Law Summary
Introduction
This document summarizes the BIR Revenue Regulations No. 7-99, which amends Revenue Regulations No. 7-95, as last amended by Revenue Regulations No. 13-97. The regulations are promulgated under the authority of the National Internal Revenue Code of 1997, specifically Sections 245 and 6, to further implement Section 114 of Title IV of the Code.
Section 1: Amendment of Reporting Requirements for Computerized VAT Taxpayers
Legal Principle/Provision
The amendment updates the reporting requirements for computerized VAT taxpayers regarding the submission of their Summary Lists of Sales and Purchases.
Key Definitions
- Computerized VAT Taxpayers: Taxpayers whose record-keeping and accounting systems for sales and purchases are computerized.
Important Requirements or Procedures
- Submission Format: Summary Lists must be submitted in magnetic form (3.5-inch floppy diskettes) or through Electronic Data Transmission (EDT).
- Submission Location: Lists should be submitted to the Revenue District Office (RDO) having jurisdiction over the taxpayer's place of business or to the National Office Information Systems Operations Service (NO ISOS) if using EDT.
- Compliance Format: The lists must adhere to the magnetic file format specified in Annex "A" of the regulations.
Relevant Timeframes
- Submission Deadline: The Summary Lists must be submitted on or before the last day of the month immediately following the end of each calendar quarter.
Penalties, Liabilities, or Consequences
- The document does not specify penalties for non-compliance with the new requirements; however, failure to comply with tax regulations generally carries penalties under the National Internal Revenue Code.
Section 2: Effectivity of the Regulations
Legal Principle/Provision
The regulations state when they will come into effect.
Important Requirements or Procedures
- Publication Requirement: These regulations shall take effect fifteen (15) days after their publication in a newspaper of general circulation in the Philippines.
Relevant Timeframes
- Effectivity Date: The regulations will be effective 15 days post-publication.
Signatories
- The regulations are adopted by Edgardo B. Espiritu, Secretary of Finance.
- They are recommended for approval by Beethoven L. Rualo, Commissioner of Internal Revenue.
Key Takeaways
- BIR Revenue Regulations No. 7-99 amends reporting requirements for computerized VAT taxpayers, mandating submission of Summary Lists in specified formats.
- The regulations take effect 15 days after publication, which is crucial for compliance timelines.
- Taxpayers must ensure their submissions conform to the prescribed formats to avoid potential penalties and ensure adherence to the law.