EASE OF PAYING TAXES ACT (EOPT) Explained for Percentage Tax (Micro and Small Taxpayers)

This video talks about EOPT updates on GROSS SALES, INVOICE and VAT THRESHOLD. The EOPT Act adopts the accrual basis of recognizing sales for both sales of goods and services, including transactions to government or any of its political subdivisions, instrumentalities or agencies, and government-owned or controlled corporations (GOCCs). Hence, all references to “gross selling price”, “gross value in money” and “gross receipts” shall now be referred to as the “GROSS SALES”. Regardless of whether the sale is for goods under Section 106, or for service under Section 108 of the Tax Code. Inasmuch as there is a shift from cash basis to accrual basis for sale of service, the EOPT Act mandates a single document for both sales of goods and services. Hence, all references to Sales/commercial Invoices or Official Receipts shall now be referred to as “INVOICE” The EOPT Act re-introduced the regular updating of the VAT-exempt threshold every three (3) years pursuant to Section 109(CC), in relation to Section 116 of the Tax Code. Hence, all provisions mentioning the VAT-exempt threshold of three million pesos (P3,000,000.00) shall now be read as “the amount of VAT threshold herein stated shall be adjusted to its present value every three (3) years using the Consumer Price Index (CPI), as published by the Philippine Statistics Authority (PSA)” ===================== 🌍 Video References RR No. 3-2024 - https://tinyurl.com/rrno32024 RR No. 11-2024 - https://tinyurl.com/revregno112024 #bir #EOPT #tax #grosssales #invoice ===================== 🔗 Links to Watch! 3% Percentage Tax -    • 3% Percentage Tax Explained | How to Compu...   Basics of Business Taxes -    • Introduction to Business Tax | Basics of P...   8% Optional Income Tax -    • How to Compute Income Tax of Mixed Income ...   How to file 2551Q -    • How to File Percentage Tax 2551Q using eBI...   Value Added Tax -    • Value Added Tax (VAT) in the Philippines   Other Percentage Tax -    • Percentage Tax in the Philippines Explained   ===================== ⌚️ Time Stamps: 00:00​ Intro 00:14 Gross Sales 02:00 The Invoice 04:12 VAT Threshold 05:09 Outro ===================== Disclaimer: This video is mainly for academic purposes and is not a substitute in doing due diligence. For highly technical tax issues, seek professional assistance or contact BIR for proper tax compliance.