P1M annual revenue to issue receipts
By Nidz Godino
"Small farmers do not need to issue receipts… BIR will do its part in making lives of our farmers easier, BIR will only require receipts if their annual gross sales/receipts exceed P1 million,"Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr., has exempted from issuing receipts individuals who are suppliers, producers, sellers, contract growers and millers of agricultural food products whose annual gross sales/receipts, for tax purposes, do not exceed P1 million, pursuant to Revenue Regulation No. 12-2023.
As part of his commitment to ease of doing business and taxpayer service, Lumagui has removed requirement of principal and supplementary gross sales/receipts for sale of agricultural food products by small farmers.
Agricultural food products refer to products in their original state which are generally used for yielding or producing food for human consumption such as farm produce, livestock, poultry, marine products, ordinary salt and agricultural inputs.
Products that have undergone simple process of preparation or preservation for market are also covered.
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