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:
- Should be registered to the BIR
- Issue registered Sales Invoice or Official Receipt for every sale of goods or services.
- Keep a registered Book of Accounts and other accounting records of business transactions.
- 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: