RR No. 1-2012: Requires the mandatory submission of Quarterly Summary List of Sales and Purchases by all VAT registered taxpayers

Summary

RR No. 1-2012 requires all VAT registered taxpayers to submit the Quarterly Summary List of Sales and Purchases (SLSP), amending Section 4.114-3 of RR No. 16-2005, as amended.

Key points

1. Who must submit. All persons liable for VAT, such as manufacturers, wholesalers and service-providers, submit the Summary List of Sales. All persons liable for VAT, such as manufacturers and service-providers, file the Summary List of Purchases.
2. Submission medium. The Quarterly SLSP is submitted through Compact Disk-Recordable (CDR) medium, following the format in Subsection (g) of the Section.
3. Floppy diskette references. Every reference to magnetic form 3.5-inch floppy diskettes in RR No. 16-2005 now refers to Compact Disk-Recordable (CDR).

Who is affected

• VAT registered taxpayers
• Persons liable for VAT

Deadlines and effectivity

• Effective January 1, 2012

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.