Tue. May 21st, 2024

    The Bureau of Internal Revenue (BIR) has issued a new regulation that exempts individuals who are suppliers/producers/sellers, contract growers, and millers of agricultural food products from issuing receipts, as long as their annual gross sales/receipts do not exceed One Million Pesos (P1,000,000.00).

    BIR Commissioner Romeo D. Lumagui Jr. said that the regulation, which is pursuant to Revenue Regulation No. 12-2023, aims to ease the burden of small farmers and promote the agricultural sector.

    “Small farmers do not need to issue receipts. The BIR will do its part in making the lives of our farmers easier. The BIR will only require receipts if their annual gross sales/receipts exceed 1M,” Commissioner Lumagui stated.

    He added that the regulation is part of his commitment to Ease of Doing Business and Taxpayer’s Service, which seeks to simplify the tax compliance process and reduce the administrative costs for taxpayers.

    According to the BIR, agricultural food products refer to products in their original state which are generally used for yielding or producing food for human consumption such as farm produce, livestock, poultry, marine product, ordinary salt, and agricultural inputs. Products that have undergone the simple process of preparation or preservation for market are also covered by the exemption.

    The BIR said that the regulation will take effect immediately and will apply to all transactions involving agricultural food products. The BIR also reminded taxpayers to keep records of their sales and purchases for verification purposes.

    By balita.news

    So many stories remain unreported by mainstream media due to conflict of interests, time constraints, limited freedom of writers and reporters. We fill in that gap. We tell the untold. We report the unreported. Share and subscribe. Thank you.

    One thought on “BIR Exempts Small Farmers from Issuing Official Receipts”

    Leave a Reply