DOF to establish e-invoicing system for VAT refunds

In May 2018, the Philippine government sought assistance from South Korea to fund some of its infrastructure and information technology projects. These projects include the implementation of an electronic receipt and invoice system, as well as the establishment of an electronic sales-reporting system. At least six Philippine projects in the pipeline will get financing support from the Export-Import Bank of Korea-Economic Development Cooperation Fund (Kexim-EDCF) under the framework arrangement formalised between the two countries on 4 May.

Also, as per the arrangement, the Philippines can access South Korea’s loan facility under the EDCF up to an amount not exceeding USD 1 billion over a five-year period until 2022. Korea Deputy Prime Minister and Minister of Strategy and Finance Kim Dong-yeon argued that the financing requirement for the implementation of an Electronic Receipt, Invoice and Sales Reporting System is at USD 41 million.

Apart from assistance for the e-invoicing system, the government has also asked for assistance from South Korea in regard with improving the environment and sanitation in Siargao Island.