KOICA bankrolls US$7.3 million for the EIS pilot project in Phl
Image from THEPHILBIZNEWS/MAS
The Korean government through KOICA’s US$7.3 million pilot project successfully completed developing the EIS which includes Integrated Tax Data Base for all kinds of taxpayers transactions, Invoice Data Reception for 100 large-scale taxpayers, e-Invoicing and Receipting System, BIR-hosted Invoicing, e-Sales Reporting System and VAT Refund Facility.
The Data Center for the Electronic Invoicing System (EIS) is supported by the Korean government will open on June 13, 2022 at the BIR Headquarters in Quezon City.
Ambassador Kim Inchul will grace the opening ceremony with BIR Commissioner Caesar Dulay and Finance Undersecretaries Antonette Tionko and Mark Dennis Joven.
This digital invoice reporting system targets 100 Filipino corporations including Shell, P&G, San Miguel, SC Johnson and SM Retails.
The project also provided BIR officials and the staff from the target firms with a series of capacity building workshops that will assist the 100 firms in undergoing a smoother transition to the digital issuance and management of sales documents such as invoices and receipts.
Along with the system and workshops, KOICA donated software and equipment including Data Base Management System (DBMS), servers, peripherals, storage, 270 desktops, 130 laptops and 130 printers in order to help the BIR sustain the EIS in the long term.
The EIS installation will constitute a good start in the whole process of implementing the Tax Reform for Acceleration and Inclusion (TRAIN) Law that requires Filipino firms engaged in e-commerce and export to issue digital invoices and receipts.
The Korean government with both financial resources and technical expertise will continue to support the Philippine government’s plan to expand the coverage of the EIS nation-wide as part of its efforts for full implementation of the TRAIN Law.
The Korea Export Import (KEXIM) Bank, using Korea ODA’s concessional loan facility will contribute approximately US$55 million to expand the EIS to target one million Filipino firms including 3,000 large-scale enterprises.
The system will help the BIR improve tax administration leading to better revenue collection as well as assist Filipino businesses, particularly MSMEs in streamlining business processes and maximizing usability of sales information
The Korean Embassy believes that Korea’s continued support to building and expanding the EIS will help the Philippine government address issues on compliance and transparency of business transactions as well as contribute to improving taxpayer services and by doing so, ultimately build stronger trust of business on tax administration.
