[Ask the Tax Whiz] Ease of paying taxes law revenue regulations

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Additionally, billings for sales of services on account, which were previously based on receipts or payments, will now be referred to as “BILLING” or “BILLED.” This change aims to streamline the invoicing process and ensure consistency in reporting under the new tax framework. If the seller eventually gets paid for these outstanding sales, they’ll need to add the corresponding VAT to their VAT payment for that period. These rules don’t change the conditions for deducting bad debt expenses in income tax returns.

How does the risk-based VAT refund under the EOPT Act work, and what are the set of criteria introduced by the newly issued Revenue Regulations 5-2024? I still have some official receipts left unused for my business. However, under the EOPT Law, those receipts are not valid anymore. What should I do with the unused receipts?

Source: Law Daily Report (lawdailyreport.net)

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