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Topic Outline
Registration
Invoicing Requirements
Bookkeeping
Requirements
REGISTRATION
REQUIREMENT
S
On Registration
Register your business
On or before the commencement of
business
Before payment of any tax due
Upon filing of a return, statement or
declaration as required by the NIRC.
On Registration
Register your employee/s
within 10 days from date of
employment
On Registration
Secure Taxpayer
Identification Number
Multiple TIN is punishable by
law.
Registration Procedures
PRIMARY
REGISTRATION
STAGE 1
Application &
Issuance of TIN
SECONDARY
REGISTRATION
STAGE 2
Registration of
Business/Practice of
Profession/Employment
Registration of books,
Issuance of ATP, CAS
and Loose-leaf
On Invoicing Requirements
Invoicing Requirements
Issue sequentially an OR for fees
received or Sales Invoice for sale of
goods.
Each SI shall show the name, address
of client, date of transaction, qty,
selling price per unit, description of
merchandise sold and total amount.
Invoicing Requirements
The OR/SI shall be accomplished in
duplicate, the duplicate retained &
preserved in place of business for 10
years from close of taxable year.
Principal Receipt/Invoice
(RR 18-2012)
A written account evidencing
the sale of goods and/or
services issued to customers in
an ordinary course of business
18
Sales Invoice
Sales Invoice
A written account evidencing the
sale of goods and/or properties
Includes Cash Sales Invoices &
Charge Sales Invoices
Sales Invoice
VAT SALES INVOICE
o Basis of the output tax liability of the
seller and the input tax claim of the
buyer
Non-VAT Sales Invoices
o Basis of the Percentage Tax liability of
the seller
20
Official Receipt
A proof of sale of service and/or leasing of
properties
Supplementary
Receipts/Invoices
Also known as Commercial
Invoices
Documents evidencing delivery,
agreement to sell or transfer of
goods and services
22
Supplementary
Receipts/Invoices
Delivery Receipts
Order Slips
Debit and/or Credit Memo
Purchase Order
Job Order
Provisional/Temporary Receipt
Acknowledgement Receipt
23
Supplementary
Receipts/Invoices
Collection Receipt
Cash Receipt
Bill of Lading
Billing Statement
Statement of Account
24
Supplementary
Receipts/Invoices
Includes any other documents, by
whatever name it is known or
called
whether prepared manually or
pre-printed/pre-numbered looseleaf or computerized, issued to
customers
25
Supplementary
Receipts/Invoices
Not valid to support the
claim of Input Taxes by
buyers of goods and/or
services
26
Salient Features
One application shall be filed for ATP per
establishment (HO or branch)
Filed with RDO/LT Office where the HO is
registered
Each application shall be issued a
separate ATP
Independent series of serial number for all
receipts/invoices (principal &
supplementary)
27
Salient Features
The approved ATP shall be valid
only upon
o full usage of the inclusive serial
numbers or
o five (5) years from issuance of the
ATP, whichever comes first.
28
Salient Features
ONLY BIR ACCREDITED
PRINTERS shall have the
exclusive authority to print
principal and supplementary
receipts/invoices.
29
Transitory Provision
Expiring ATP for invoices/receipts
(principal and supplementary) shall
apply for a new ATP not later than 60
days prior to actual expiry date
30
Invoicing Requirements
Issuance of receipts/invoices after
its validity constitute a violation of
Sec. 264 of the NIRC of 1997
It is considered as if no
receipt/invoice was issued
Invoicing Requirements
No deduction from gross income shall be
allowed using these invoices/receipts as
they are not valid proof of substantiation
In case of VAT-registered persons, no
input tax may be claimed using these
receipts/invoices
On issuance of tax
clearance (RMC 522013)
To fully
implement the requirements
under RR 18-2012, a certified true copy
of the ATP shall be included as
attachment
No ATP shall be a ground for nonissuance of tax clearance for whatever
purposes
BOOKKEEPING
REQUIREMENT
S
ON BOOKKEEPING
REQUIREMENTS
ON BOOKKEEPING REQUIREMENTS
Preserved within the prescriptive period
of 10 yrs (RR 17-2013).
Gross receipts exceeding P150k in any
given quarter must be audited by a CPA
If using Computerized Accounting
System
Must be approved by the BIR before
its use
ON BOOKKEEPING REQUIREMENTS
Transactions for the day must be
entered in books on or before 12nn the
following day. Balances transferred to
the Ledger on day following the end of
month
Its not required to register new set of
books every year; only before the pages
of current book is almost used up.
Display
Certificate of
Registration
(COR) at the
establishment
(BIR Form 2303)
REGISTRATION
FEES
On Registration
Pay Annual Registration Fee of P500.00
INCOME TAX
Income Tax 2%
Improperly Accumulated
Due Date
Individual
1st Quarter
April 15
2nd Quarter
Aug. 15
3rd Quarter
Nov. 15
Annual Return
April 15
Due Date
Corporation
60 days after the end of the quarter
Taxable Revenue
Less: Deductible Expenses
Taxable Income
Multiplied by the Tax Rate
Income tax due
P XXX
XXX
PXXX
30%
PXXX
Computation of
Accounting Net Income
Sales
Less: Cost of Sales
Gross profit
Less: Operating expenses
Income before tax
P XXX
XXX
PXXX
XXX
PXXX
Optional Standard
Deduction
Expenses
Interest expense
Depreciation expense
Salaries and allowances
Employee benefits
Representation expenses
Donations
Organizational costs
Rent expense
Depreciation
Requisites for deductibility
Must be reasonable
Used in trade or business
Interest expense
Interest incurred to acquire property
used in trade or business may be
allowed as a deduction or treated as
a capital expenditure.
A portion of interest expense is
considered non-deductible if an
entity has interest income subject to
final tax
Salaries expense
A reasonable allowance for salaries,
wages and other forms of
compensation for services actually
rendered by employees can be
claimed as deduction.
Minimum wage earners shall be
exempt from the payment of income
tax.
Retirement benefits
The amount of deductible expense
depends on whether the plan is
registered with the BIR or not.
Registered- Actual contribution normal
cost while contribution for past service
cost is amortized over 10 years
Not registered- Actual retirement
benefits paid
Limit on Representation
Expense
Rent expense
Lessee may deduct only the amount of
rent actually due, under the lease
agreement, during the year.
Costs related to the leased property that
are the responsibility of the lessor but
paid by the lessee are deemed
additional lease expense.
Charitable contribution
Donations to government, certain
foreign organizations and accredited
NGOs are deductible in full.
For Corporation- 5% of the taxable
income before contribution
For Individual- 10% of the taxable
income before contribution
Minimum Corporate
Income Tax
Improperly accumulated
earnings tax
BCS/
Item
170006/13ENCSP1
Republika ng Pilipinas
Kagawaran ng Pananalapi
Kawanihan ng Rentas
Internas
1 For the
Year
1700
2 Amended
Return?
Part I Background Information on Tax Filer and Spouse
20
5 Taxpayer Identification
Number (TIN)
- 00 0 0
6 RDO
Code
7 PSOC
Code
8 Tax Filers Name (Last Name, First Name and Middle Initial. Enter only 1 letter per box using CAPITAL LETTERS)
9 Address (Indicate complete registered address; If addres s has changed, mark here
11 Email Address
12 Contact Number
13 Civil Status
Single
Yes
No
Married
Legally Separated
Widow/er
17 Spouses TIN
20 Email Address
- 00 0 0
18 Contact
Number
Yes
No
Manual
(Manual filling up of forms
and paying to Authorized
Agent Banks)
https://effps.bir.gov.ph
1.
2.
3.
4.
https://ebirforms.bir.gov.ph
1. Accredited Tax Agents/Practitioners and
All its client-Taxpayers (RR 6-2014)
2. Accredited Printers of Principal and
Supplementary ORs/Invoicds (RR 6-2014)
3. One-Time (ONETTE) TPs (RR 6-2014)
4. Those filingNo Payment Returns
5. Govt Owned/Controlled Corp(GOCCs)-
6. LGUs except Barangays (RR 6-2014)
7. Cooperates registered with the National
Electrification Administration (NEA) and
Local Water Utilities Administration
(LWUA)
THANK YOU!!!
R. P. MORA & CO., CPAs
Telefax No:
Email address:
Website:
Address:
(032) 520-5814
(032) 412-4613
rheneir@rpmora.com
www.rpmora.com
No.95 Gorordo Ave., Cebu City