19/06/2024
To our valued clients,
Please be advised that the "Invoice" will now serve as the principal record of the sale of services in place of an "Official Receipt" due to the implementation of the Ease of Paying Taxes (EoPT) Act.
As per Revenue Regulations No. 7-2024, the taxpayers have the option to either continue the use of the remaining Official Receipts as supplementary documents or convert and use the remaining Official Receipts as Invoice. Converting the remaining official receipts to invoices is the second alternative that the bank takes into consideration. In this case, taxpayers should strike through the word “Official Receipt” on the face of the printed receipt and stamp the words “Invoice,” “Cash invoice,” “Charge invoice,” “Credit invoice,” “Billing invoice,” “Service invoice,” or any name describing the transaction, so long as the word “Invoice” is indicated. Converted official receipts are valid for claiming input VAT until December 31, 2024, and thereafter may be used only as supplementary documents.
Please refer to Revenue Regulations No. 7-2024 for more information and guidance.
Thank you and God bless.