Ease of Understanding VAT and NONVAT Invoices Unusual or Excessive??

Рет қаралды 463

Күн бұрын

💚 Revenue Regulations (RR) 7-2024 and Revenue Memorandum Circular (RMC) 77-2024 both pertain to invoicing requirements under the Ease of Paying Taxes (EOPT) Act, but they serve different purposes:
RR 7-2024 (as amended by RR 11-2024)
Nature: This is a formal issuance that implements the invoicing rules introduced by the EOPT Act. It details the specific requirements for invoices, including the mandatory information they must contain, the types of invoices (e.g., VAT invoice, simplified invoice), and the timelines for issuance.
Scope: It covers all taxpayers engaged in the sale of goods or services, both VAT-registered and non-VAT registered.
Effect: It has the force and effect of law, meaning non-compliance can result in penalties.
RMC 77-2024
Nature: This is a clarificatory issuance aimed at addressing taxpayers' questions and concerns regarding the implementation of RR 7-2024. It provides additional guidance on specific issues, such as the use of old official receipts as invoices, the format of invoices for service providers, and the deadline for enhancing computerized accounting systems.
Scope: It is meant to supplement RR 7-2024 and does not introduce new rules or regulations.
Effect: It does not have the force and effect of law, but it serves as an official interpretation of the BIR on the implementation of RR 7-2024.
Disparities
Legal Force: RR 7-2024 is a law, while RMC 77-2024 is merely a clarification.
Content: RR 7-2024 contains the main rules and requirements, while RMC 77-2024 provides additional guidance and clarifications.
Conclusion
RR 7-2024 is the primary source of the invoicing rules under the EOPT Act, and taxpayers must comply with its provisions. RMC 77-2024 serves as a helpful guide to understand and implement these rules correctly. Taxpayers should refer to both issuances to ensure full compliance with the invoicing requirements.
It's also worth noting that the BIR has issued subsequent RMCs, such as RMC 79-2024, which further extend deadlines and provide additional guidance for taxpayers. It's crucial for taxpayers to stay updated on the latest issuances from the BIR to ensure compliance with the evolving tax regulations.
❤️ FREE BOOKS
🤍Manual For LoA Specialista Confidential
drive.google.c...
🤍IMPORTANT LEGAL NOTICE❤️
Read our laws. Comprehend their meanings. Know their immediate and future effects. Apply them timely and consciously. This video explained how you may free yourself from tax ignorance and declare your independence and self-reliance today. For the record, ITS CONTENTS ARE FROM MY PERSONAL BELIEFS AND CONVICTION.
"25 FAQs BIR Letter of Authority. Coverage. Comprehension. Compliance" drive.google.c...
"25 FAQs Subpoena Duces Tecum. Coverage. Comprehension. Compliance."
drive.google.c...
🤍HOW TO DONATE
drive.google.c...
🤍WHO IS EMELINO T MAESTRO?
drive.google.c...
🤍HOW TO BOOK A CONFIDENTIAL TAX CONSULTATION
drive.google.c...
🤍HOW TO SETTLE TAXSPECIALISTA'S PROFESSIONAL FEE
drive.google.c...
🤍HOW TO BECOME A MEMBER OF TAXSPECIALISTA-COMMUNITY
/ @emelinotmaestro
Membership-Benefits
🤍 • Tax Saving Schemes of ...