BIR Update: Business Style BIR Meaning
With the rapid advancement of technology, gadgets and business software are being introduced almost every day. Were you able to keep up with the pace?
Business software is made to perform various business functions, it also allows a business
PUBLISHED: August 9, 2021
Business Style BIR Meaning
In accordance to Revenue Memorandum Circular (RMC) No. 55-2019 of the BIR issued last May 21, 2019, shed a light on the business style BIR meaning to be indicated on the official receipts and invoices. Business Style BIR meaning pertains to the business name registered to the concerned regulatory body used by the taxpayer aside from its registered name or company name which is the contrary to the common misconception that Business Style BIR meaning refers to the actual nature or industry of the business.
VAT Invoice or VAT Official Receipt Information
As indicated in Section 113B of the National Internal Revenue Code:
- A statement that the seller is a VAT-registered person, followed by his Taxpayer’s Identification Number (TIN); and
- The total amount which the purchaser pays or is obligated to pay to the seller with the indication that such amount includes the value-added tax.
- The date of transaction, quantity, unit cost and description of the goods or properties or nature of the service; and
- In the case of sales in the amount of One thousand pesos (P1,000) or more where the sale or transfer is made to a VAT-registered person, the name, business style, if any, address and Taxpayer Identification Number (TIN) of the purchaser, customer or client.”
While most of the companies still do written receipts, there are business software made to perform such function. Business software such as accounting software can help companies to ease the burden not just of manual accounting but also to help them comply with the government requirements.
A great example of an accounting software that is BIR CAS Ready is QNE Optimum Accounting and Inventory Software from QNE Software Philippines, Inc. With QNE Optimum, companies can now easily access, input, and monitor their accounts, and also generate financial and BIR forms and reports, invoices, and more.
QNE being compliant with the Philippine Government standards, the company follows every change that the government implements. With changes like this, QNE Optimum Accounting Software can easily append its forms to comply with Philippine Government.
Filling BIR Forms and Reports should be as easy as 1, 2, and 3, with QNE!
If you are interested in upgrading to a BIR-Ready Online Accounting System, take your accounting to a whole new level and unleash the power of AI with QNE Cloud Accounting Software. Create your FREE Cloud Accounting Plan now!