New Requirement for ALL VAT-registered taxpayers

Revenue Regulations No. 1-2012 dated December 14, 2012 and effective January 1, 2012 amended Section4.114-3 and (e)(7) of Revenue Regulations No. 16-2005 now requiring ALL VAT-registered taxpayers to submit the following:a. Quarterly Summary List of Sales, and,b. Quarterly Summary List of Purchases.The said summary list of sales and purchases shall be submitted through Compact Disk Reader (CDR). This is required to be submitted not later than 25th day of the month following the close of the quarter. Failure to file the same is subject to penalty of P1,000 for each such failure, unless such failure is due to reasonable cause and not to willful neglect. For the purpose, failure to report each buyer or supplier is a single act or omission punishable but not to exceed P25,000 for the taxable...

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