EOPTA Revenue Regulations No. 7-2024: New Registration and Invoicing

These rules establish new registration processes and billing demands.

A. Invoicing and Accounting Requirements for VAT Registered Persons (Section 113)

• Invoicing Requirements: The details in a VAT invoice must adhere to the updated criteria.
  
• Accounting Requirements: Maintain precise and thorough accounting documents.
  
• Consequences of Issuing Erroneous VAT Invoice: Penalties will be imposed for issuing incorrect invoices.

B. Preservation of Books of Accounts and Other Accounting Records (Section 235)

• Preservation: Retain books of accounts and other records for the specified duration.
  
• Examination and Inspection: The Bureau of Internal Revenue (BIR) must be able to examine the books and records.

C. Registration Requirements (Section 236)

• Manner and Time of Registration: Adhere to the new procedures and deadlines for registering with the BIR.
  
• Place of Registration: Register at the suitable BIR office.
  
• Registration of Business Taxpayers: All businesses must comply with the updated registration requirements.
  
• Issuance of Certificate of Registration: Certificates will be provided for head offices, branches, and facilities.
  
• Posting of Certificate of Registration: Show the certificates at business premises and online platforms.
  
• Registration of Each Type of Internal Revenue Tax: Ensure registration for all applicable taxes.
  
• Cancellation and Transfer of Registration: Follow the specific procedures for canceling or transferring registration.
  
• Unlawful Pursuit of Business: Penalties will apply for conducting business without proper registration.

D. Issuance of Invoices (Section 237) Issuance:

• Adhere to the requirements for issuing invoices.
  
• Information Contained in the Invoice: Incorporate all necessary information as stipulated by the regulations.
  
• Tickets and Other Similar Forms: Utilize approved forms as invoices.

E. Printing of Invoices (Section 238)

Ensure compliance with updated printing standards for invoices.

F. Transitory Provisions

• Certificates of Registration: Reflect the registration fee in the certificates.
  
• Unused Official Receipts: Manage and transition the unused receipts properly.
  
• Cash Register Machines (CRM) and Point-of-Sales (POS) Machines: Upgrade to e-receipting or electronic invoice software as necessary.

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