Required Contents and Formats of the Summary Lists
- Summary lists must include:
- Names, addresses, and VAT numbers of suppliers.
- Amount of purchases, exclusive of VAT, by supplier totals.
- Names, addresses, and VAT numbers of buyers.
- Amount of sales, exclusive of VAT, by buyer totals.
- Customs import entry number, amount of importation, and VAT paid per entry.
- Suggested forms for Submission: Summary List of Purchasers, Summary List of Sales, Summary List for Imports.
- Submission can be made using printed forms or on magnetic tapes/diskettes adhering to prescribed formats.
Deadline for Submission
- The summary list must be attached to the quarterly VAT return.
- Submission period: Within 20 days after the end of each taxable quarter.
Parties Required to Issue Four-Copy VAT Invoices
- Sellers of VAT-subject goods or services to government offices, agencies, and instrumentalities.
- Sellers to persons subject to zero rate transactions.
- Sales to entities exempted by special laws or international agreements but effectively subject to zero rate.
- BOI-registered pioneer enterprises (partial or full VAT exemption).
- Sellers to Export Processing Zone Authority enterprises.
- Sellers of raw materials to specific BOI-registered exporters meeting export quotas.
- BOI-registered subcontractors and contractors processing for exporters.
- Other exempt entities under special laws or agreements.
Duties of Sellers and Buyers Concerning the Four-Copy VAT Invoices
- Sellers provide 1st and 2nd copies to buyers, retaining 3rd and 4th copies.
- Buyers:
- Government offices submit 2nd copy to local Revenue District Office within 15 days post quarter.
- Other zero-rated or exempt buyers attach 2nd copy to VAT returns and present original for refund or tax credit applications.
- Sellers attach 3rd copy to VAT return to support zero-rated or exempt sales declarations.
Special Considerations and Clarifications
- Zero-rated sales are considered taxable and require submission of summary lists, except export sales.
- Minimum qualifying sales amount (PHP 2,500,000.00) refers only to VAT-taxable sales, excluding exempt sales.
- Government agencies are not exempt from VAT; exemption depends on transaction nature and applicable laws.
- Sellers to "last consumers" (non-resellers) are exempt from submitting sales summary lists but must submit purchase lists.
- Photocopying for four-copy invoices allowed initially but strict enforcement begins April 1, 1990.
- Summary lists must include purchases from non-VAT registered persons.
Enforcement and Publicity
- Circular urges wide dissemination of these rules among concerned internal revenue officers and taxpayers.
- Effective adoption date: September 24, 1990.