Today, I receive all God’s love for me. Today, I open myself to the unbounded, limitless, overflowing abundance of God’s Universe. Today, I open myself to your Blessings, healing and miracles.Today, I open myself to God’s Word so that I become more like Jesus Everyday. Today, I proclaim that I’m God’s Beloved, I’m God’s Servant, I’m God’s powerful champion, And because I am blessed, I will bless the world, In Jesus Name, Amen.

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Tuesday, July 31, 2012

TAX For Online Traders and Entrepreneurs



Attention: Online traders and entrepreneurs

The Bureau of Internal Revenue will start going after those who fail to issue electronic invoices to customers this year.

Commissioner Kim Jacinto-Henares told reporters that online businesses, such as the following:
  • sulit.com.ph
  • e-bay Philippines
  • alibaba.com
  • ayosdito.ph 
  • multiply.com 
These are just sample businesses that need to be registered with the BIR and should be paying the corresponding taxes.

The tax will cover even those entrepreneurs who use their personal Facebook accounts for business transactions.

"They are all bound by the law to comply with the invoicing requirement. Under the rules, online sellers shall be registered as such to the BIR, and that their electronic invoicing shall likewise be registered either directly to us or a third-party accredited by us", quips BIR Commissioner Kim Jacinto-Henares

The electronic invoicing could be availed of through a third party, but such third-party shall be accredited by the BIR. Meaning, private parties could participate and get the necessary accreditation from BIR.

Citing Section 237 of the National Internal Revenue Code, the BIR chief said the bureau need not issue a revenue regulation to implement the law requiring the issuance of receipts and sales invoices for online transactions as well as penalties for non-compliance. 


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