Does this train tax law reform affect your business? If yes, your sales income or receipts might not be subject to value-added tax 2018. Hence, your receipts with VAT registered is no longer necessary. Yes, receipts are very important not only to help the Bureau of Internal Revenue (BIR) in collecting taxes but also for recording purposes. In fact, this document is vital in accounting purposes in recording the sales, purchases or expenses of the company. Learn vat invoices update 2018.