books of accounts

Revenue Regulations No. 7-2024


This Revenue Regulation implements Section 113, 235, 236,237,238,242,243 of the Tax Code of 1997, as amended by Republic Act (RA) No. 11976 (Ease of Paying Taxes Act), on the registration procedures and invoicing requirements. The following registration procedures and invoicing requirements are specified in the Regulations: A. Invoicing and Accounting Requirements for Value-Added Tax (VAT) Registered Persons under Section 113 of the Tax Code Invoicing Requirements Information Contained in a VAT Invoice Accounting Requirements Consequence of Issuing Erroneous VAT Invoice B. Preservation of Books of Accounts and Other Accounting Records under Section 235 of the Tax Code Preservation Examination and Inspection [...]

Revenue Regulations No. 7-20242024-04-18T19:17:24+08:00

Revenue Memorandum Order No. 39-2023


Suspension of All Audit and Other Field Operations of the Bureau of Internal Revenue Effective December 16, 2023  All field audits and related field operations by the Bureau of Internal Revenue about the examination and verification of taxpayers’ books of accounts, records, and other transactions are hereby ordered to be suspended from December 16, 2023, to January 7, 2024.  During this suspension period, the issuance of written orders to audit or investigate taxpayers’ internal revenue tax liabilities will be on hold, except the following specific scenarios:  Investigation of cases prescribing on or before April 15, 2024.  Cases involving tax evasion.  Processing [...]

Revenue Memorandum Order No. 39-20232023-12-18T10:43:38+08:00
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