RMO No. 04-2003: Prescribes the guidelines and procedures on the processing of Quarterly Summary List of Sales and Purchases and the imposition of penalties thereof

Key points

1. Who must submit and thresholds. VAT taxpayers submit on 3.5 inch floppy diskette a Quarterly Summary List of Sales if quarterly sales or receipts exceed P 2,500,000. They submit a Quarterly Summary List of Purchases if quarterly total purchases exceed P 1,000,000.
2. Threshold rules. The threshold includes taxable (net of VAT), zero-rated and exempt transactions. Once reached, the lists are required for the next three (3) succeeding quarters, whether or not those quarters exceed the threshold.
3. Where and when. The SLSP goes to the Revenue District Office, Large Taxpayers District Office or Large Taxpayers Audit Division with jurisdiction. It is due on or before the 25th day of the month after the close of the calendar or fiscal quarter.
4. Contents. The Summary List of Sales shows monthly total sales from regular buyers or customers and from casual buyers with individual sales of P 100,000 or more. The SLSP shows consolidated monthly sales or purchases per customer or seller, arranged alphabetically, while the Quarterly Summary List of Importation is arranged chronologically per transaction.
5. Diskette defects and penalties. Only good diskettes count as filed, and defective or partially defective ones submitted on the due date are still late. Replacements are due within five (5) working days from the date of return, and failure to submit the SLSP in magnetic form is punishable under the Tax Code and regulations and triggers an audit.
6. Administrative and criminal penalties. A P 1,000 penalty applies for every failure to file, keep or supply a required statement, list or information on the prescribed date, capped at P 25,000 per taxable year in aggregate. Willful failure to keep records or supply correct information is subject to criminal penalty upon conviction.

Who is affected

• VAT taxpayers with quarterly sales or receipts over P 2,500,000
• VAT taxpayers with quarterly total purchases over P 1,000,000

Deadlines and effectivity

• Submission: on or before the 25th day of the month after the close of the quarter
• Threshold reached: lists required for the next three (3) succeeding quarters
• Defective diskette replacement: within five (5) working days from date of return