BIR orders Online Sellers to register their businesses before July 31

The Bureau of Internal Revenue has released the Revenue Memorandum Circular No. 60-2020, which entails the obligations of persons conducting business transactions electronically.

Under the RM 60-2020, those conducting businesses through the use of any electronic platforms, media, and other digital means:

1. Should be registered to the BIR
2. Issue registered Sales Invoice or Official Receipt for every sale of goods or services.
3. Keep a registered Book of Accounts and other accounting records of business transactions.
4. File and pay tax returns on time

Businesses who have registered before July 31, 2020, shall not be imposed with a penalty for late registration. They are also encouraged to declare past transactions subject to taxes and pay the taxes due without penalty.

Read the full Revenue Memorandum below:

RMC No. 60-2020 by YugaTech on Scribd

YugaTech.com is the largest and longest-running technology site in the Philippines. Originally established in October 2002, the site was transformed into a full-fledged technology platform in 2005.

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