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Bill seeks stiffer penalty for non-issuance of receipts


MANILA, Philippines - Businesses that do not issue receipts will face stiffer penalties, once a bill pending in the House of Representatives becomes a law. House Bill 5566 increases the fine for non-issuance of receipts from the minimum P1,000 and maximum of P50,000 to a minimum of P20,000 and a maximum of P100,000. "At present, these penalties are negligible and ineffective in deterring violators. It is also the most violated provision with only very few cases (actually) being prosecuted," author and Quezon Rep. Danilo Suarez said in an article on the House of Representatives website. He said the bill, which amends Section 264 of the National Internal Revenue Code of 1997, will help not only curb abuses, but also improve the revenue collection of government. Suarez, who chairs the House Committee on Oversight, filed the proposed measure saying the penalties provided for under the tax code are inadequate and are no longer applicable today. Aside from increased fines, the bill also provides for a longer jail term for violators from the present two to four years, to three to six years. Suarez pushed for the immediate passage of the bill, noting that no amendments have been introduced for the past 12 years since the passage of the Tax Code. "It is imperative to give sharper teeth to this provision," Suarez said. - GMANews.TV
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