Notice to Our Valued LLFC Customers
The Bureau of Internal Revenue (“BIR”) issued Revenue Regulations (RR) No. 3-2024 and No. 7-2024 implementing the new invoicing requirements provided under the Ease of Paying Taxes Act (EOPT / RA No. 11976). Under RR 7-2024, an “INVOICE” is issued as evidence for sales of goods and/or services.
Implementation Summary
- Electronic Billing Invoices: LLFC issues computer-generated Billing Invoices for both taxable sale of goods and services (e.g., Lease/Loan Interest payments).
- Official Receipts Discontinued: Manual Official Receipts are no longer issued for primary invoice recognition.
- Collection & Acknowledgement Receipts: Collection Receipts cover taxable receipt transactions, while Acknowledgement Receipts are issued for non-taxable transactions (e.g., loan principal payments).
If you have questions regarding receipt transitions or billing statements, please reach out via our official contact channels.