Inventory Place Registration for Tax Monitoring

Registration must be made with the Revenue District Office (RDO) that has jurisdiction over the location of the inventory premises.
If the taxpayer has multiple inventory locations, each must be registered with the respective RDO having jurisdiction.
Registration must be completed within thirty (30) days from the date the premises are first used for storing inventory.

Taxpayers, whether natural or juridical persons, engaged in selling goods must maintain a detailed Book of Inventories.
The Book of Inventories must record quantity, description, unit cost, and total cost of each item of stock-in-trade, materials, supplies, and other goods.
Inventories must be taken and recorded at the start of business and at the end of each taxable year, whether calendar or fiscal.
Initial inventory must be submitted to the RDO having jurisdiction over the taxpayer's principal place of business within ten (10) days after starting business.
Subsequent inventories must be submitted within thirty (30) days after the close of each accounting period.
The Book of Inventories must be registered with the appropriate RDO before use, in accordance with existing tax laws and regulations.

Failure to register inventory premises or keep an accurate Book of Inventories as mandated will subject the taxpayer to penalties under Section 274 of the National Internal Revenue Code, as amended.

Taxpayers already engaged in the sale of goods at the time these regulations became effective must register their inventory premises within thirty (30) days from the date of effectivity of the regulation.

These regulations took effect fifteen (15) days after publication in a newspaper of general circulation, ensuring public awareness and compliance.