SEC. 7. Sec. 181 of the Tax Code, as amended, is hereby
further amended to read as follows:
"SEC. 181. Persons subject to tax to issue receipts or sales
or commercial invoices; contents of receipts or invoices.—All persons subject to
an internal revenue tax shall, for each sale or transfer of merchandise or for
services rendered valued at twenty-five pesos or more, issue receipts or sales
or commercial invoices, prepared at least in duplicate, showing the date of
transaction, quantity, unit cost and description of merchandise or nature of
service: Provided, That in the case of sales, receipts or transfers in
the amount of one hundred pesos or more, or regardless of amount, where the sale
or transfer is made by producers, manufacturers, importers and persons subject
to percentage tax on subsequent sales; or, where the receipt is issued to cover
payment made as rentals, commissions, compensations or fees, receipts or
irvoices shall be issued which shall show the name, business style, if any, and
address of the purchaser, customer, or client. The original of each receipt or
invoice shall be issued to the purchaser, customer or client at the time the
transaction is effected, who, if engaged in business or in the exercise of
profession, shall keep and preserve the same in his place of business for a
period of three years from the date of the invoice or receipt, while the
duplicate shall be kept and preserved by the issuer, also in his place of
business, for a like period.
“The Commissioner of Internal Revenue may, in meritorious cases, exempt any
person subject to internal revenue tax from compliance with the provisions of
this section.''
SEC. 8. Paragraph (2) (a) of Section 241 as amended, is
hereby further amended to read as follows:
"SEC. 241. Flexibility clause.
"(2) Specific limitations on the exercise of authority to make adjustments in
all internal revenue taxes.
"(a) The existing tax rates may be increased or decreased by not more than
50%: Provided, however, That in the case of the sales tax on
agricultural products sold in their original state or where such agricultural
products have undergone simple processes, the existing rates may be increased to
not more than 3 %."
SEC. 9. Section 3l9(c) of the Tax Code, as amended, is
hereby further amended to read as follows:
"(c) Five percent (5 %) of the total tax collected on subsequent sale under
SEC. 10. The Bureau of Internal Revenue shall update the
data and information of persons liable to the sales tax on original and
subsequent sale. For purposes of this Section, all persons liable to the sales
tax on original and subsequent sales who have not yet registered then-businesses
in accordance with P.D. 1991 shall re-register their business in a manner and
form within a period to be prescribed by the Commissioner after the effectivity
of this Decree.
SEC. 11. The Minister of Finance shall, upon recommendation
of the Commissioner of Internal Revenue, issue the necessary regulations for the
implementation of this Decree.
SEC. 12. All laws, decrees, executive orders, and
regulations and other issuances or parts thereof which are inconsistent with
this Decree are hereby repealed, amended or modified accordingly.
Effectivity.
SEC. 13. Effectivity.—The provisions of this Decree
shall take effect on January 1, 1986.
DONE in the City of Manila, this 31st day of December, in the year of Our
Lord, nineteen hundred and eighty-five.
(Sgd.) FERDINAND E. MARCOS
President of the
Philippines
By the President:
(Sgd.) JUAN C. TUVERA
Presidential Executive
Assistant
Section 165(B) of this Code shall accrue to the city or municipality in which
the tax is collected, and mother five percent (5%) of the total annual tax
collected on said subsequent sales shall also accrue to te Ministry of
Education, Culture and Sports.''
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
