registration bookkeeping invoicing n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Registration, Bookkeeping & Invoicing PowerPoint Presentation
Download Presentation
Registration, Bookkeeping & Invoicing

Loading in 2 Seconds...

play fullscreen
1 / 91

Registration, Bookkeeping & Invoicing - PowerPoint PPT Presentation


  • 213 Views
  • Uploaded on

Registration, Bookkeeping & Invoicing . Presented by: MS. GLORY JANE H. BRIONES Revenue Officer Revenue District No. 112, Tagum City. Registration. Legal Basis Section 236 of the 1997 Tax Code Relevant Revenue Issuances RR 11-2008 dated Aug. 15, 2008. Process Flow for Registration.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

Registration, Bookkeeping & Invoicing


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
    Presentation Transcript
    1. Registration, Bookkeeping & Invoicing Presented by: MS. GLORY JANE H. BRIONES Revenue Officer Revenue District No. 112, Tagum City

    2. Registration • Legal Basis Section 236 of the 1997 Tax Code Relevant Revenue Issuances RR 11-2008 dated Aug. 15, 2008

    3. Process Flow for Registration Persons who may secure TIN Accomplish Registration Form Primary Stage Second Stage Apply for TIN TIN Application Form Registration Form Documentary Requirements Documentary Requirements Submit to TSS Submit to appropriate RDO Complete? Reject Application Issue COR Issue TIN

    4. Persons Who May Secure TIN • Any person subject to any national internal revenue tax • Any person required to withhold taxes on account of his income payments • Any person who makes, renders or files a return, statement or other document whereby he/it is required to indicate his/its TIN • Application to open bank account, loan with banks, financial institutions & other intermediaries

    5. Persons Who May Secure TIN • Application for Mayor’s Permit • Application for business license with DTI • Other documents • Any person required to secure TIN by virtue of EO No. 98

    6. Documentary Requirements for TIN Application • Individual – Birth certificate or any ID card that will show applicant’s complete name, address, proof of birth, and signature. For a married woman: marriage contract shall be required. • Non-individual – 1. proof of authority of authorized representative 2. Corporation – SEC Certificate, Articles of Corporation/Partnership

    7. Documentary Requirements for TIN Application • Non-individual (continued) 3. Cooperatives – CDA Registration & Articles of Cooperation 4. Homeowner’s Association – HLURB Certificate 5. Gas, LGUs, GOCCs – Unit or Agency’s Charter 6. Estate under Judicial Settlement – Death certificate of decedent 7. Irrevocable Trust – Trust Agreement

    8. Additional Requirements for TIN Application • Sale, Assignment, Mortage, Purchase and/or Disposal of shares of stock and/or real estate properties – Deed of Sale/Deed of Assignment/Mortgage Document • Donation of properties – Deed of Donation • Transfer of properties by succession – Deed of Extrajudicial Settlement of Estate, Judicial Settlement of estate, Death Certificate • Claim of Winnings – Certification from Awarding Company/person • Registration of Vehicle – Cash Invoice or Official Receipt for brand new vehicle; for second-hand vehicle, Deed of Sale and COR

    9. Securing of TIN through Other Facilities/Agencies Secure TIN No Proceed to Second Stage? System Confirmation Page Yes System Confirmation Page/Other Doc. Reqs. Submit to TSS of BIR

    10. Venue for TIN Application • For Individuals/Non-individuals – RDO having jurisdiction over the place where the HO or branch is located. • For roving stores, mobile store operators, privilege store owners and the like – RDO having jurisdiction over the place of residence of seller • For employees – place of office of the employer where such employee is expected to report for work

    11. Venue for TIN Application • For employees of employers under TAMP – employers shall be responsible for securing TIN through the e-TIN/e-Reg facility. • Employees with multiple employers – RDO having jurisdiction over his principal/main employer. • Estate – residence of the decedent • Donation – residence of the donor • Sale of real property – RDO having jurisdiction over the real property

    12. Venue for TIN Application • Sale of shares of stock – address of the seller for shares of stock not traded in the stock exchange. For listed shares, place where the Local stock Exchange is located. • Other applicants (E.O. 98) – residence of the applicant

    13. Second Stage of Primary Registration • Who are required to proceed to the second stage of the registration process? a. Employees b. Self-employed individuals, professionals, estates and trusts, their branches or facilities c. Corporations, partnerships, cooperatives, associations, their branches or facilities d. GAIs, GOCCs, LGUs, their branches or facilities

    14. Second Stage of Primary Registration • Except for employees and facilities, it is the stage where the registrants are required to: 1. pay registration fee, if applicable; 2. secure Certificate of Registration; 3. get “Ask for Receipt” notice, if applicable; 4. attend the taxpayer’s initial briefing to be conducted by the BIR

    15. When to Proceed to the Second Stage? • Employees – Within 10 days from date of employment • Self-employed individuals, professionals, estates and trusts, their branches – within thirty (30) working days from the day the corresponding Mayor’s Permit/PTR is issued to the taxpayer • Corporations (Taxable or Non-taxable) – before payment of any tax due

    16. When to Proceed to the Second Stage? • Partnerships, Associations, Cooperatives, Gas and instrumentalities – before or upon filing of any applicable tax return, statement or declaration

    17. Where to File Registration Form • Registration Form shall be filed with the same RDO where TIN was obtained • If individual applies for business and principal place of business is under the jurisdiction of a RDO different from the RDO that issued his TIN, said TIN shall be transferred to the new RDO

    18. Certificate of Registration (COR) • The COR shall only be issued to individuals engaged in business or the practice of profession and to juridical persons • Each HO, branch or facility shall be issued with a COR • Posting of COR – Persons issued with COR shall post or exhibit the same, and his/its duly validated RF Return at a conspicuous place in its/his principal place of business

    19. Denial for TIN Application and Registration • A. Deliberate misrepresentation or omission by the taxpayer of material facts in the application; • B. Non-submission by the taxpayer of material supporting documents required of him by the BIR; • C. The filing of application is on its face erroneous or fraudulent; • D. The taxpayer already has a previously issued TIN

    20. Annual Registration Fee • An annual Registration Fee (RF) in the amount of P500.00 for every separate or distinct establishment or place of business shall be paid upon registration and every year thereafter on or before January 31 by every person subject to any internal revenue tax.

    21. Annual Registration Fee The following are exempt from the imposition of annual registration fee: 1. Cooperatives duly registered with the CDA; 2. Individuals earning purely compensation income whether locally or abroad; 3. Overseas workers; 4. GAIs, in the discharge of governmental functions; 5. Marginal Income Earners; 6. LGUs;

    22. Annual Registration Fee 7. Tax exempt persons enumerated under Section 30 of the Code, as amended; • Non-stock/non-profit organizations not engaged in business; • Persons subject to tax under one-time transactions; and • Facility/ies where no sales transaction occur.

    23. Where to pay the Registration Fee • To an Authorized Agent Bank (AAB) located with the RDO, or to the Revenue Collection Officer (RCO), or duly authorized Treasurer of the city or municipality where each place of business or branch is registered, subject to the EFPS rules and regulations.

    24. Registration of Tax Types • Registration of tax types/fees by a business entity would consist of the following: a. Income tax; b. VAT and/or percentage tax; c. Withholding tax on compensation; d. Creditable withholding tax at source on certain income payments; e. Final withholding tax on certain income payments; f. Documentary stamp tax; g. Excise tax; and h. Annual registration fee.

    25. On Tax Types with Tax Holidays/Exemptions • The types of taxes which are on tax holiday or exemption shall not be included in the registration of tax types he is obligated to pay for the effectivity of the exemption period. Upon expiration thereof, the RDO shall automatically update the registered tax types.

    26. On Business Tax Type Registration • VAT Registration Any person who, in the course of trade or business, sells, barters, exchanges goods or properties, or engages in the sale of services subject to VAT imposed in Secs. 106 and 108 of the Code, as amended.

    27. On Business Tax Type Registration • Mandatory VAT Registration 1. gross sales/receipts for the past twelve (12) months except Section 109 (1) (A) (U) of the Tax Code, exceeds P1.5M; or 2. there are reasonable grounds to believe that his gross sales or receipts for the next twelve (12) months, other than those under Section 109 (1) (A) to (U) of the Tax Code, will exceed P1.5M.

    28. Where to file VAT Return • Register with the RDO having jurisdiction over the Head Office of that person. • Failure to register shall make him liable to pay the output tax, as if he were a VAT-registered person, without benefit of input tax credits for the period in which he was not properly registered.

    29. On Business Tax Type Registration • Non-VAT Registration Who are required to register under non-VAT: 1. those persons subject to percentage tax under Title V of the Code; 2. those whose transactions are VAT-exempt under Section 109 of the Code; and 3. Marginal income earners.

    30. Optional Registration of VAT • Who may opt for VAT Registration? 1. Any person who is VAT-exempt since gross sales/receipts do not exceed P1.5M; 2. Any person who is VAT-registered whose transactions are mixed, on his exempt transactions; and 3. Franchise grantees of radio and/or TV broadcasting whose gross receipts of the preceding year do not exceed P10M. This option, once exercised, is irrevocable.

    31. When to register as Optional VAT taxpayer? • Apply for VAT registration not later than ten (10) days before the beginning of the taxable quarter. • Once registered, the optional VAT taxpayer is liable to output tax and entitled to input tax beginning the first day of the month following his registration.

    32. On Registration of Other Taxes • DST shall only be registered in respect to those taxpayers who are liable to pay it on a periodic basis. • Registration of excise tax type shall only be applicable to those persons subject to it under Section VI of the Tax Code.

    33. Rules on Registration of Tax Types • Income tax – with the Head Office only; • VAT – with the Head Office only; • Percentage tax – with the Head Office only, on a consolidated return (pertinent to the total sales of all the branches); or with each branch pertinent to the sale of each branch; • Withholding tax on compensation – with the Head Office only or with each branch, at the option of the taxpayer;

    34. Rules on Registration of Tax Types • Creditable withholding tax at source on certain income payments – with Head Office only or with each branch, at the option of the taxpayer; • Final withholding tax on certain income payments – with Head Office only or with each branch, at the option of the taxpayer; • Documentary stamp tax – with Head Office only or with each branch, at the option of the taxpayer;

    35. Rules on Registration of Tax Type • Excise tax – with the Head Office or with each branch, at the option of the taxpayer; • Annual registration fee – in the Head Office and in all the branches, facilities with sales transaction

    36. Rules on Registration of Tax Type • For Large Taxpayers Rules on registration of tax type does not apply since they are required to register under the eFPS facilities. Income, VAT, Percentage, and withholding taxes shall be filed on a consolidated basis.

    37. Update of Registration • Instances where taxpayer shall update his registration information: 1. A person’s business has become exempt in accordance with Section 109 (1) of the Code; 2. A change in the nature of the business itself from sale of taxable goods to exempt sales; 3. A person who availed of the optional VAT registration, who, after three years, applies for cancellation as such;

    38. Update of Registration 4. A VAT-registered person whose gross sales/receipts for three (3) consecutive years did not exceed P1.5M beginning July 1, 2005; and 5. Any other changes/updates in registration information previously supplied, including cancellation or change in any tax types.

    39. Cancellation of Registration • Cancellation may either be cancellation of TIN or business registration Reasons for cancellation of TIN 1. Death of an individual; 2. Dissolution, merger or consolidation of juridical person; 3. Discovery or a taxpayer having multiple TINs; 4. Payment of estate tax

    40. Cancellation of Registration • Cancellation of business registration may be granted on the following instances: 1. Closure/cessation of business registration; 2. Dissolution of corporate partnership; 3. Merger/consolidation; 4. Death of an individual

    41. Bookkeeping • Legal Basis Sections 232 to 235 of the 1997 Tax Code

    42. Who are required to keep books of accounts? All corporations, companies, partnerships or persons required by law to pay internal revenue taxes.

    43. Books of Accounts to be kept • Simplified set of books – if quarterly sales, earnings or receipts, or output do not exceed P50,000 • Audited Financial Statements – if gross quarterly sales, earnings or receipts or output exceeds P150,000

    44. Books of Accounts (RR No. V-1) • Journal (Sales Journal, Purchase Journal, Cash Book) • Ledger • Subsidiary books • Electronic Records (RR 9-2009) – if a taxpayer maintains electronic and hard copy formats, the TP shall make the records available to the Bureau in electronic format upon request of the commissioner or its authorized representative

    45. Electronic Recordkeeping Requirements for LT • All Large Taxpayers under RR 1-98 are required to maintain CAS (Computerized Accounting System) or components thereof. All books of accounts and accounting records shall be in electronic format. • All LT who are currently using manual books of accounts are required to register CAS not later than December 31, 2009.

    46. Examination of CAS (RR 6-2006) • CAS books/records may be examined by duly authorized Revenue Officers and BIR Officials in the course of a tax audit/investigation. • Books of accounts/other accounting records in electronic format that were submitted and registered with the BIR within thirty (30) days from the close of the taxable year (RMO 29-2002) shall be provided to the BIR upon audit/investigation.

    47. Registration of Manual Books of Accounts (RMC 82-2008) Registration Procedures: • Manual books of accounts previously registered • whose pages are not yet fully exhausted can still be used in the succeeding years without the need of re-registering or re-stamping • the portions pertaining to a particular year should be properly labelled or marked by the taxpayer.

    48. Registration of Manual Books of Accounts (RMC 82-2008) cont... • The registration of a new set of manual books of accounts shall only be at the time when the pages of the previously registered books have all been already exhausted. • Not necessary to register new set of manual books of accounts each and every year.