New BIR Regulations: Invoices to Replace Official Receipts
Posted on: July 1, 2024In compliance with the Bureau of Internal Revenue (BIR) Revenue Regulations No. 7-7024, and pursuant to the provisions of Sections 244 and 245 of the National Internal Revenue Code of 1997, as amended (Tax Code), in relation to Section 47 of Republic Act (RA) No. 11976, otherwise known as the “Ease of Paying Taxes (EoPT) Act”, Moldex Realty is implementing the following changes effective immediately:
- Official receipts will now serve as supplementary documents.
- Invoices will be the principal document or primary evidence to support both sales of good and services.
- Existing Official Receipts will be converted to “Invoices” with the format below. The term “Official Receipts” will be struck through and replaced by “Invoice” until December 31, 2024.
- Starting January 1, 2025, buyers will receive “Invoices” instead of “Official Receipts” from Moldex Realty.
- All invoices will include the following details:
- Name of Buyer
- Taxpayer Identification Number ( TIN ) of Buyer
- Name of Seller
- Taxpayer Identification Number ( TIN ) of Seller
- Date of Transaction
- Description of Goods or Services Provided
We appreciate your cooperation and understanding as we transition to this new system. For any questions or further assistance, please contact our Customer Care team at ccare@moldexrealty.ph.
For more details on these changes, visit the official BIR website to read the full guidelines: https://www.bir.gov.ph/images/bir_files/internal_communications_1/Full%20Text%20RR%202024/RR%20No.7-%202024.pdf