Commission Receipt

Commission Receipt Template for Philippines

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Key Requirements PROMPT example:

"I need a Commission Receipt for a real estate transaction in Manila, where I'll be receiving a 5% commission payment as a licensed broker, with appropriate withholding tax calculations and VAT inclusion, to be issued by March 15, 2025."

Document background

A Commission Receipt is a crucial document in Philippine business transactions where commission-based payments are involved. It serves as an official record of commission payments and must comply with specific requirements set forth by the Bureau of Internal Revenue (BIR). The document is used when one party (the payor) needs to document a commission payment to another party (the recipient) for services rendered or transactions facilitated. The receipt must include complete details of both parties, including Tax Identification Numbers (TIN), the nature of the transaction, commission amount, applicable withholding taxes, and payment method. This documentation is essential for tax reporting, audit compliance, and maintaining accurate financial records in accordance with Philippine law.

Suggested Sections

1. Receipt Number: Unique sequential receipt number for tracking and compliance

2. Date: Date when the commission payment was made

3. Payor Details: Complete name, address, and TIN of the person/entity making the commission payment

4. Payee Details: Complete name, address, and TIN of the person/entity receiving the commission

5. Transaction Details: Description of the transaction or service for which commission is being paid

6. Amount Details: Commission amount in both figures and words, including currency

7. Tax Information: Details of any withholding tax applied, including rates and amounts

8. Payment Method: Specification of how the payment was made (cash, check, bank transfer, etc.)

9. Authorized Signatures: Space for signatures of both payor and payee

Optional Sections

1. VAT Information: Include if the transaction is VAT-registered, showing VAT amount and registration details

2. Reference Numbers: Include when the commission relates to specific contracts, invoices, or transaction numbers

3. Payment Schedule Details: Include when the commission payment is part of a series or installment arrangement

4. Agent Information: Include when the commission is received through or by an authorized representative

5. Terms and Conditions: Include when specific conditions or terms apply to the commission payment

Suggested Schedules

1. Computation Sheet: Detailed breakdown of how the commission amount was calculated

2. Supporting Documents List: List of attached documents supporting the commission payment

3. Transaction History: If part of a series, summary of previous related commission payments

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Insurance

Financial Services

Retail

Direct Sales

Manufacturing

Automotive

Travel and Tourism

Telecommunications

Marketing and Advertising

Import/Export

Professional Services

Relevant Teams

Finance

Accounting

Sales

Compliance

Legal

Administration

Revenue

Tax

Accounts Payable

Business Development

Channel Management

Relevant Roles

Sales Agent

Real Estate Broker

Insurance Agent

Sales Manager

Financial Advisor

Business Development Manager

Commission Accountant

Tax Compliance Officer

Finance Manager

Accounts Payable Specialist

Sales Director

Channel Partner Manager

Revenue Accountant

Compliance Officer

Administrative Officer

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Let's create your Commission Receipt

Authors

Alex Denne

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