Section 72. Section 236 of the NIRC, as amended, is hereby further amended to read as follows:

“Sec. 236. Registration Requirements.—

“(A) Requirements.— x x x

“x x x

“The registration shall contain the taxpayer’s name, style, place of residence, business, and such other information as may be required by the Commissioner in the form prescribed therefor: Provided, That the Commissioner shall simplify the business registration and tax compliance requirements of self-employed individuals and/or professionals.

“x x x

“(G) Persons Required to Register for Value-Added Tax.—

“(1) x x x

“(a) His gross sales or receipts for the past twelve (12) months, other than those that are exempt under Section 109(A) to (BB), have exceeded Three million pesos (₱3,000,000); or

“(b) There are reasonable grounds to believe that his gross sales or receipts for the next twelve (12) months, other than those that are exempt under Section 109(A) to (BB), will exceed Three million pesos (₱3,000,000).

“x x x

“(H) Optional Registration for Value-Added Tax of Exempt Person.— (1) Any person who is not required to register for value-added tax under Subsection (G) hereof may elect to register for value-added tax by registering with the Revenue District Office that has jurisdiction over the head office of that person, and paying the annual registration fee in Subsection (B) hereof.

“(2) Any person who elects to register under this Subsection shall not be entitled to cancel his registration under Subsection (F)(2) for the next three (3) years.

“Provided, That any person taxed under Section 24(A)(2)(b) and 24(A)(2)(c)(2)(a) of the NIRC who elected to pay the eight percent (8%) tax on gross sales or receipts shall not be allowed to avail of this option.

“For purposes of Title IV of this Code, any person who has registered value-added tax as a tax type in accordance with the provisions of Subsection (C) hereof shall be referred to as a ‘VAT-registered person’ who shall be assigned only one Taxpayer Identification Number (TIN).

“x x x.”