The government plans to tap a $7.3-million grant from the Korea International Cooperation Agency to implement the first phase of the electronic invoicing system mandated under the Tax Reform for Acceleration and Inclusion Act.
The Bureau of Internal Revenue is currently in the process of preparing a feasibility study in cooperation with the Korean agency for the implementation of the e-invoicing project.
BIR deputy commissioner Arnel Guballa said a team from Koica visited the agency and the Finance Department last year to gather data in preparation for the feasibility study on the proposed Electronic Receipt, Invoice and Sales Reporting System.
Guballa said in a report to Finance Secretary Carlos Dominguez III the BIR already identified the list of 100 pilot taxpayers that would 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-funded consultants are now ongoing for the e-invoicing project,” Guballa said during a recent DOF executive committee 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 and report sales data to the BIR at the point of sale.