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Inventory List Submission
Inventory List Submission
According to Section 13 of Revenue Regulations No. V-1, otherwise known as the Bookkeeping
Regulation
Persons required by the laws to pay internal revenue taxes on business shall keep, in addition to the other
books and records, a book of inventories.
Not filing of Inventory List will not only cause you delay.
It will cause you penalties amounting P1,000 – P25,000 per year.
And even though you already paid the penalties,
you still need face the hassle of preparing and submission of inventory list before you can close your
business.
And this is because of simply not knowing the importance of submission Inventory list.
If you want to know how to comply with Submission of Inventory List, this free guide is for you.
A. Annex A / B / and/or C
B. Annex D
C. DVD-R
A. Annex A – C of RMC No. 57-2015
a. Annex A of RMC No. 57-2015 for Retail and Manufacturing Industry
b. Annex B and B-1 of RMC No. 57-2015 for Real Estate Industry
c. Annex C of RMC No. 57-2015 for Construction Industry
C. DVD-R
Hard and Soft copies of the inventory list including other applicable schedules shall be stored/saved in
Digital Versatile Disk-Recordable (DVD-R)
The DVD-R shall be properly labeled.
7. Gasoline Stations to submit a Sworn Declaration of Inventory of Diesel, Gasoline and Kerosene
as of December 31,2019 on or before January 15 every year (New released)
References
A. Submission of Inventory List and Other Reporting Requirements (RMC No. 57-2015)
B. Gasoline Stations declaration (RMC No. 2-2020)
C. Revised Schedule of Compromise Penalty (Annex A of RMO No. 7-2015)