i have one house which i want to rent it out. Do I need to get business permit and print official receipt or a contract of lease will suffice?
As mentioned in today's papers a WB report said that RP is one of the least business friendly countries in Asia with so many steps and documents you need before finally being allowed to operate. This explains why we have such a huge underground or informal economy.
However, to start as even a simple business of renting a single unit residential property you must first start with the Barangay for the clearance - there you will be required to submit proof of ownership and authorization if you will be represented. Then armed with the Barangay clearance you will need to get Mayor's/business permit - this will be issued only after getting a Community Tax Certificate, payment of numerous inspection fees, fire department inspection and fees, insurance, among others. Then you go to the BIR to get your TIN, if you have none yet, register by paying P 500, you have to know if you'll be VAT or exempt (depends on the amount of rent). You or your printer will have to file an application for print official receipts. If you are going to use computer, there is an application for permit to use computerized accounting system.
And when you have a tenant alreay, you should pay documentary stamp tax on the lease contract. Then you need to pay and file monthly, quarterly and annual returns for income, withholding, percentage or VAT. You may even be required to hire an accountant depending on the amount of revenue you will generate. Of course, you should record and keep track of all your expense related to the business. Make sure these are ordinary and necessary and with proper BIR approved receipts.
This is just to rent out a single unit house.