BIR to issue guidelines on taxi receipt system

The Bureau of Internal Revenue (BIR) will soon issue guidelines on the registration and use of taxi meter that issues receipts, a move that could raise as much as P1.2 billion for the national government. The BIR has forwarded the draft revenue regulation (RR) to the Department of Finance (DOF) for approval to help plug tax leakages by requiring all taxis to issue official receipts to passengers. The proposed regulation states that all air-conditioned taxis operating within Metro Manila should be equipped with taxi meters that issue receipts. The receipts should indicate the business or name of taxi, registered taxpayer's name with BIR, the 12-digit taxpayer's identification number, and address of operator. Other information in the receipts include telephone number, receipt number, accreditation number, permit number, plate number, color coded body number, date of transaction, distance traveled, waiting time, and amount of fare. Under the tax code, common carriers such as jeepneys, buses, and taxis are subject to percentage tax equivalent to three percent of their quarterly gross receipts. Taxis plying major routes in Metro Manila and other cities are required to pay 3 percent of their minimum quarterly gross income of P3,600 while those in the provinces are levied 3 percent of P2,400. There are about 47,000 taxis registered with the Land Transportation Regulatory and Franchising Board. The BIR has already accredited at least four companies to supply taxi meters capable of issuing official receipts worth P15,000 each. - GMANews.TV