VATupdate

Share this post on

Changes in Invoicing Requirements under the EoPT Act

  • The Philippine tax system relies heavily on valid invoices for deductibility of expenses and claiming of input VAT
  • The Ease of Paying Taxes (EoPT) Act has brought changes in the way taxpayers provide proof for their sales and purchases
  • Invoices now take the place of official receipts as the primary document to evidence the sale of services
  • Taxpayers can no longer issue manual or loose-leaf official receipts for sales of services
  • Existing official receipts can be used as supplementary documents or converted to invoices
  • Official receipts issued by cash register machines, POS machines, and e-receipting software can also be converted to invoices

Source: grantthornton.com.ph

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.

Sponsors:

VAT news

Advertisements:

  • AXWAY - VATupdate Banner