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Tax basics to remember before you open your business

Are you operating legally?
By Entrepreneur Staff |

Failure of an establishment to issue a receipt can lead to penalties, imprisonment, suspension of business operations, or temporary closure. So, if you are a business owner, make sure of the following:

Before starting your business operations, you must:

1. Register your establishment, including all of your branch offices and shops, if any.

2. Register your books of accounts.

3. Get a permit to print and issue receipts and invoices.

4. Get a permit to use cash register and point of sale machines
5. Get a permit to use looseleaf books of accounts or a computerized accounting system.

During your business operations:

1. Pay the annual registration fee.

2. Issue registered invoices and receipts.
3. Keep your duly registered books of account in the business premises.

4. Preserve all of your books of accounts for audit purposes.

This article was originally published in the May 2008 issue of Entrepreneur Philippines.

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