The Bureau of Internal Revenue has directed online sellers, including digital-based businesses, to register their activities as well as declare previous transactions and settle their taxes before July 31. In line with the request, the agency issued Revenue Memorandum Circular No. 60-2020, “obligations of persons conducting business transactions through any forms of electronic media and notice to unregistered businesses.
“This Circular is issued to give due notice to 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,” begins the memorandum circular.
Moreover, online businesses are encouraged to voluntarily declare their past transactions subject to pertinent taxes and pay the taxes due. Moreover, those who will be found later doing businesses without complying with the registration/update requirements, and those who failed to declare past due taxes/unpaid taxes shall be imposed with the applicable penalties under the law, and existing revenue rules and regulations.
Further information can be viewed in the memorandum circular below:
— CNN Philippines (@cnnphilippines) June 10, 2020