PUBLISHED: May 31, 2024
In today’s fast-paced economy and digital shift, is your business ready for the technological change? Add to that the comprehensive list of requirements and compliance one business has to go through. With the Tax Reform for Acceleration and Inclusion (TRAIN) and Ease of Paying Taxes (EOPT) taking effect, is your business BIR EIS ready?
What is Electronic Invoicing System (BIR EIS)
Electronic Invoicing System (BIR EIS) as defined by the Bureau of Internal Revenue, is a system that is able to store and analyze data that the required taxpayers submit through their Sales Data Transmission System. This electronic invoicing system aims to streamline the invoicing process from traditional, manual issuance to an efficient, digital one. It is also targeting improved accuracy across financial data of a company ensuring that the business is in line with the regulatory standards.
With its neighboring countries implementing e-invoice, the Philippines is aligning its practice in order to adapt to the global standards. BIR EIS extends beyond the Philippines’ business regulatory compliance as it is geared towards digital and global readiness.
What are included as e-Invoice?
BIR EIS includes official receipts, sales invoices, debit and credit notes and other similar accounting documents issued online.
Who are required to have BIR EIS?
- Taxpayers engaged in the electronic commerce space
- Taxpayers engaged in the export of goods or services
- Taxpayers of a specific size as chosen by the BIR (called large taxpayers service or LTS)
What is BIR EIS Certification?
EIS Certification platform is a comprehensive system for certifying EIS Accounting System developed by taxpayers and facilitating the issuance of the Permit to Transmit (PTT) for the required sales data. This platform enables taxpayers to undergo the certification process for their middleware, ensuring its compliance with applicable BIR standards and regulations. Also, it streamlines the issuance of the Permit to Transmit, which is necessary for transmitting sales data, therefore providing a seamless and efficient workflow for taxpayers.
Be BIR EIS Ready with QNE!
Being compliant and ready doesn’t have to be tiring and expensive. QNE AI Cloud Accounting combines the power of AI and Cloud together with BIR Module ensuring seamless transition from to digital with accuracy and compliance.
If you are interested in upgrading to a BIR-Ready Online Accounting System, take your accounting to a whole new level and unleash the power of AI with QNE Cloud Accounting Software. Create your FREE Cloud Accounting Plan now!
