Submission of Inventory of Unused Official Receipts

The recent BIR Regulation RR 7-2024 outlines significant changes for businesses regarding the use of official receipts and invoices. Here’s a summary of the key points and guidelines for compliance:

CLICK TO DOWNLOAD FORM

Effective Dates

• Issued Date: April 12, 2024
• Effective Date: April 27, 2024
• Deadline Date: May 27, 2024

Key Guidelines

1. Transition from Official Receipts to Invoices
   • Official receipts are now considered supplementary documents rather than primary proof of sale.
   • Invoices serve as the principal documented proof of sale under the Ease of Paying Tax Act (EOPT).
2. Use of Existing Official Receipts (Sec.8 – 2.1)
   • Businesses can continue using their remaining official receipts as supplementary documents until they are fully consumed.
   • Each official receipt must be stamped with the phrase “THIS DOCUMENT IS NOT VALID FOR CLAIMING INPUT TAX” as of April 27, 2024.
   • Businesses must also have principal/primary invoices printed.
3. Conversion of Official Receipts to Invoices (Sec.8 – 2.2)
   • Businesses can convert their remaining official receipts to invoices by striking through the phrase “Official Receipt” and stamping “Invoice” on them.
   • This measure is allowed until December 31, 2024, to facilitate ease of doing business.
4. Submission Requirements
   • Notification and Inventory Submission:
     • Businesses must notify the RDO where their head office or branch is registered within 30 days of the regulation’s effective date, i.e., by May 27, 2024.
     • They must also submit an inventory of unused official receipts, including the number of booklets and corresponding serial numbers, by May 27, 2024.

Steps for Compliance

1. Review Existing Official Receipts
   • Identify all unused or unissued official receipts.
2. Stamping and Striking Through
   • For receipts used as supplementary documents, ensure the stamp “THIS DOCUMENT IS NOT VALID FOR CLAIMING INPUT TAX” is placed on each receipt.
   • For conversion to invoices, strike through “Official Receipt” and stamp “Invoice” on the face of each receipt.
3. Printing Principal Invoices
   • Arrange for the printing of principal/primary invoices that comply with the new guidelines.
4. Submit Notification and Inventory
   • Prepare and submit a notification to the RDO.
   • Include an inventory of all unused official receipts, detailing the number of booklets and their serial numbers.

By following these guidelines, businesses can ensure compliance with the new regulations and avoid potential penalties. If there are any uncertainties or specific questions, consulting with a tax professional or contacting the BIR directly would be advisable.

CLICK TO BUY RUBBER STAMP