On April 28, 2009 the Bureau of Internal Revenue, issued the Revenue Memorandum Order No. 12-2009 increasing the penalty for failure to submit Summary of Lists of Sales and Purchases from One thousand pesos (P 1,000) to Ten thousand pesos (P 10,000). The submission of Quarterly Summary Lists of Sales and Purchases (SLSP) is mandated under Revenue Regulations (RR) No. 8-2002 and Revenue Regulation No. 16-2005 as amended.
Pursuant to Section 4.110.4 of RR 8-2002, all persons liable for VAT such as manufacturers, wholesalers, service providers, among others, with quarterly total sales/receipts (net of VAT) exceeding Two Million Five Hundred Thousand Pesos (P 2,500,000) and with quarterly total purchases (net of VAT) exceeding One Million Pesos (P 1,000,000) shall submit a Quarterly Summary Lists of Sales and/or Purchases (SLSP). The SLSP should be filed to the RDO or LTDO or LTAD having jurisdiction over the taxpayer on or before the twenty-fifth (25th) day of the month following the close of the taxable quarter (VAT quarter) – calendar quarter of fiscal quarter.
NEWS & ANNOUNCEMENTS
REVENUE REGULATION NO. 12-2009 TAX ADVISORY
On April 28, 2009 the Bureau of Internal Revenue, issued the Revenue Memorandum Order No. 12-2009 increasing the penalty for failure to submit Summary of L. . .
MAIN OFFICE Address: Unit 55 Zeta II Bldg., 191 Salcedo Street,
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