New inventory lists due on September 30, 2015 Revenue Memorandum Circular No. 57-2015
All taxpayers with tangible asset-rich balance sheet, often with at least 50% of their assets in working capital assets, (e.g. accounts receivable and inventory) shall submit, in addition to the annual inventory list, the schedules/lists prescribed in the following Annexes of the RMC:
1. Annex A: For Manufacturing/Merchandising or Retail Company – Inventory of Merchandise/Raw Materials/Goods in Process/Finished Goods
2. Annexes B: For Real Estate Company – Inventory of Saleable Units with Corresponding Cost Per Project
3. Annex B-1: For Real Estate Company – Inventory of Saleable Units Per Project with the Corresponding Trade Accounts Receivable Reconciliation
4. Annex C: For Construction Industry – Schedule of Outstanding Receivables (Beginning and Ending) and Realized Gross Profit Per Project
Taxpayers not belonging to the aforementioned industries shall adopt from any of the above format the most applicable for their existing inventory.
The information contained in the schedule/lists should be reconciled with the amount declared in the financial statements and annual income returns.
Filing due date and venue
The initial filing is due on or before September 30, 2015 covering ending inventory as of December 31, 2014. Thereafter, the report is due every 30th day following the close of the taxable year. The reports shall be submitted in hard and soft copies to the district office where the taxpayer is registered. The soft copies shall be saved in a DVD-R and properly labeled and submitted together with a notarized certification as shown in Annex D of the RMC.
Penalties
Failure to file is subject to penalty of P1,000 per report. The submission of the schedules and inventory lists that do not conform to the prescribed format shall be deemed not received and shall be considered as grounds for imposition of penalties.
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