Revenue Memorandum Circular · RMC
RMC No. 8-2023
To revise the provisions on the submission of the Inventory List and other reporting requirements prescribed under Revenue Memorandum Circular No. 57-2015, specifically by amending Section 2 on the prescribed format and deadline for submission.
- Document type
- RMC
- Number
- 8
- Year
- 2023
- Text quality
- Not specified
Document text
Reference copy · verify against the official sourceRMC No. 8-2023 (January 20, 2023) revises the inventory list reporting rules under RMC No. 57-2015 by amending Section 2. Taxpayers with tangible asset-rich balance sheets — often with at least half of total assets in working capital assets such as accounts receivable and inventory — must submit, in addition to the annual inventory list, prescribed schedules/lists in soft copies using Annex "A" (manufacturing/merchandising or retail company), Annexes "B" and "B-1" (real estate company), and Annex "C" (construction industry). The soft copies must be saved in a properly labelled DVD-R or USB flash drive and submitted with a notarized certification (Annex "D") signed by the taxpayer's authorized representative certifying that the data are true and correct.