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Updated on October 19, 2016 03:48AM by Admin
Users in the Republic of the Philippines can easily set up their online Invoices to charge for the sales/services taxes. In Philippines businesses are required to charge VAT taxes on all products/services they sell. You can use our Single rate tax code calculator to make these tax rates available for use when creating invoices.
The tax code followed in the Republic of the Philippines is:
The Value Added Tax (VAT), is a form of consumption tax and it is collected at the standard rate of 12% on all supplies of goods and services.
Reference: Value Added Tax (VAT) rate of the Republic of the Philippines is referred from Bureau of Internal Revenue (Philippines) and Tax rates web sites.
Steps to Configure Taxes on Invoices App Settings
- Log in and access Invoices App from your universal navigation menu bar.
- Click on “More” icon and select "Settings" at the app header bar.
- Click on "Invoice" and select “Taxes” from the left navigation panel.
- Select “Single rate taxes” on taxation and click on “Create” button.
- Create single tax rate pop-up will emerge.
- To which Provide tax code, tax rate type and tax rate (percentage or amount)
- In tax rate type, there are two options:
- Click “create” to get done with your Single tax formation, which indicates with a tax code created pop-up.
- In capturing tax codes, two options are provided:
- After selecting capture tax level code, it auto updates itself. Thereafter for every invoice created will be based on the tax code level captured.
- You can enable or disable a tax code by clicking the highlighted symbol under the actions column.
- Now, we proceed with creating a new invoice with the above settings.
- You can either E-mail an invoice with pdf attachment or manually print invoice to be provided to your customer.
- This is how a customer views Invoice Tax code items subtotals on PDF format.
Follow this link to know more about Invoices tax code followed in various countries