The Bureau of Internal Revenue (BIR) is now in the process of preparing a feasibility study in cooperation with the Korea International Cooperation Agency (KOICA) for the implementation of an electronic invoicing system mandated under the Tax Reform for Acceleration and Inclusion Act (TRAIN).
BIR deputy commissioner Arnel Guballa said a KOICA team visited the agency and the Department of Finance (DOF) last year to gather data in preparation for the feasibility study on the proposed Electronic Receipt, Invoice and Sales Reporting System.
The Philippines is eyeing a $7.3 million grant from KOICA for the implementation of Phase 1 of the e-invoicing project.
In his report to Finance Secretary Carlos Dominguez III, Guballa said the BIR, for its part, has already identified the list of 100 pilot taxpayers that will take part in the project and conducted a consultative forum with stakeholders last year.
“The review of the final report and the terms of reference of the Asian Development Bank (ADB)-funded consultants are now ongoing for the e-invoicing project,” Guballa said during a recent DOF Executive Committee (Execom) meeting.
Under Section 237 of Republic Act 10963 or the TRAIN Law, large taxpayers and exporters are required within the next five years, to electronically issue their invoices/receipts, as well as report their sales data to the BIR at the point of sale.