BIR requires online sellers to register business and declare past transactions

BIR requires online sellers to register business and declare past transactions

- The Bureau of Internal Revenue (BIR) reminded online sellers to register their business transactions

- In Revenue Memorandum Circular released, online sellers are also asked to declare past transactions for taxation purposes

- Registration should be made on or before July 31 to avoid any penalties from BIR

- The taxman said that those who will not comply will be facing penalties from the bureau as well

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The Bureau of Internal Revenue (BIR) is now requiring online sellers to register its business to ensure tax compliance.

KAMI learned that the BIR is also requiring those who conduct business transactions through digital or electronic means to declare their past transactions for taxation purposes.

In a report by the GMA News Online, a Revenue Memorandum Circular No. 60-2020 also included other stakeholders like payment gateways, delivery channels, Internet service provider, and other facilitators.

“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,” it read.

As reported by CNN Philippines, online sellers must register or update their business on or before July 31, 2020 so that there will be no penalty for late registration.

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The BIR also reminded the online sellers that those who will not comply with the registration will be given penalties under the law.

During the COVID-19 crisis, there has been an increase with online sellers as a way of gaining income amid the community quarantine.

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Source: Kami.com.ph

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