Revised Provision on the Submission of Inventory List and Other Reporting Requirements Pursuant to Revenue Memorandum Circular No. 57-2015

December 19, 2022 REVENUE MEMORANDUM CIRCULAR NO. 8-2023 SUBJECT : Revised Provision on the Submission of Inventory List and Other Reporting Requirements Pursuant to Revenue Memorandum Circular No. 57-2015 TO : All Revenue Officials and Employees Concerned This Circular is being issued to implement an expanded and improved landscape of accounting information reporting that seeks to provide reliable data and to maximize the quality and adequacy of such data for better monitoring and analysis of Inventory List per Revenue Memorandum Circular No. 57-2015. Section 2 is hereby amended as follows: "SECTION 2. PRESCRIBED FORMAT AND DEADLINE FOR SUBMISSION. "All taxpayers with tangible asset-rich balance sheets, often with at least half of their total assets in working capital assets, e.g. , accounts receivable and inventory, shall submit, in addition to the annual inventory list, schedules/lists prescribed herein, in soft copies , using the format shown in Annex "A" (for manufacturing/merchandising or retail company); Annexes "B" and "B-1" (for real estate company) and Annex "C" (for construction industry)" (. . .) xxx xxx xxx The soft copies of the inventory list including other applicable schedules shall be stored/saved in Digital Versatile Disk-Recordable (DVD-R) or Universal Storage Bus (USB) Flash drive properly labelled and submitted, together with a notarized certification, as shown in Annex "D" hereof, duly signed by the authorized representative of the taxpayer certifying that the data/information contained in the DVD-R or USB are true and correct. xxx xxx xxx All internal revenue officials and employees are hereby enjoined to be guided accordingly and give this Circular as wide a publicity as possible. This Circular shall take effect immediately. (SGD.) ROMEO D. LUMAGUI, JR. Commissioner of Internal Revenue ANNEX A For Retail/Manufacturing Industry Merchandise/Raw Materials/Goods in Process/Finished Goods Inventory ANNEX B For Real Estate Industry Inventory of Saleable Units with Corresponding Cost Per Project ANNEX B-1 For Real Estate Industry Schedule of Inventory of Saleable Units Per Project with the Corresponding Trade Accounts Receivable Reconciliation ANNEX C For Construction Industry Schedule of Outstanding Receivables-Beginning and Ending and Realized Gross Profit Per Project ANNEX D Sworn Declaration REPUBLIC OF THE PHILIPPINES PROVINCE OF ____________________ CITY/MUNICIPALITY OF __________ I, _________________________ (Name of Authorized Representative) , __________ (Nationality) , of legal age designated as ________ (Position) of _________________________ (Registered Name of Company/Corporation) , with business address located at _________________________ do hereby certify the following: That in compliance with Section 13 of Revenue Regulations No. V-1, otherwise known as the Bookkeeping Regulations, submitted herewith is the DVD-R containing the summary list(s)/schedule(s) of inventory _________________________ (stocks-in-trade, materials, supplies and other goods, etc.) and/or other schedules ________________ (applicable schedules) as of taxable year ending __________. That the contents of the DVD-Rs being submitted herewith conform to the prescribed format as required by the Bureau of Internal Revenue under Revenue Memorandum Circular No. _______. That the summary list(s)/schedule(s) of inventory and/or other schedules has been made in good faith, verified by us, and to the best of our knowledge and belief, is true and correct pursuant to the provisions of the NIRC, as amended, and the rules and regulations and other revenue issuances issued under authority thereof. I HEREBY DECLARE UNDER THE PENALTIES OF PERJURY THAT THE FOREGOING ATTESTATIONS ARE TRUE AND CORRECT. ____________________________ Name and Signature of Authorized Representative TIN: ______________________ SUBSCRIBED and sworn to before me, in the City/Municipality of ________, this day of _____ 20__ by ____________ with Residence Certificate No. ________ issued at __________, on _________ 20__. Notary Public Doc. No. ____ Page No. ____ Book No. ____ Series of ____