Following an increasing number of countries, the Philippines also took the first step towards implementing e-invoicing through a pilot project. The Department of Finance (DOF) has announced a new timeline for the pilot e-invoicing program, effective from July 1, 2022, where it became mandatory for the country's major taxpayers and exporters to start transmitting their invoices to the government (B2G).
The goal is full implementation, based on the Tax Reform Act for Acceleration and Inclusion (TRAIN), after the launch of the pilot program. The Department of Finance is planning to implement e-invoicing in 2023 through a gradual phasing-in.
The electronic invoicing system (EIS) simplified tax compliance, enforce a supporting infrastructure, streamline business processes, and maximize the usability of information while also increasing its digital literacy.
In the Philippines, a clearance approach has been applied and the electronic invoice system (EIS) requires the issuance of an electronic invoice to the recipient and the reporting of this invoice data to the tax authority (XML format). This entails an invoice report sent to the government's central platform, an invoice reporting and monitoring system called Continuous Transaction Control (CTC), similar to the model used by South Korea, which supported the Philippines in developing its electronic invoice reporting system.
The electronic invoice system (EIS) covers accounting documents including invoices, receipts, debit notes and credit notes.
As a leading international provider of systems and services for the exchange of electronic documents between commercial partners, Comarch has broad experience in the optimization of accounts payable (AP) and accounts receivable (AR) processes.
Comarch e-Invoicing is a powerful and comprehensive product that enables secure and highly efficient document exchange with all your business partners and customers. Designed to respond to the continuous challenges of digital transformation, the platform is compliant with the latest regulations and standards for data transfer.
Due to our expertise, even with companies operating in the Philippines, we can assist your business in exchanging e-invoices easily and securely.
If your company is based or has branches in the Philippines and you need to prepare your billing and tax systems to comply with the new requirements. Click on the button below to get in touch with one of our experts.
Comarch has many years of experience in providing innovative IT products and services allowing for efficient document management and automation of various supply chain processes.
Check out some of our success stories to learn what our clients have achieved by using Comarch EDI, MDM, e-Invoicing (also in a Cloud), and Online Distribution.
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