No more five(5)-year validity period on receipts/invoices
Revoking the rule sets in RR No. 18-2012
Revenue Regulation (RR) No. 06-2022 was issued by the Bureau of Internal Revenue (BIR) removing the five (5)-year validity period on receipts/ invoices and nullifying the rule sets in RR No. 18-2012 .
Pursuant to the RR, previously issued regulations (RMO No. 12-2013, RMC No. 10-2020, RMC No. 5-2021, RMO No. 9-2021, RMO No. 10-2005 and RR No. 11-2004) will be covered.
Further, All Permit to Use (PTU) to be issued are valid unless revoked by the BIR on the grounds which include tampering, modification/alteration, and violations mentioned under RMO No. 10-2005. The phrase “This invoice/receipt shall be valid for five (5) years from the date of permit to use” and “This invoice/receipt shall be valid for five (5) years from the date of ATP” shall be omitted/disregarded at the receipts/invoices.
For manual receipts/invoices with ATP, validity date and phrase on the unused manual principal and supplementary receipts/ invoices shall be disregarded and at the same time may still be issued until fully exhausted. For receipts/invoices generated from CAS and CRM shall also be disregarded and the said system/software generating receipts/invoices must be reconfigured.
For everyone’s guidance and perusal.
DISCLAIMER: The advisory is not a substitute for an expert opinion and is purely a general research that may have not considered the entirety of other related topics. Any tax and/or compliance advice is not intended or written by the author to be used, and cannot be used, by a client or any other person or entity for the purpose of (i) avoiding penalties that may be imposed on by the regulatory bodies, or (ii) promoting, marketing, or recommending to another party any matters addressed herein.
The opinion or advice expressed in this advisory is based on the facts and circumstances gathered. Any inaccuracy in any of the assumptions set forth above may have the effect of changing all or part of this report, and this report may not apply. The advice is based on our interpretation of the provisions of the Code, the Revenue Regulations promulgated and issued by the tax bureau, BIR positions as set forth in published Revenue Rulings, other pronouncement, orders and circulars, and judicial decisions in effect on the date of this report, any of which could be changed at any time. Any such changes may be retroactive and could significantly modify the statements and opinions/ advice expressed herein In effect, this might render the advisory obsolete or incorrect in partial or in full. We undertake no obligation to advise you of changes that may hereafter be brought to our attention.
- Charting the New Frontier: How the 43rd ASEAN Summit Paves the Way for an Unprecedented Era of Trade and Innovation in Southeast Asia.￼
- Nine-dash line: An insight into the “Barbie” movie controversy, compliance, and taxation in the Philippines
- CRYPTO TAXES DECODED: UNDERSTANDING YOUR DIGITAL DUTIES
- Lazada, Shopee and Online Platform Merchants are Reminded of their Tax Obligations
- The Power of Tax Residency: A Guide to Maximizing Your YouTube Earnings