Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home>>Daily News>>Philippines>>Economy >>PHL eyes $7.3-M grant from Korean agency for e-invoice system
NEWS UPDATES Asean Affairs   February 11, 2019  







PHL eyes $7.3-M grant from Korean agency for e-invoice system

 The Philippines is eyeing a $7.3-million grant from the Korea International Cooperation Agency (KOICA) to finance the proposed Electronic Receipt, Invoice, and Sales Reporting System.

In an emailed statement on Sunday, the Department of Finance (DOF) said that the Bureau of Internal Revenue (BIR) is now in the process of preparing a feasibility study in cooperation with the Korean government's development cooperation agency.

This will cover the possible implementation of the e-Invoice system mandated under the Tax Reform for Acceleration and Inclusion (TRAIN).

Signed into law in December 2017 by President Rodrigo Duterte, the TRAIN Act expanded the value-added tax (VAT) base and reduced personal income taxes (PIT) in efforts to raise more revenues starting January 2018.

Under Section 237 of Republic Act 10963 or the law, large taxpayers and exporters are required to electronically issue their invoices/receipts, as well as report their sales data to the BIR at the point of sale. within the next five years.

According to BIR Deputy Commissioner Arnel Guballa, a KOICA team visited the agency and the DOF in 2018, to gather data in preparation of the feasibility study on the proposed e-Invoice system.

Guballa said the BIR has already identified the list of 100 pilot taxpayers that will take part in the project.

"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," he was quoted as saying.


Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



  Today's  Stories                     February 11, 2019
• Current account deficit recorded at 2.98 percent of GDP in 2018
• PHL eyes $7.3-M grant from Korean agency for e-invoice system  Subcribe: Asean Affairs Global Magazine
• Companies await electric vehicle regulation Subsribe Now !
• Can Tho’s IZs lure $112m investment in 2018
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Property firms opt for bonds as bank loans dry up
Asean Stock Watch  November 1,  2018

• Asean Stock Watch-November 1, 2018
Asean Analysis                June 15,  2018
• Asean Analysis June  11, 2018
Inflation may yet peak —Diokno
Advertise Your Brand

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2019 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com