The Bureau of Internal Revenue (BIR) Revenue District Office 113A - West, Davao City emphasized on Monday morning, January 8, 2024 that all manufacturing businesses and other related retail establishments are also required to submit their annual inventory list and other reporting requirements until January 31, this year.
This includes pharmaceutical companies, grocery stores, hardwares, and other industries that dispense or produce goods and services.
“Kanang mga naa sa mga retail like computer or cellphone [stores], or kadtong mga naga produce og goods magsubmit gyud mo og annual inventory report, mandato na sa BIR so you need to submit it to us (Those who are in retail like computer or cellphone [stores], or those who produce goods must submit an annual inventory report, it is mandated by the BIR so you need to submit it to us),” Ace Madianda, Revenue Officer 113-A announced during the Kapehan sa Dabaw at SM Ecoland, Davao City.
Under Revenue Memorandum Circular No. 57-2015, pursuant to the Section 6 (H), Tax Code of 1997, as amended, the Commissioner may prescribe additional procedural or documentary requirements for tax administration and enforcement.
On the other hand, in line with Section 1 - Scope and Coverage, businesses maintaining inventory of stock-in-trade, raw materials, goods in process, supplies, and other goods such as manufacturing, wholesaling, distributing/retailing sectors including real estate dealers/developers, service companies, e.g., construction companies, building contractors, etc., must submit and file additional reports or schedules with the annual inventory list.
Failure to make, file or submit information necessary for the said requirements may face violation under Section 3 - Penalties.
It was stated that any violation of the circular's terms will result in penalties as specified under Sections 250 and 255 of the National Internal Revenue Code (NIRC) of 1997, as revised.
After filing, payment can be done via online banks authorized by BIR. DEF