Simple definition: An official receipt is an accounting record documenting a successful sale transaction, which means, this is issued after payment for goods or services has been received by the seller from the buyer.
Businesses in the Philippines are divided into two kinds of taxpayers based on annual sales, according to the Bureau of Internal Revenue (BIR).
Both types of taxpayers should issue BIR-compliant official receipts in order to be eligible for tax credits. These receipts should contain all the necessary information pursuant to the latest amendment in the tax code from Revenue Regulations No. 16-2018. Some specific details are different for VAT or Non-VAT official receipts.
You can download this BIR-compliant official receipt template in Word or Excel format