Taxpayer may convert and use the Remaining Official Receipts as Invoice and convert the Billing Statement/Statement of Account/Statement of Charges into Billing Invoice from April 27, 2024 until they are Fully Consumed - BIR RR No. 11-2024

The bureau has issued Revenue Regulations (RR) No. 11-2024 amending the Transitory Provisions of RR No. 7-2024 Relative to the Deadline for Compliance with Invoicing Requirements.

It stated in Section 8 (2.2) of these regulations that the Taxpayer may convert and use the remaining Official Receipts as Invoice and convert the Billing Statement/Statement of Account/Statement of Charges into Billing Invoice with details as follows: 

2.2 Taxpayer may convert and use the remaining Official Receipts as Invoice and convert the Billing Statement/Statement of Account/Statement of Charges into Billing Invoice. - For ease of doing business, taxpayers shall allowed to strikethrough the word "Official Receipt" [e.q. Official Receipt] or "Billing Statement/Statement of Account/Statement of Charges into Billing Invoice" [e. g. Billing Statement] on the face of the manual and loose leaf printed receipt and stamp "Invoice", Cash Invoice", "Charge Invoice", "Credit Invoice", "Service Invoice", or any name describing the transaction, and to be issued as primary invoice to its buyer/purchaser until fully consumed. Provided, that the converted "Official Receipt", or "Billing Statement/Statement of Account/Statement of Charges" shall contain the required information provided under Section 6(B) of RR No. 7-2024, including the the quantity, unit cost and description or nature of service pursuant to Sec. 237 of the Tax Code. Such information and other required information mal also be stamped if not originally indicated in the old Official Receipt/Billing Statement/Statement of Account/Statement of Charges to comply with these requirements.

The above documents shall considered valid for claiming of input tax by the buyer/purchaser and can serve as proof of both sales transaction  and payment at the same time for the period issued from April 27, 2024 until the are fully consumed, provided that the converted Invoice/Billing Invoice to be issued bears the stamped "Invoice/Billing Invoice" and there is no missing information as enumerated under Section 3(d)(3) of RR No. 7-2024.

Effective April 27, 2024, any manual/loose leaf "Official Receipts" issued without a stamped "Invoice" will be considered supplementary documents as provided in Section 8(2.1) of these Regulations, and intelligible for input tax claims.

The stamping of Official Receipt as Invoice or Billing Statement/Statement of Account/Statement of Charges as Billing Invoice by taxpayer does not require approval from any Revenue District Offices/LT Offices/LT Division but must comply with Section 8(2.3) hereof. Taxpayer should obtain newly printed invoices with an Authority to Print (ATP) before fully using or consuming the converted Official Receipts/Billing Statement/Statement of Account/Statement of Charges.

Please consider the link: https://www.bir.gov.ph/images/bir_files/internal_communications_1/Full%20Text%20RR%202024/RR%20No.%2011-2024.pdf of the full text of RR No. 11-2024.

Invoicing and Accounting Requirements for Value-Added Tax (VAT) Registered Persons - BIR RR No. 7-2024

The Invoicing and Accounting Requirements for Value-Added Tax (VAT) Registered Persons under Section 113 of the Tax Code is stated  in Section 3 of the Revenue Regulations (RR) No. 7-2024  as follows:

All VAT-registered persons and those required to register for VAT shall comply with the following:

A. Invoicing Requirements

1. A VAT-registered person shall issue a duly registered VAT Invoice, for every sale, barter, exchange or lease of goods or properties, and for every sale, barter or exchange of service regardless of the amount of the transaction.

2. A VAT Invoice shall be issued as evidence of sale of goods and/or properties and sale of services and/or leasing of properties issued to customers in the ordinary course of trade or business, whether cash sales or on account (credit), which shall be the basis of the output tax liability of the seller and the input claim of the buyer.

B. Information Contained in a VAT Invoice - The following information shall be indicated in the VAT Invoice:

1. A statement that the seller is a VAT-registered person followed by the seller's Taxpayer Identification Number (TIN) and Branch Code (e.g., VAT Reg. TIN 123-456-789-00000);

2. The total amount which the purchases pays or is obligated to pay the seller with the indication that such amount includes the VAT; provided that:

2.1 The VAT amount is shown as a separate item;

2.2 The term "VAT-Exempt Sale" is written or printed, if the sale is exempt from VAT;

2.3 The term "Zero-Rated Sale" is written or printed, if the sale is subject to zero percent (0%) VAT;

2.4 If the sale involves goods, properties or services some of which are subject to and some of which are VAT Zero-Rated or VAT-Exempt, the invoice shall clearly indicate the breakdown of the sale price between taxable, exempt, and zero-rated components and the calculation of the VAT on each portion of the sale shall be shown on the Invoice. Provided, that the seller may issued separate invoices for the taxable, exempt and zero-rated components of the sale.

3. The date of transaction, quantity, unit cost and description of the goods or properties or nature of the service;

4. In the case of sales in the amount of One thousand pesos (P1,000) or more where the sale or transfer is made to a VAT-registered person, the registered name or name, address and TIN of the purchaser, customer or client; and

5. Other Information required under Section 6 (B) of these Regulations.

C. Accounting Requirements - All Persons subject to VAT under Section 106 and 108 of the Tax Code shall maintain a subsidiary sales journal and subsidiary purchase journal on which the daily sales and purchases are recorded, in addition to the regular accounting records required.

Please refer https://www.bir.gov.ph/images/bir_files/internal_communications_1/Full%20Text%20RR%202024/RR%20No.7-%202024.pdf of the full text of RR No. 7-2024.