Multibook Co., Ltd. announced the release of a new feature for the Philippines that automatically generates BIR Form 2307 (Certificate of Creditable Tax Withheld at Source) on behalf of customers and sends it along with invoices to streamline the collection process.
Development Background
In the Philippines, service invoices are subject to withholding tax, where customers deduct the tax amount at the time of payment. To offset the withheld tax against corporate income tax, service providers must obtain BIR Form 2307 from each customer.
This Form 2307 collection process is extremely important yet represents a significant burden for many companies. To address this challenge, Multibook developed "PH 2307 Form EasyCollect," which automates the generation and delivery of the forms.