BIR may perform cross matching and discrepancies may trigger further investigation. It is advisable to compare and reconcile the details with the other reporting entity. In some cases, two entities will be reporting the inventory (e.g., the consignor and the consignee). Approval of a request for extension is not guaranteed. In simple word, to keep zero stock for selling purpose will be called zero. Instead of requesting for an extension, choose to submit a list on September 30 and amend it later, if necessary. Therefore, ensure that the information are correct and consistent with the other reports and returns maintained or submitted by the company to the BIR. The inventory lists will be used in tax investigations. Jotform lets you quickly and accurately update inventory by product name, quantity on hand, quantity to order, and unit price. Request for extension indicating the reasons may be filed with the RDO. The inventory list may be amended and re-submitted before a Letter of Authority or Assessment Notice is received. The rest shall file 30 days from fiscal year end.Ĭan the list be amended? Can you request for extension? Yes, taxpayers reporting on fiscal year basis which ended Jand thereafter, shall also file their enhanced inventory lists on September 30. Office supplies, manufacturing supplies, parts and materials not forming part of the saleable inventories or inventories intended for sale shall not be included.įor retail and manufacturing industry, the amount to be reported under “unit price” shall be the cost of the saleable inventories, not the selling price.įor construction industry, the amount to be reported under “contract price” is inclusive of VAT.Īre taxpayers on fiscal year basis also required to submit on September 30? 10.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method 10.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method 10.4 Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet 10.5 Examine the Efficiency of Inventory Management Using. Only saleable inventories or inventories intended for sale shall be included in the inventory list. ![]() What should be included in the inventory list? ![]() In a forum organized by the BIR last September 25, the following issues were clarified:Īll taxpayers maintaining saleable inventories/inventories intended for sale are required to submit the enhanced inventory list even is there is zero balance of such inventories at the end of the year. Please refer to our Tax Alert issued on September 18 for details. Negative inventory shows with negative numbers in the Quantity on Hand (QOH) column. The IVD is the ONLY report that you can use to evaluate the extent of your negative inventory. The enhanced inventory list prescribed in Revenue Memorandum Circular 57-2015 is due tomorrow, September 30. Negative Inventory can show up on your Balance Sheet but primarily it shows on the following reports: Inventory Valuation Detail (IVD) report.
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