Philippines targets 2023 for e-invoicing and e-receipts
- Mar 8, 2021 | Richard Asquith
The Philippine Department of Finance is scheduled to commence a pilot of e-invoicing in January 2022, with a plan to roll out to all B2B and perhaps B2C transactions in 2023 in a phased approach. This would include large businesses and exporters first. The initiative to digitise all cash and regular invoicing processes is aimed at reducing the compliance burden for both taxpayers and the tax office, and well as reduce VAT fraud.
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The Philippines is anxious to accelerate the adoption of live reporting following the challenges of the COVID-19 crisis and being able to understand the economic difficulties facing taxpayers.
The Department of Finance is looking to copy the South Korean eTax system. VAT registered businesses are required to submit their invoices to the tax authorities through the tax office in one of the following ways:
- Uploading invoices via the free portal provided by the tax office
- Using an outsourced, licensed e-invoice service provider
- Creating their own e-invoices via their accounting system with a digital certificate
- Using the AVRS telephone system
- Submitting in-person at a local tax office
