Section 7Sec./Art. 7

Section 113 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:

"Section 113. Invoicing and Accounting Requirements for VAT-Registered Persons. -

"(A) Invoicing Requirements. - A VAT-registered person shall issue a VAT invoice for every sale, barter, exchange, or lease of goods or properties, and for every sale, barter, or exchange of services: Provided, That a digital sales or commercial invoice shall be issued for every sale, barter, or echange of digital services made by a VAT-registered nonresident digital service provider.

"(B) Information Contained in the VAT Invoice. - x x x

"(1) x x x

"(2) x x x

"(3) x x x

"(4) x x x

"(5) The digital sales or commercial invoice issued by a VAT-registered nonresident digital service provider shall indicate the following information in liue of the requirements under Section 113, Subsection (b), paragraph 1 to 4:

"(a) Date of the transaction;

"(b) Transaction reference number;

"(c) Identification of the consumer;

"(d) Brief description of the transaction; and

"(e) The total amount with the indication that such amount includes the value-added tax:

"Provided, That if the sale of digital services includes some services which are subject to VAT, and some that are VAT zero-rated, or VAT-exempt, the invoice shall clearly indicate the breakdown of the sale price by its taxable, VAT-exempt, and VAT zero-rated components: Provided, further, That the calculation of the value-added tax on each portion of the sale shall be shown on the invoice.

"(C) Accounting Requirements. - Notwithstanding the provisions of Section 233, all persons subject to the value-added tax under Sections 106 and 108 shall, in addition to the regular accounting records required, manintain a subsidiary sales journal and subsidiary purchase journal on which the daily sales and purchases are recorded. The subsidiary journals shall contain such information as may be required by the Secretary of Finance: Provided, That this subsection shall not apply to VAT-registered nonresident digital service providers.

"(D) x x x

"(E) x x x."