Ogo reminds businesses to comply with sales receipt law
The Office of Rep. Julie A. Ogo (Ind-Saipan) is reminding all licensed businesses in the Commonwealth to adhere to House Bill 18-132, HD1, which amends the “Sales Receipt Act of 2002” and codified to provide harsher consequences to violators.
Penalties, pursuant to 4 CMC 51206 (a), include $350 for the first violation, $750 for the second, and $1,500 for the third violation and possible revocation or suspension of license to do business for 6 months.
“I encourage businesses to stay honest and report their business revenue accurately by recording their daily business transactions and keep receipts in case there is a random audit, and I am urging the Department of Finance to be vigilant on enforcing the law and their rules and regulations as well as for the consumers to demand receipts and report businesses that don’t produce such receipts to the Office of the Attorney General,” Ogo said.
The 18th Commonwealth Legislature in its findings stated to the effect that loss of government revenue through inaccurate reporting or intentional tax evasion is “significant” and thus sought to simplify enforcement by removing the criminal liability and replacing it with civil liability, making it easier for the Department of Finance to impose and collect taxes and penalties.
If a business does not have an automated cash register, it should use generic cash receipts and number the receipt books to indicate year and booklet sequence to facilitate a less cumbersome audit.
For more clarification, business owners can search through the Commonwealth Law Revision Commission website and refer to Title 4, Division 1, Chapters 1-12 for specific laws, or NMIAC 70-40.2-2-4.
“Part of being a responsible business is to be reasonably aware of the laws, rules and regulations regulating their activities to ensure that conflicts and penalties do not arise that may lead to suspension or revocation of licenses” Ogo added. (PR)
I encourage businesses to stay honest and report their business revenue accurately by recording their daily business transactions and keep receipts in case there is a random audit.
Vendor
Julie Ogo
