- The Bureau of Internal Revenue in the Philippines has restarted its electronic invoicing project focusing on the top 100 taxpayers
- Companies need to prepare their systems for the electronic transition to avoid penalties
- The Electronic Invoicing System will allow vendors to send, process, and store sales data electronically
- Specific taxpayers, including those in exports and e-commerce, must issue electronic invoices instead of manual ones
- The pilot phase began in July 2022 but faced technical delays, now it has resumed successfully
- The system is modeled after South Korea’s Continuous Transaction Control model, requiring real-time or three-day reporting of invoices to a central platform
- Electronic invoices must include key details like document numbers, seller and buyer information, and VAT amounts
- The move to mandatory electronic invoicing aims to reduce VAT fraud and improve tax compliance in the Philippines
Source: fiscal-requirements.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
