RMC No. 24-2002: Prescribes the required procedures and electronic format in the submission of Quarterly List of Sales/Purchases

Key points

1. Who submits. VAT taxpayers with quarterly sales/receipts (net of VAT) above Two Million Five Hundred Thousand Pesos (P 2,500,000) submit a Summary List of Sales. Those with quarterly total purchases (net of VAT) above One Million Pesos (P 1,000,000) submit a Summary List of Purchases.
2. Contents. The list shows monthly totals per regular customer/supplier, plus casual customers/buyers with individual sales of One Hundred Thousand Pesos (P 100,000) or more.
3. Format and deadline. The list is submitted electronically on or before the 25th day of the month after the close of the taxable calendar or fiscal quarter. Options are Excel format, the taxpayer’s own Extract Program, or the BIR Data Entry Module. A Data Validation Module is available for Excel and Extract Program users.
4. Three succeeding quarters. Once the threshold is reached, the lists are required for the next three (3) succeeding quarters, whether or not later sales or purchases exceed the threshold. The threshold counts taxable (net of VAT), zero-rated and exempt transactions.
5. Where to submit. The list goes to the Revenue District Office, Large Taxpayers District Office or Large Taxpayers Assistance Division with jurisdiction. Only diskettes readable upon submission count as duly submitted.
6. Penalty and annexes. Failure to submit the lists as prescribed is punishable under the pertinent provisions of the Code and regulations. The electronic file record format, guidelines and job aids are attached as annexes.

Who is affected

• VAT taxpayers with quarterly sales/receipts above P 2,500,000
• VAT taxpayers with quarterly total purchases above P 1,000,000

Deadlines and effectivity

• Submission: on or before the 25th day of the month following the close of the quarter
• Required for the next three (3) succeeding quarters once the threshold is reached