Breaking News: New Deadlines 2022
A pilot project will start in the Philippines in January 2022. This project is designed to introduce B2B e-invoicing in 2023 and may also consider B2C e-invoicing. To this end, a new e-government system is to be completed and deployed by 2022.
When was e-Invoicing introduced in the Philippines?
In 2019, the Philippine Digital Transformation Strategy 2022 was published. The document contains the government’s strategy for achieving digital transformation and stipulates that a new e-government system is to be completed and deployed by 2022. This will then include the mandatory issuance of electronic invoices. The electronic transformation, which the Ministry of Finance is aiming for, is expected to facilitate tax compliance, streamline business processes, implement a supporting infrastructure, maximize the usefulness of the information and improve digital literacy.
At the end of 2019, the Department for the Promotion of E-Governance (DICT) ensured that the public has online access to various government services.
According to the Billentis report, a pilot project was launched in 2021 to further advance the e-invoicing mandate, which is based on the South Korean model.
Who is obliged to issue electronic invoices for business activities?
The invoice format in the Philippines:
- Full name, registered address and VAT registration number of the supplier.
- Full name and correct address of the buyer
- Invoice number and date
- Description of goods
- Item or delivery number of the purchase order
- VAT amount
- The total amount to be paid and the currency
- The details of the invoicing authorization
Advantages of outsourcing invoicing to a specialized provider:
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