BIR sets compliance deadline for updated info on receipts

CEBU, Philippines - Adjustments in complying with required specific information on official receipts of business establishments shall be undertaken on or before October 31, 2015, the Bureau of Internal Revenue ruled.

 "In order to provide ample time in procuring, reconfiguring machines and systems, to comply with Section 5 [of Revenue Regulations 10-2015], adjustments shall be undertaken on or before October 31, 2015," the BIR noted in a new issuance, RR 12-2015. The bureau initially set it last October 1, 2015.

Section 5 of RR 10-2015 requires specific information that should appear on the official receipts and sales invoices generated from cash registers.

Among the information required are the taxpayer's registered name or business name, machine identification number, serial number of the receipt, description of items, VAT amount, detailed business address, date transaction, unit cost, quantity and total cost.

It can be remembered the BIR ordered last month the phasing out of thermal paper official receipts in three years to improve the preservation of records of businesses. Contents of thermal paper are said to last in just a few days.

The agency has mandated the use of non-themal paper for all cash registers.

The new mandate is being implemented based on the date of registration of cash registers.

For machines registered from July 2012 to June 2013, September 2016 is the deadline. Those registered from July 2013 to June 2014 have until July 2017. Those registered starting July 2014 are given until July 2018 to comply with the new rules. — (FREEMAN)