BIR to Online Sellers: Be ready!

photo courtesy of bongmendoza.wordpress.com

Bureau of Internal Revenue Secretary Kim Henares says that all online sellers are obliged to issue an electronic receipt and pay the necessary taxes. Henares also said that by doing so, this will boost the revenue collection to its target of about 1.66 Trillion in 2013.

“Their businesses should be registered to us, and they (online sellers) should be paying the corresponding taxes. Otherwise, we will run after them,” the BIR chief said in a post in Malaya sometime in July this year.

Henares is serious in running after the online sellers of which mostly are ‘small time’ businessmen. Some online sellers are not in favor of the said new regulation of the BIR.

A certain Larry Collin even said that Henares should not concentrate on small time traders but rather give her attention to big time businessmen who are not really paying their taxes well but has big income.

Online sellers, beware!