Type: Legislation
Based on the Tax Reform for Acceleration and Inclusion Act (TRAIN), the Philippines Bureau of Internal Revenue (BIR) has made e-invoicing mandatory for about 100 large taxpayers starting on July 1, 2022. The Philippines’ Electronic Invoicing System (EIS) is not a pre-clearance e-invoicing model. Instead, it is based on a live list of transactions that are sent to the government. With a digital signature, invoices are made and sent to the government in JSON format. BIR says that when taxpayers use EIS, they will be able to send one or many electronic invoices or receipts. They will also be able to send out correction documents like debit memos, credit memos, and others to fix an e-invoice that has already been sent out. Taxpayers will also be able to check the details of e-invoices and e-receipts by downloading the files.
Effective date: partially on July,1 2022, full launch in 2023