Revenue Regulations No. 7-2024: VAT Invoice as Evidence of Sale and/or Leasing of Properties issued to Customers in the Ordinary Course of Trade or Business
On March 22, 2024, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 7-2024, implementing the amendments on Registration Procedures and Invoicing Requirements found in the amended Tax Code, in relation to the Ease of Paying Taxes (EOPT) Act.
Among the notable provisions in RR No. 7-2024 is that a Value-Added Tax (“VAT”) Invoice shall be evidence of the sale of goods and/or properties and the sale of services and/or leasing of properties issued to customers in the ordinary course of trade or business – whether these be cash sales or on account (credit) or charge sales.