This article examines the major tax law changes implemented in the Philippines during 2024, outlining their impact on businesses and individuals.
As we enter 2025, let's revisit key aspects of the 2024 tax legislation that significantly changed the taxation landscape in the Philippines .
We welcomed 2024 with the signing of the Ease of Paying Taxes (EOPT) Act in January, followed by the Real Property Valuation and Assessment Reform Act (RPVARA) mid-year, the imposition of value-added tax (VAT) on digital services in October, and the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) in November. Concluding the year, a short but tourist-friendly law was passed, creating a VAT refund mechanism for non-resident tourists. With Republic Act (RA) 11976 or the EOPT Act in effect, we now have a uniform use of VAT invoice for both the sale, barter, exchange, or lease of goods or properties, and for every sale, barter, or exchange of services. For VAT compliance and claiming input tax credit, only a VAT invoice is the acceptable proof. Whether purchasing goods or services, only a VAT invoice supports the claim for input tax credit. While invoices are now the primary document for both goods and services sales, taxpayers aren't prevented from issuing supplementary documents. However, for VAT purposes, supplementary documents are not valid proof to support buyers'/purchasers' input tax claims. All VAT-registered persons and those required to register for VAT must now issue VAT invoices as the principal document and comply with amended invoicing requirements under the EOPT Act
Taxation Philippines VAT EOPT Act Corporate Tax
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