there is no foolproof guarantee against tampering or duplication. The NTRC said that there are cases where even checks and treasury notes which are printed on specialized paper are still subject to counterfeiting.
“There is still no assurance that such watermarked papers would be insulated from such illegal acts and practices. It may only reduce to a certain extend but not completely eliminate the use of falsified receipts and other documents in all commercial and business transactions,” the NTRC said in a position paper on the proposal.
Furthermore, the NTRC noted that a major drawback of the proposal is the cost involved, saying that this would increase the cost of business.
The NTRC said that the price of a booklet of receipts with water-marked paper is P180 while the cost of ordinary receipts ranges from P75 to P100 per booklet.
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