BIR launches electronic invoicing system
The Bureau of Internal Revenue (BIR) has launched its electronic invoicing system to ease the process for invoice and receipt for businesses and taxpayers, GMA News’ Unang Balita reported Wednesday.
According to the report, the Electronic Invoicing, Receipting System, & Electronic Sales Reporting System is part of BIR’s digital transformation as provided in the TRAIN Act.
It also reflects to the BIR system in real time.
Around 100 companies are using the program under its pilot test. The use of the electronic invoicing system is expected to be expanded in the next few years.
On June 13, the BIR inaugurated its state-of-the-art EIS Data Center at the RCC Building. It is a new facility that houses the systems and associated components of the Electronic Invoicing/Receipting System (EIS) of the bureau.
In May, the Department of Finance (DOF) said the BIR failed to meet the revenue target in the first three months of the year.
Collections of the BIR in the first quarter stood at P485.4 billion, P47.2 billion or 8.9% lower than the Development Budget Coordination Committee’s (DBCC) P532.6 billion, the DOF said.
BIR Deputy Commissioner Arnel Guballa attributed the shortfall on businesses utilizing their input VAT credits on purchases available to them under the TRAIN Law.—Joviland Rita/AOL, GMA News