A statement from the Department of Finance (DOF) pointed out that the Philippine Bureau of Internal Revenue is already in the process of preparing a feasibility study in cooperation with Korea International Cooperation Agency for the implementation of the e-invoicing system.
Under Republic Act 10963 or the TRAIN law, large taxpayers and exporters are required, within the next five years, to electronically issue their invoices and receipts, as well as report their sales data to the BIR at the point of sale. In June 2018, the DOF reported that the Philippines proposed three infrastructure projects for possible financing by South Korea, with a combined project cost of USD 191 million, namely: the USD 50-million loan to help fund the Project Preparation Facility for the National Irrigation Administration, including the Asbang (Davao del Sur) Small Reservoir Irrigation Project; $100 million for the New Dumaguete Airport Development Project; and the USD 41.13 million for the implementation of an Electronic Receipt and Invoice System, and Electronic Sales Reporting System.
The Electronic Receipt, Invoice and Sales Reporting System is meant to help the Philippines improve its revenue-monitoring mechanisms. Based on data from the National Economic and Development Authority (Neda), South Korea is the Philippines’s sixth-largest provider of official development assistance (ODA), with loans and grants provided to the country amounting to $570.60 million as of December 2017.
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