- 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.
Latest Posts in "Philippines"
- DEPDev Chief Opposes VAT Cut, Citing Risks to Revenue and Fiscal Targets
- Scrapping VAT Risks Inflation, Revenue Shortfall, Warns Economist; Urges Caution on Tax Reform
- BIR E-Invoicing Philippines: 2026 Compliance Guide for Electronic Invoice System (EIS)
- Recto Warns VAT Cut Could Trigger Credit Downgrade, MUP Bill Costs ₱141B
- Recto Warns VAT Cut Could Increase Debt, Risk Credit Downgrade