Summary
RR No. 21-2003 further amends the transitory provisions of RR No. 4-2003, as amended, on the deadlines for submitting the inventory list and taking inventory of automobiles.
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Key points
- Inventory list. Importers and assemblers submit a notarized list of on-hand completely assembled automobiles (CBUs), including CDK and SKD units, located in the assembly plant, warehouse or customs premises as of September 8, 2003. The list shows engine, body and chassis numbers.
- Where and when to submit. The list goes to the BIR through the Chief, Large Taxpayers Assistance Division II, not later than September 12, 2003.
- Failure to submit. Not submitting the list is construed as having no inventory of CBUs, CDKs and SKDs on hand as of September 8, 2003.
- Stocktaking. The BIR conducts stocktaking to validate the list within 5 days from its submission.
Who is affected
- Importers and assemblers of automobiles
Deadlines and effectivity
- Inventory as of September 8, 2003
- Inventory list due not later than September 12, 2003
- BIR stocktaking within 5 days from submission
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.