RMC No. 57-2015: Provides additional guidelines on the submission of inventory list and other reporting requirements

Key points

1. Who submits. Taxpayers with tangible asset-rich balance sheets, often with at least half of total assets in working capital assets such as accounts receivable and inventory, submit additional schedules and lists. These are submitted in addition to the annual inventory list.
2. Format. The schedules and lists specified in the Circular are submitted in hard and soft copies using the prescribed format.
3. Non-conforming submissions. A submission that does not follow the prescribed format is deemed not received by the concerned BIR office. It is a ground for the penalties under Sections 250 and 255 of the NIRC of 1997, as amended.

Who is affected

• Taxpayers with tangible asset-rich balance sheets