Philippines: Guidance on updated invoicing requirements
Requirement to issue an invoice for both sales of goods and services
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 77-2024 (dated July 11, 2024) to clarify the invoicing requirements provided under Revenue Regulations No. 7-2024 (read TaxNewsFlash), as amended by RR No. 11-2024, particularly regarding the requirement to issue an invoice for both sales of goods and services.
Read a July 2024 report prepared by the KPMG member firm in the Philippines