Refusal to Issue Invoice and Official Receipt

BANKS WHO REFUSED TO ISSUE INVOICES/RECEIPTS
by Emelino T Maestro, Father of Tax Accounting, Tax Guru
Dec 20, 2013, #NonVATinvoiceNonVATreceipt

Banks and other financial intermediaries that are registered with the Bangko Sentral ng Pilipinas are required to issue the following (RR 18-2012), viz;

NON-VAT SALES INVOICES - for purposes of Percentage Tax pursuant to Section 116 of the NIRC, as amended, it is a written account evidencing the sale of goods and/or properties issued to customers in an ordinary course of business, whether cash sales or on account (credit) which shall be the basis of the Percentage Tax liability of the seller.

NON-VAT OFFICIAL RECEIPTS - for purposes of Percentage Tax pursuant to TITLE V of the NIRC, as amended, it is a proof of sale of service and/or leasing of properties which shall be the basis of the Percentage Tax liability of the seller. It is a written admission or acknowledgment of the fact that money has been paid and received for the payment or settlement between persons rendering services and its customers.

However, there are reports that the BIR Regional Directors and Revenue District Officers are encouraging these banks not to issue NONVAT official receipts for the interest payments made by its client-borrowers. Likewise, they also instructed not to issue NONVAT sales invoices for the sales of real (land) and personal (car) properties that they acquired through forfeiture. Accordingly, the Philippine Government is losing revenue for the alleged manipulation and misrepresentation being knowingly perpetuated by these banks and other financial intermediaries and their cohorts who are RDs and RDOs…

COA, Ombudsman and CSC must look into this mess and conduct a preliminary investigation for the Philippine Government is losing, by way of disobeying RR 18-2012, millions of revenue.

How to help the Philippine Government? All taxpayers paying any fee or interest on borrowed amounts from banks and the likes should ask for NonVAT official receipts which can be used to substantiate a deductible expense.

You're invited….

… Tax Accounting for Retailer, Wholesaler, Dealer, etc
Venue…. SEDA Hotel, Davao City
Jan 20, 2014…. 2-5 pm
Jan 21, 2014 … 9-12 am
Jan 21, 2014 … 2-5 pm

Venue …GREENLEAF Hotel, General Santos City
Jan 23, 2014…. 2-5 pm
Jan 24, 2014 … 9-12 am
Jan 24, 2014 … 2-5 pm

Pay early to pay a lesser amount…
For details, please call Juliet and Eric
02-439 3918
02-921 6107
0998-979 3933
0922-802 0922

Free 7 day tax consultation on topics related to BIR electronic letter of authority, deficiency tax assessment and tax mapping operations to those who will register and pay on or before January 10, 2014, 5pm

DIVINE GRACE FRESCO
PRESIDENT, ETM TAX AGENT OFFICE (ETM-TAO), INC
Unit 419, Corporate 101, Mother Ignacia, Quezon City

Thanks for passing this to others..