RR No. 27-2003: Amends the transitory provisions of RR No. 18-99 pertaining to the deadline for the usage of properly stamped unused non-VAT invoices or receipts.

Summary

RR No. 27-2003 amends the transitory provisions of RR No. 18-99 by extending the deadline for using properly stamped unused non-VAT invoices or receipts.

Key points

1. Inventory of unused invoices. Financial institutions submit to the concerned BIR office (Revenue District Offices or Offices under the Large Taxpayers Service) an inventory of unused invoices or receipts as of December 31, 2002. It shows the number of booklets and their serial numbers.
2. Use in VAT transactions. Unused non-VAT invoices or receipts may still be used for transactions subject to VAT until December 31, 2003. All copies must carry the stamped phrase “VAT registered as of ______________”.
3. Printing of VAT invoices. Covered taxpayers immediately cause the printing, registration and issuance of VAT invoices and receipts after VAT registration. This applies after the unused invoices or receipts are consumed or December 31, 2003, whichever comes first.

Who is affected

• Financial institutions
• Taxpayers covered by the Regulations

Deadlines and effectivity

• Inventory due on or before March 31, 2003
• Inventory is as of December 31, 2002
• Unused non-VAT invoices usable until December 31, 2003

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.