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The Philippine Tax Whiz discusses the clarifications on invoicing requirements under Revenue Memorandum Circular 77-2024 of the Bureau of Internal Revenue
This is AI generated summarization, which may have errors. For context, always refer to the full article.
The requirements on invoicing provided under the Revenue Regulations 7-2024, as amended by RR 11-2024, are further clarified on this Revenue Memorandum Circular , providing a sample of converted Official Receipt to Invoice. The Bureau of Internal Revenue released a list of descriptive names of invoices for different transactions. Is it required to have different invoices for those transactions or to have only one invoice for all types of transactions?] and stamped with the term “Billing Invoice”.
Can an invoice be issued as a proof of sale and as acknowledgement of payment? In the case of an unpaid transaction, does the seller still have to issue another invoice for subsequent collection?the seller can issue an invoice for proof of sale and acknowledgement of payment for the same transaction. However, if the transaction is not yet paid, the seller cannot issue another invoice for this.
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