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.
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 (m
n
d
-tôr
, -t
r)
nd-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
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
Kindly explain this:
ReplyDeleteInformation that Must be Contained in the Quarterly Summary List of Sales to be Submitted. — The quarterly summary list must contain the monthly total sales generated from regular buyers/customers, regardless of the amount of sale per buyer/customer, as well as from casual buyers/customers with individual sales amounting to P100,000.00 or more. For this purpose, the term "regular buyers/customers" shall refer to buyers/customers who are
engaged in business or exercise of profession and those with whom the taxpayer has transacted at least six (6) transactions regardless of amount per transaction either in the previous year or current year. The term "casual buyers/customers", on the other hand, shall refer to buyers/customers who are engaged in business or exercise of profession but did not qualify as regular buyers/customers as defined in the preceding statement.
For fast food chains who issues POS OR, how can the taxpayer get all the names and tin for this reporting? Since it is also required to state the TIN and NAME among others. TIN is essential for cross matching. The summary list would be useless if the taxpayer would just submit "various." Would the above mean that the taxpayer needs only to report the regular and casual customers as defined above? Therefore, the total amount of sales in the summary list does not necessarily tally with the amounts in the VAT Return? What if you have no regular and casual customers, what will you report?
Therefore, there is no need to submit if you have nothing to report. Submission is different from filing. If there is nothing to submit, no need to submit i.e., Summary List. But if there is nothing to report, you still need to file i.e., BIR Returns even if no transactions.
Please correct me if I am mistaken. Thanks.
As taxpayer, efps enrolled.. do we still need to file manually the summary list of sales and purchases? We e-sub all the info to e-relief.. the "idea" for efps file is to do our work easily.
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ReplyDelete