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XVII.
XVIII.
INVOICING REQUIREMENTS
b. VAT Official Receipt for every lease of goods or properties, and for
every sale, barter, or exchange of services
B. INFORMATION CONTATINED IN VAT INVOICE OR RECEIPT
1. Statement that the seller is a VAT-registered person;
2. Total amount paid by the purchaser with the indication that such
amount includes VAT;
3. Date of transaction, quantity, unit cost, and description of goods;
4. In case of sales in the amount of P1,000 or more and the sale is made
to a VAT registered person, the name, business style, address, and TIN
of the purchaser.
Failure or refusal to comply with the requirement (that the amount of tax
be shown as a separate item in the invoice or receipt) shall upon
conviction:
o Punished by a fine of not less than P1,000 but not more than
P50,000; and
o Imprisonment of not less than 2 years but not more than 4 years.