- CREATE MORE Act Implementation: In late 2024, the Philippine government enacted the CREATE MORE Act, amending the Tax Code to eliminate the five-year deadline for implementing e-invoicing and CTC e-reporting, while introducing tax deduction benefits for those who adopt these systems.
- Expanded Taxpayer Scope and Compliance Requirements: The Bureau of Internal Revenue (BIR) draft Revenue Regulation broadens the e-invoicing and CTC e-reporting mandate to include various taxpayers, such as those using computerized accounting systems and point-of-sale systems, while establishing specific tax deductions for micro, small, medium, and large taxpayers who comply.
- Penalties and Unspecified Deadlines: Non-compliance with the e-invoicing and CTC e-reporting obligations will incur penalties, but the draft does not provide a timeline for full implementation beyond the 2022 pilot program, leaving businesses uncertain about compliance requirements as they await a BIR-ready system.
Sources
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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.
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