Understanding the term “Business Style” in Official Receipt and Invoices: BIR’s RMC 55-2019

In the world of business, adherence to regulatory requirements and accurate documentation are essential for ensuring transparency and fostering trust with customers and tax authorities. One critical aspect of this process is the use of official receipts and invoices, which serve as vital records of financial transactions. On May 21, 2019, the Bureau of Internal Revenue (BIR) sought to clarify the term “Business Style” through the issuance of Revenue Memorandum Circular (RMC) 55-2019.

According to RMC 55-2019, Business Style refers to the business name registered with the relevant regulatory body, used by a taxpayer other than its officially registered name or company name.

To maintain compliance and ensure smooth business operations, it is crucial for taxpayers to familiarize themselves with the term of Business Style as defined by the BIR. Accurate documentation not only helps businesses avoid potential penalties but also builds credibility and trust with customers and regulatory authorities.

Stay informed!