Académique Documents
Professionnel Documents
Culture Documents
ADMINISTRATIVE
OLD TAX CODE AMENDMENTS INTRODUCED BY
TRAIN LAW
No TIMTA yet at the time of the Power of the Commissioner to obtain
enactment of 1997 Tax Code information to include data supplied by
Cooperative Development Authority in
compliance with “The Tax Incentives
Management & Transparency Act
Presence of counterpart restrictions (TIMTA)”
J. COMPLIANCE REQUIREMENTS
Php 600,000.00 threshold for keeping of Php 3M
books of accounts for entities
K. ADMINISTRATIVE PROVISIONS
Php 25.00 sale required to issue official Php 100.00.0
receipt/invoice
Electronic sales reporting-none except Enhanced electronic point of sales
the current Quarterly Summary List of reporting by taxpayers engaged in
Sales & Purchases & List of export of goods & services & Large
Importation, e-Sales Reporting Taxpayers within 5 years from
enactment of TRAIN
Monthly filing of withholding tax & Quarterly filing of withholding tax except
percentage tax/VAT compensation & VAT/percentage
Deficiency interest-20% Double the legal interest rate per annum
Penalty for failure to transmit sales data 1/10 of 1% of the annual net income for
entered on Cash Register the 2nd year preceding the current
Machine/Point of Sales Machine to the taxable year for each day of violation or
BIR’s Electronic Sales Reporting Php 10,000 whichever is higher &
System-administrative penalty permanent closure if violation exceeds
180 days