11 Jun BIR Issues Memo Requiring Online Sellers To Register & Declare Transactions
Mga higala! The Bureau of Internal Revenue (BIR) has issued a memorandum requiring those into digital transactions such as online sellers to register and declare their past transactions “subject to pertinent taxes” on or before July 31!
The said memo– Revenue Memorandum Circular No. 60-2020, states that this includes “all persons doing business and earning income in any manner or form, specifically those who are into digital transactions through the use of any electronic platforms and media, and other digital means, to ensure that their businesses are registered pursuant to the provisions of Section 236 of the Tax Code, as amended, and that they are tax compliant.”
Those who will not comply with the registration or update of requirements and those who will fail to declare past due taxes will face applicable penalties under the law, and existing revenue rules and regulations.
For more details, read:
Image by GMA News
Image by GMA News
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