New Format on the Submission of Inventory List and Other Reporting Requirements with the BIR

On 20 January 2023, the Bureau of Internal Revenue (“BIR”) published Revenue Memorandum Circular (“RMC”) No. 8-2023 revising the provision on the submission of inventory list and other reporting requirements pursuant to RMC No. 57-2015. 

The RMC was issued to implement an expanded and improved landscape of accounting information reporting that seeks to provide reliable data and to maximize the quality and adequacy of such data for better monitoring and analysis of Inventory Lists per RMC No. 57-2015.

RMC No. 8-2023 now provides that all taxpayers with tangible asset-rich balance sheets, often with at least half of their total assets in working capital assets, shall submit, in addition to the annual inventory list, schedule/lists prescribed herein, in softcopies, using the format shown in the Annexes of the RMC No. 57-2015. Prior to this amendment, the BIR required the taxpayers to submit the inventory list both in hard and soft copies. 
Lastly, the taxpayers now have an option to save the said soft copies in a Universal Storage Bus (“USB”) Flash Drive. Under the RMC, the soft copies of the inventory list including other applicable schedules shall be stored/saved in Digital Versatile Disk-Recordable (“DVD-R”) or USB Flash Drive properly labelled and submitted, together with a notarized certification, duly signed by the authorized representative of the taxpayer certifying that the data/information contained in the DVD-R or USB are true and correct.