Philippines: Guidance regarding receipts and invoices

The Department of Finance has issued guidance

The Department of Finance has issued guidance

The Department of Finance issued the following guidance regarding receipts and invoices:

  • Revenue Regulations No. 06-2022 (30 June 2022)—effective 16 July 2022—to prescribe the policies and guidelines for the removal of the five-year validity period on receipts and invoices for taxpayers who apply for the authority to print, registration of computerized accounting system (CAS)/component of CAS, and permit to use cash register machines and point-of-sale machines. Read a September 2022 report prepared by the KPMG member firm in the Philippines
  • Revenue Regulations No. 08-2022 (30 June 2022)—effective 1 July 2022—to prescribe the policies and guidelines for the implementation of section 237 (issuance of electronic receipts or sales or commercial invoices) and section 237-A (electronic sales reporting system) of the National Internal Revenue Code of 1997, as amended by the Tax Reform for Acceleration and Inclusion Law.
  • Revenue Regulations No. 09-2022 (30 June 2022)—effective 1 July 2022—to prescribe the policies and guidelines for the admissibility of sales documents in electric format, particularly in the verification of sales and purchases of certain taxpayer groups (especially during audit or processing of value added tax (VAT) refund claims).

Read a July 2022 report prepared by the KPMG member firm in the Philippines

 

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