- The Philippine Bureau of Internal Revenue issued a circular on 2 July 2025 about book registration for new businesses.
- New businesses can register manual books, loose-leaf books, or computerized books of accounts.
- Taxpayers using loose-leaf or computerized books need a permit or acknowledgment certificate.
- Permits for loose-leaf or computerized books are issued after obtaining a taxpayer identification number.
- Registration of books is not mandatory during business registration.
- Taxpayers using loose-leaf or computerized books are liable for unrecorded transactions without proper permits.
Source: taxathand.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Philippines"
- The BIR suspends audits of books of accounts until further notice
- Philippine Senate Proposes Abolishing VAT and 3% Tax, Signaling Major Tax Reform
- Philippine Court Clarifies Input VAT Refunds for Zero-Rated Sales in Recent Decision
- Philippine Court Bars VAT Deficiency Collection Due to Expired Three-Year Prescriptive Period
- Philippine Court Clarifies Input VAT Refunds for Zero-Rated Sales in Multinational Branch Case
