PICPA's 2013 National Accountancy Week

 

I am posting the PICPA's Schedule of  Activities for 2013 National Accountancy Week. I got this from PICPA Eastern Metro Manila Group in Facebook.

I will have to attend to this since i'm a member of  (ACPAPP) Association of CPA in Public Practice, although I have been inactive since my induction. Hehehe. I guess it's time for me to be active in the organization. :-)

 

BIR REVENUE REGULATION 1-2012-Mandatory Submission of Summary List of Sales & Purchases

Revenue Regulation 1-2012 : Requires the MANDATORY  submission of Quarterly Summary List of Sales and Purchases by all VAT registered taxpayers. - Issued February  20, 2012

I think a lot of taxpayers are still unaware of this revenue regulation, stating the mandatory submission of summary list of sales & summary list of purchases, even if this regulation has already been issued last year.

What it means to us? 

Answer: All VAT registered taxpayers, regardless of  total sales & purchases are required to submit the Quarterly Summary List of  Sales & Quarterly Summary List of Purchases.

When do we submit it?

Answer: We have to submit it on or before the twenty-fifth (25th) day of the month following the close of the taxable quarter (VAT quarter)-calendar quarter or fiscal quarter. However, taxpayers under the jurisdiction of the LTS, and those enrolled under the EFPS, shall, through electronic filing facility submit their  Summary List of Sales/Purchases to the RDO/LTDO/LTAD, on or before the thirtieth (30

For the calendar quarter these are the deadline:

1st quater covers  January to March           =  deadline is April 25

2nd quarter covers April to June                 = deadline is July 25

3rd quarter covers July to September         = deadline is October 25

4th quarter covers October to December    = deadline is January 25

Where to submit it?

We have to submit it to the Revenue District Office ( RDO), Large Taxpayer District Office ( LTDO) or Large Taxpayers Assistance Division (LTAD) whichever has jurisdiction over the taxpayer.

( For non large taxpayer; check your Certificate of Registration which RDO you belong.)

 

How to submit it?

Answer: Save it in Compact Disk Recordable (CDR) and bring it to BIR.

 

Things you need to know:

This is an amendment to Revenue Regulation 16-2005, which is called,  the Consolidated Value Added Tax (VAT) regulations of  2005

Which requires:

1. All VAT registered  taxpayers such as manufacturers, wholesalers, service-providers, among others, with quarterly total sales/receipts (net of VAT) exceeding Two Million Five Hundred Thousand Pesos

(P 2,500,000.00 to submit Summary List of Sales, NOW it has become MANDATORY to all VAT registered tax payers.

 

2. All VAT registered taxpayers such as manufacturers, service-providers, among others, with quarterly total purchases (net of VAT) exceeding One Million Pesos (P 1,000,000.00) are required to submit summary List of  Purchases, NOW regardless of  the total quarterly purchases, it's MANDATORY to all VAT registered taxpayers to submit the quarterly summary list of sales & purchases.

What do you mean  by mandatory?

Answer:

man•da•to•ry (ˈmæn dəˌtɔr i, -ˌtoʊr i)

adj., n., pl. -ries. adj.

1. authoritatively ordered; obligatory.

2. pertaining to, of the nature of, or containing a command.

3. having received a mandate, as a nation.

 man·da·to·ry  (mnd-tôr, -tr)

adj.

1. Required or commanded by authority; obligatory: Attendance at the meeting is mandatory.

2. Of, having the nature of, or containing a mandate.

3. Holding a League of Nations mandate over a territory.

n.pl.man·da·to·ries

mandatory

adjective compulsory, required, binding, obligatory, requisite Attendance is mandatory.
voluntary, unnecessary, optional, discretionary, nonbinding, noncompulsory, nonobligatory

For comments, questions and suggestions, please email me at yourtaxmama@gmail.com or at ione.mejia@gmail.com