[Ask the Tax Whiz] Ease of Paying Taxes law: What’s new with invoicing requirements?

The Philippine Tax Whiz discusses the newly issued invoicing requirements, in view of the changes under the Ease of Paying Taxes (EOPT) law

This is AI generated summarization, which may have errors. For context, always refer to the full article.The Philippine Tax Whiz discusses the newly issued invoicing requirements, in view of the changes under the Ease of Paying Taxes law

Under the EOPT law, if you have unused official receipts , you may still use them as supplementary documents, provided that it is stamped with the phrase, “THIS DOCUMENT IS NOT VALID FOR CLAIM OF INPUT TAX.” Furthermore, you can also convert the unused ORs into invoices by striking through the word “OR” and replacing it by stamping “Invoice.” This would then be considered as the primary invoice and is valid for the claim of input tax until December 31, 2024.

If a VAT-registered individual fails to include complete information on the invoice, they will be held liable for non-compliance.

Are there any additional guidelines in the new issuances that I, as a taxpayer, should consider, especially if we are using a Computerized Accounting System or Computerized Books of Accounts ?

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