Reminder: Inventory List Deadline

The above image is an inventory of our client, as we conduct the counting, in compliance with the Revenue Memorandum Circular No. 57-2015 (RMC No. 57-2015).

Lately, BIR has send letter to taxpayers regarding compliance with Inventory List submission. It’s a hit or miss letter aimed at no one. Some of our clients have receive that BIR letter even though they have just started their business, and others do not have any inventory at all. I think, the BIR is just making themselves more visible to taxpayers through those letters, which could help more compliance from taxpayers. Another possibility is, it could be a sign that BIR will be strictly implementing the said RMC, which non-compliance could trigger an LOA. Hence, Inventory List must not be taken for granted and must be submitted properly to avoid future problem.

This is due on January 30, 2020. More details of the RMC No. 57-2015 here: RMC No. 57-2015.

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