Revisions in the 2023 Submission of Inventory List
- Eric J. Magcale, CPA
- Jan 28, 2023
- 1 min read
Updated: Jan 29, 2023
The deadline for the submission of the inventory list under Revenue Memorandum Circular (RMC) No. 57-2015* for the taxable year ended December 31, 2022 is on January 30, 2023. Taxpayers are encouraged to take a look at this recently issued RMC that affects the rules on the submission of the annual inventory list.
The BIR has issued RMC No. 8-2023* that revises the provision on the submission of Inventory List and other reporting requirements pursuant to Section 2 of RMC No. 57-2015*.
The table below shows the highlights of the comparison of these two RMCs:
The submission of the prescribed inventory list covers asset-rich companies like:
· Manufacturing companies (see Annex A*)
· Merchandising or retail companies (see Annex A*)
· Real estate companies (see Annex B and B-1*)
· Construction companies (see Annex C*)
The sworn statement to be attached to the inventory list to be submitted to the BIR is in Annex D*.
The rest of the provisions of the old RMC has still to be observed in the submission of the said inventory list.
*The complete manuscript of the BIR issuance and the related Annex could be downloaded below.
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