Summary
RMC No. 8-2023 revises Section 2 of RMC No. 57-2015 on the submission of the Inventory List and other reporting requirements.
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Key points
- Who submits more. 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 schedules in addition to the annual inventory list. They are submitted in soft copy.
- Formats. Annex A applies to manufacturing, merchandising or retail companies. Annexes B and B-1 apply to real estate companies, and Annex C to the construction industry.
- Storage and certification. The soft copies are saved in a labelled DVD-R or USB flash drive. A notarized certification (Annex D) signed by the authorized representative, saying the data are true and correct, goes with it.
Who is affected
- Taxpayers with tangible asset-rich balance sheets
- Manufacturing, merchandising, retail, real estate and construction companies
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.