Due to the conflicts of the policy of ease of doing business, the submission of Semestral List Regular Suppliers (SRS) shall no longer be required or terminated as mentioned in Revenue Memorandum Circular (RMC) No. 122-2019.
The Circular was issued to make clarification of the Regulations issued. Under, Revenue Regulations (RR) No. 11-2018, the withholding agents liable to deduct the 1% and 2% CWT rates are now identified as top withholding agent (TWAs). The TWAs include the existing top 20,000 private corporations, top 5,000 individual taxpayers. TAMP, and medium taxpayers. As the submission SRS was no longer mentioned in the said regulations and this requirement cannot be applied to TAMP and medium taxpayers without an express provisions prescribing their compliance, this requirement is deemed to have been abandoned by operation of law.
Please refer: https://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/RMC%20Full%20Text%202019/RMC%20No.%20122-2019.pdf of the full text of RMC No. 122-2019.
