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Compliance
Requirements
Compliance Requirements
1. Invoicing requirement
2. Accounting requirement
3. Filling vat of return
4. Filling of quarterly summary lists
Invoicing Requirement
1. VAT invoice for every sale, barter or exchange of goods or properties.
2. VAT official receipt for every lease of goods or properties, and for
every sale, barter or exchange of services.
Content of the VAT Invoice or Official Receipt
1. Name of Seller
2. Business Style of the Seller
3. Business Address of the Seller
4. Statement that the seller is a VAT-registered person,
followed by his TIN
5. Name of Buyer
Content of the VAT Invoice or Official Receipt
6. Business Style of the Buyer
7. Address of Buyer
8. TIN of buyer, if VAT –registered and amount exceeds
P1,000.00
9. Date of transaction
10. Quantity
Content of the VAT Invoice or Official Receipt
11. Unit Cost
12. Description of the goods or properties or nature of the
service
13. Purchase price plus the VAT
14. Authority to Print Receipt Number at the lower left corner
of the invoice or receipt
Accounting Requirement
1. Regular accounting records
2. Subsidiary sales Journal
3. Subsidiary purchase Journal
Filing of VAT Return
Who are required to file VAT returns?
• Any person or entity who in the course of his trade or business, sells,
barters, exchanges, leases goods or properties, and renders services
subject to VAT, if the aggregate amount of actual gross sales or receipts
exceeds P1,919,500
• Person required to register as a VAT taxpayer but failed to register
• Any person who imported goods, whether or not made in the course of
his trade of business.
Filing of VAT Return
Where to file that VAT return?
To the following in order of priority:
1. Authorized agent bank under the jurisdiction of the RDO/LTO where
the taxpayer (head office if the business establishment) is required to
be registered
2. Revenue collection officer
3. Duly authorized treasurer of the municipality or city
Filing of VAT Return
Deadline of filing the monthly return:
Manual filing
(BIR Form 2550M)
-20 days from the end of the month
Filing of VAT Return
Through electronic Filing and Payment System (eFPS)
Business Industry Period for filing Monthly VAT
declaration
Group A
Insurance and Pension
Funding
Activities Auxiliary to Financial
Intermediation 25 days following the end of the month
Construction
Water Transport
Hotels and Restaurants
Land Transport
Filing of VAT Return
Through electronic Filing and Payment System (eFPS)
Business Industry Period for filing Monthly VAT
declaration
Group B
Manufacture and Repair of Furniture
Manufacture of Basic Metals
Manufacture of Chemicals and Chemical Products
Manufacture of Coke, Refined Petroleum & Fuel
Products
Manufacturer of Electrical Machinery & Apparatus
N.E.C.
Manufacture of Fabricated Metal Products 25 days following the end of the month
Manufacture of Food, Product & Beverages
Manufacture of Machinery & Equipment N.E.C.
Manufacture of Medical, Precision, Optical
Instrument
Filing of VAT Return
Through electronic Filing and Payment System (eFPS)
Period for filing Monthly VAT
Business Industry declaration
Group B
Manufacture of Motor Vehicles, Trailer &
Semi-Trailer
Manufacture of Office, Accounting &
Computing Machinery
Manufacture of Other Non-Metalic Mineral
Products
Manufacture of Other Transport Equipment 25 days following the end of the
Manufacture of Other Wearing Apparel month
Manufacture of Paper and Paper Products
Manufacture of Radio, TV & Communication
Equipment /Apparatus
Manufacture of Rubber & Plastic Products
Filing of VAT Return
Through electronic Filing and Payment System (eFPS)
Troy Corporation requested for the cancellation of his VAT for his continuous inability to exceed
the VAT threshold after the expiration of the three-year prescriptive period. The request was
approved on May 15, 2015.
Troy recorded the following sales during May and June of 2015:
May June
1st half of the month P 100,000 P 125,000
Mr. Andaya, a non-VAT taxpayer, reported sales of P168,000 and paid P5,000 percentage tax for
March 2015. An examination of his records revealed the following:
Total sales P 150,000
Output VAT charged 18,000
Total Invoice P 168,000