RMC No. 17-2011: Proposes the use of basic standard format in complying with the requirements of RR No. 15-2010 on the additional notes to Financial Statements relative to taxpayers’ tax compliance

Key points

1. Adjustable format. Taxpayers may adjust the format to fit the distinct character of their industry.
2. VAT and percentage tax. The format has fill-in statements on VAT output tax declared and the sales account it is based on, zero-rated or exempt sales and their legal basis, or percentage tax for a non-VAT registered company. It also covers VAT input taxes: beginning balance, current year purchases by category, claims for refund or credit and adjustments, and the ending balance.
3. Imports, excise and DST. It has statements on landed cost of imports with customs duties and tariff fees, and excise tax per product category (tobacco, alcohol, automobiles, oil/petroleum) for locally produced and imported items. It also has a table of Documentary Stamp Tax on loan instruments and shares of stock.
4. Other taxes and withholding. It lists local and national taxes such as real estate taxes, Mayor’s Permit, PTR, BIR annual registration and percentage taxes. Withholding taxes are given as tax on compensation and benefits, creditable and final withholding taxes.
5. Assessments and tax cases. The format covers deficiency tax assessments (final assessment notice, period, amount, and whether protested or agreed upon) and tax cases under investigation or litigation outside the BIR, with a sample RATE case under DOJ preliminary investigation for taxable year 2008.

Who is affected

• Taxpayers complying with Revenue Regulations No. 15-2010