QAU Alert 6: Impact from the Application of Revised PAS 19
RR NO. 1-2012 REQUIRES THE MANDATORY SUBMISSION OF QUARTERLY SUMMARY LIST OF SALES AND PURCHASES BY ALL VAT REGISTERED TAXPAYERS
This Revenue Regulation, which was issued on February 20, 2012, requires the mandatory submission of Quarterly Summary List of Sales and Purchases (SLSP) by all VAT registered persons, disregarding the P2.5M and P1.0M threshold on sales and purchases which is previously mandated by Section 4.114-3 of RR 16-2005.
Furthermore, it now requires the use of Compact Disk Recordable (CDR) as a medium for the submission of the aforementioned list instead of the diskettes that was previously mandated by RR 16-2005 also.
RR NO. 2-2012 PRESCRIBES THE TAX ADMINISTRATION TREATMENT OF PETROLEUM AND PETROLEUM PRODUCTS IMPORTED INTO THE PHILIPPINES
Issued on February 20, 2012 prescribes the tax administration treatment of petroleum and petroleum products imported into the Philippines including those coming in through freeport zones and economic zones and registration of all storage tanks, facilities, depots and terminals.
This regulation include the promulgation of VAT and Excise Taxes on all petroleum and petroleum products that are imported and/or brought directly from abroad to the Philippines, including Freeport and Economic zones, which shall be paid by the importer thereof to the Bureau of Customs (BOC).
It was also emphasized that the importer may file a claim for credit or refund of VAT and Excise Taxes with the BOC whenever the subsequent exportation or sale/delivery of these petroleum products are made to international carriers of Philippine or Foreign Registry for use or consumption outside the Philippines or exempt entities or agencies covered by tax treaties, conventions and international agreements for their use or consumption (covered by Certification in such entity's favor), as well as entities which are by law exempt from indirect taxes.
In the event that the said Freeport/Economic zone-registered enterprise shall subsequently sell/introduce the petroleum or petroleum products, or part of the volume thereof, into the customs territory (except sales of fuel for use in international operations) or another Freeport/Economic zone-registered enterprise not enjoying tax privileges, no refund for Excise Taxes shall be granted to the importer for the product sold. In any event, the possessor of petroleum or petroleum products must be able to present sufficient evidence that the Excise Taxes due thereon have been paid, otherwise the Excise Taxes due on said goods shall be collected from said possessor/user.
