Transfer Tax Receipt Sample Philippines Five Unexpected Ways Transfer Tax Receipt Sample Philippines Can Make Your Life Better
The ‘new normal‘ of added online business transactions
The COVID-19 communicable has taken a cogent assessment on economies and bodies of all nations and of all ages, from all walks of life, beyond the globe.
Social media and basic meetings, domestically and beyond the globe, accept become the “new normal” as bodies strive to accumulate course in their lives amidst communicable restrictions. Here in the Philippines, Agenda 2020 April Statshot address by Hootsuite and We Are Amusing appear that 64 percent of Filipino internet users are spending added time on amusing media, with 23 percent advertence an added action in their online arcade activity.
With consumers resorting added to online arcade amidst communicable restrictions, entrepreneurs accept accepted the agenda abnormality for online arcade alike more. E-commerce websites such as Lazada and Shopee are at the beginning of online arcade platforms, with accepted surges in sales revenues in millions of pesos. Technology has already adapted online business affairs into an absolute exchange area administering business has become added acceptable and able for both vendors and vendees. The COVID-19 communicable has fabricated this exchange a added accessible necessity.
With this billow in online sales and business activity, the government is reminding online sellers of their tax obligations, with the Bureau of Centralized Revenue’s (BIR) arising of Acquirement Memorandum Annular (RMC) No. 60-2020 advantaged “Obligations of Persons Administering Business Affairs Through any Forms of Cyberbanking Media and Notice to Unregistered Businesses.” The annular basically mandates all business owners who are affianced in an online business belvedere in any form, whether agenda or electronic, to annals their businesses with the BIR and pay taxes on their sales.
Under this RMC, online business entities and capacity are encouraged to annals their businesses no after than July 31 to abstain penalties for backward registration. In addition, they are encouraged to voluntarily acknowledge their accomplished affairs and pay the taxes due thereon, after agnate penalties, if the acknowledgment is done no after than July 31.
The aloft annular is absolute and covers not alone accomplice sellers, but additionally added stakeholders, such as the acquittal gateways, commitment channels, internet account providers, and added facilitators. Do agenda that if online sellers are already registered with the BIR, but were not ahead accomplishing business online, such online sellers should alter their certificates of allotment (with the BIR), to accommodate “online selling”.
The Department of Finance (DOF) and the BIR were quick to explain that the RMC is a admonition to annals and pay the adapted taxes due, apropos to RMC No. 55-2013, anachronous Aug. 5, 2013. Given this reference, it would be best to analysis RMC No. 55-2013.
Revisiting RMC No. 55-2013 reveals that online sellers and added facilitators of online trading accept altered functions and responsibilities. Individuals who accept obligations about to online business affairs are not bound to those who are e-commerce business owners that acquire websites and advertise their appurtenances and casework online, but includes “online intermediaries” who are third parties that action intermediation casework amid the online sellers and buyers.
The intermediaries accept commissions as they act as channels for appurtenances or casework offered by a supplier to a consumer. The accord amid the intermediaries and the online sellers is affiliated to that of principal-agent relationship. All considered, their obligations and duties to altered types of online affairs are absolutely different. And what are online transactions? RMC No. 55-2013 refers to the afterward as the added accepted online transactions: (A) Online arcade or retailing, involving consumers anon affairs appurtenances or casework from a agent over the internet after an agent service. (B) Online agent service, involving an intermediary/third affair alms intermediation casework amid two trading parties (as discussed above). (C) Online advertisement/classified ads, involving a anatomy of advance that uses the internet to bear business letters to allure chump (D) And online auctions, which are auctions conducted through the internet via an online account provider that accurately hosts such auctions.
RMC No. 55-2013, likewise, provides for added abundant instructions on the obligations of the parties to online affairs with attention the issuances of ORs, depending on the address of acquittal to the online seller, whether it be through banknote on delivery, through coffer deposits, or through acclaim cards. These instructions, likewise, accede the capacity of the abovementioned online transactions.
Finally, RMC No. 55-2013 capacity the BIR authoritative obligations of parties to online affairs as: (1) Allotment with the BIR. (2) Securing the appropriate Authority to Print (ATP) invoices/receipts and annals books of accounts for use in business. (3) Affair the appropriate invoices or ORs, manually or electronically. (4) Withhold the applicative taxes and address the aforementioned to the BIR. (5) File applicative tax allotment on or afore the due dates, pay actual centralized acquirement taxes, and abide admonition allotment and added tax acquiescence reports. (6) And, accumulate books of accounts and added business/accounting annal aural the time assigned by law. These obligations are about restated in RMC No. 60-2020.
Given the abridgement of capacity in RMC No. 60-2020, and the accessible clamor the RMC has generated, maybe the BIR can accede the afterward to analyze this reminder. (A) Affair an addendum of the borderline for registration. (B) Provide specific capacity on assets tax and value-added tax exemptions, and the abilities for exemptions, whether it be in the Tax Code or in appropriate laws, like the Barangay Micro Business Enterprises (BMBEs) Act of 2002. (C) Reiterate the specific obligations with attention the arising of invoices/ORs, so that all parties to online affairs will be informed. (D) And, the specific requirements for filing of the assorted returns. Surely, the aloof administration of tax laws claim the abundant description of the laws, rules and regulations imposed on taxpayers.
Renz Homer S. Arreola is a administrator from the tax accumulation of KPMG R.G. Manabat & Co. (KPMG RGM&Co.), the Philippine affiliate close of KPMG International. KPMG RGM&Co. has been accustomed as a Tier 1 tax convenance and Tier 1 alteration appraisement convenance by the International Tax Review.
This commodity is for accepted admonition purposes alone and should not be advised as able admonition to a specific affair or entity.
The angle and opinions bidding herein are those of the columnist and do not necessarily represent the angle and opinions of KPMG International or KPMG RGM&Co. For comments or inquiries, amuse email [email protected] or [email protected]
Transfer Tax Receipt Sample Philippines Five Unexpected Ways Transfer Tax Receipt Sample Philippines Can Make Your Life Better – transfer tax receipt sample philippines
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