TAX ADVISORY – Revenue Regulation No. 7-2024

TAX ADVISORY

Dear Valued Customer,

Please be informed that Revenue Regulation No. 7-2024 was issued last March 22, 2024, to implement changes to Registration Procedures and Invoicing Requirements in accordance with the “Ease of Paying Taxes Act” (EOPT). We are sharing herewith the Revenue Regulation for your reference with below key items that may concern our transactions.

•  VAT invoices are sufficient to substantiate input VAT arising from the purchase of goods and services.
•  Removal of “business style”, accreditation details of printer and machine’s supplier as a VAT invoicing requirement.
•  Supplementary documents which include but not limited to official receipt, delivery receipt, acknowledgement receipt, bill of lading and any other documents   by whatever name it is known or called issued to customers for purposes of VAT, are not valid proof to support the claim of input taxes.
•  Section 8. Transitory Provision
  o Allow unused manual Official Receipts to be converted to Invoice and be used until December 31, 2024, by stamping the word “invoice”.
  o Submission of Notification to RDO is required – 30 days from effectivity of Revenue Regulation (April 27, 2024).
  o For Computerized Accounting System (CAS)
•  Revisit CAS on the impact of EOPT
•  Enhance CAS, if needed; Secure a new Acknowledgement Certificate (AC)
•  Enhancement shall be undertaken on or before June 30, 2024
•  Request for extension for CAS to comply with EOPT shall not be longer than 6 months from effectivity of Revenue Regulation 7-2024
   

Relative to the above items we are processing the needed enhancement to comply with the provisions set out in Revenue Regulation 7-2024 within the allowed transitory period by the Bureau of Internal Revenue.

Thank you for your usual support.

OCEAN NETWORK EXPRESS PHILIPPINES, INC.

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