Law Summary
Filing of Returns and Payment of VAT
- VAT taxpayers must file quarterly returns reporting gross sales/receipts within 20 days after each calendar quarter.
- Monthly VAT payments must be made using prescribed monthly VAT declaration form within 25 days after each month.
- Monthly declarations only required for first two months of each quarter.
- Quarterly VAT payable is the output tax minus input tax, reduced by taxes paid in the first two months or excess input taxes allowed.
Short Period Return and Initial Registration
- Persons ceasing business or whose registration is cancelled must file a final quarterly return and pay due VAT within 20 days from cessation or cancellation.
- Newly registered VAT persons must file initial monthly VAT declarations and quarterly returns depending on the month of registration.
- Detailed rules on filing monthly or quarterly returns depending on registration month and effective date.
- Issued illustrations clarifying filing deadlines based on registration timing.
- After initial filing, VAT taxpayers must file monthly declarations and quarterly returns per amended Section 23 rules.
Filing Locations and Consolidation
- Monthly declarations and quarterly returns filed and paid at accredited banks in taxpayer’s revenue district.
- If no accredited banks locally, filings and payments accepted by Revenue District Officer or authorized municipal treasurer.
- Single consolidated VAT monthly declaration/quarterly return covers all branches and lines of business.
- Declarations with no payment are filed directly with Revenue District Officer or municipal treasurer.
Summary Lists Requirement
- Taxpayers with gross sales/receipts over ₱2,500,000 per quarter must attach summary lists of sales and purchases by customer/supplier, including names, addresses, VAT numbers, and total amounts.
- Supermarkets, department stores, and similar retailers need only submit purchase lists.
Transitory Provisions
- Specifies schedule for last quarterly returns of taxpayers previously grouped as A, B, and C under old regulations.
- Establishes filing schedule for initial monthly declarations and quarterly returns for existing VAT taxpayers.
- Abolishes grouping system; all VAT taxpayers now follow uniform filing requirements.
Penalties
- Penal provisions under the NIRC and related regulations apply for infractions of these regulations.
Prescription Period
- Assessment prescriptive period for VAT starts from the quarterly return due date or actual filing date, whichever is later.
Repealing Clause
- Inconsistent existing rules, regulations, and issuances are modified or revoked to conform with these regulations.
Effectivity
- Regulations effective starting February 1, 1993.