Clarification on the Meaning of "Business Style" Being Required in the Official Receipts and Invoices

May 21, 2019 REVENUE MEMORANDUM CIRCULAR NO. 055-19 SUBJECT : Clarification on the Meaning of "Business Style" Being Required in the Official Receipts and Invoices TO : All Internal Revenue Officials, Employees and Others Concerned For information and guidance of all internal revenue officials, employees and others concerned, this Circular is hereby issued to clarify the meaning of "Business Style" which is required to be indicated on the official receipts and invoices pursuant to Section 113 (B) of the National Internal Revenue Code (NIRC), as amended; Section II (J) of Revenue Memorandum Order (RMO) No. 12-2013; Section 5 of Revenue Regulations (RR) No. 10-2015, as amended by RR No. 16-2018; and Revenue Memorandum Circular (RMC) No. 64-2015. EATCcI The phrase "Business Style" refers to the business name registered with the concerned regulatory body used by the taxpayer other than its registered name or company name. For examples: 1) A corporation is registered under the corporate name of XYZ Entertainment Corporation. Based on its Certificate of Registration issued by Securities and Exchange Commission (SEC), the Corporation is operating under the business name of "Bozo the Clown." In this case, the business style is the business name which is "Bozo the Clown." 2) A single proprietor named Juanita M. Ricafrente registered a business name with the Department of Trade and Industry (DTI). Reflected in her DTI Certificate of Registration is the business name of "JMR Trading." Hence, the business style is "JMR Trading." All internal revenue officials and employees are hereby enjoined to give this Circular a wide publicity as possible. ISHCcT (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue