![[Ask the Tax Whiz] Do agricultural producers need to issue receipts/invoices?](https://i.headtopics.com/images/2023/10/13/rapplerdotcom/ask-the-tax-whiz-do-agricultural-producers-need-to-ask-the-tax-whiz-do-agricultural-producers-need-to-71C938472BAD5D5E55B226221F931A5F.webp)
The Philippine Tax Whiz discusses the requirement of issuance of receipts/invoices for agricultural producers
This is AI generated summarization, which may have errors. For context, always refer to the full article.Under Revenue Regulation 12-2023, so long as their annual gross sales/receipts do not exceed P1 million, agricultural producers no longer have to issue principal or supplementary receipts and invoices for the sale of agricultural food products.
These products include farm produce, livestock, poultry, marine items, ordinary salt, and agricultural inputs, like fertilizers, seeds, and feeds. The regulation also covers these products, even if they undergo basic preparation or preservation like freezing, drying, salting, broiling, roasting, smoking, or stripping.Yes.
BIR requires agricultural producers to maintain a Simplified Sales Book which should be registered with the bureau with transaction date, goods or services description, purchaser’s details , sales amount, tax withheld , and net amount received.
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