The bureau has issued Revenue Regulations No. 1-2012 which took effect last January 1, 2012 requiring the Mandatory Submission of Quarterly Summary List of Sales and Purchases (SLSP) by All VAT Registered Taxpayer Thereby Amending Section 4.114-3 of Revenue Regulations No. 16-2005, as amended as follows:
a. Persons Required to Submit Summary Lists of Sales and Purchases. -
(1) Persons Required to Submit Summary Lists of Sales. - All persons liable for VAT such as manufacturers, wholesalers, service-providers, among others are required to submit Summary List of Sales.
(2) Persons Require to Submit Lists of Purchases. - All persons liable for VAT such as manufacturers, service-providers, among others are required to file Summary List of Purchases.
e. Rules in the Presentation of the Required Information in the Summary Schedules. - XXX
(7) The Quarterly Summary List of Sales and Purchases shall be submitted through Compact Disk-Recordable (CDR) medium following the format in Subsection (g) hereof."
Section 4.114.3 (f) is hereby repealed, and (g), (h), (i) renumbered as follows:
"f. Required Procedure and Format in the Submission of Quarterly List of Sales and Purchases - XXX
g. Issuance of Certificate of VAT Withheld at Source - XXX
h. Penalty Clause -
Under these regulations, it is also stated that the provisions of RR 16-2005 and all other issuances inconsistent herewith are hereby repealed, modified or amended accordingly. Likewise, all reference to "magnetic form 3.5-inch floppy diskettes" in RR 16-2005 shall henceforth refer to "Compact Disk-Recordable (CDR)".
Please refer ftp://ftp.bir.gov.ph/webadmin1/pdf/62304RR%201-2012.pdf of the full text of Revenue Regulations No. 1-2012.
