The Philippines continues in constant advance towards implementing its continuous transaction controls (CTC) system, which consists of near real-time reporting of electronically issued invoices and receipts. On 4 April, testing began in the Electronic Invoicing System (EIS), the government’s platform, with six companies selected as pilots for this project.
The initial move toward a CTC system in the Philippines started in 2018 with the introduction of the Tax Reform for Acceleration and Inclusion Act, known as TRAIN law, which has the primary objective of simplifying the country’s tax system by making it more progressive, fair, and efficient. The project for implementing a mandatory nationwide electronic invoicing and reporting system has been developed in close collaboration with the South Korean government, considered a successful model with its comprehensive and seasoned CTC system.
Source Sovos
Latest Posts in "Philippines"
- Legarda Proposes Bayanihan 3 Law to Suspend Fuel VAT, Aid Filipinos Amid Oil Crisis
- Aquino Urges VAT Suspension on Fuel to Ease Rising Prices Amid Middle East Crisis
- Philippines Court Clarifies Rules on Unutilized Input VAT Refunds for Zero-Rated Sales
- Marcos: Government Weighs Oil Law Repeal, VAT Removal Amid Focus on Immediate Fuel Relief
- Philippines Releases New Rules Granting VAT Exemption for Natural Gas Transactions
