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REVENUE REGULATIONS No. 15-2010
Amending Certain Provisions of Revenue Regulations No. 21-2002, as Amended, Implementing Section 6 (H) of the Tax Code of 1997, Authorizing the Commissioner of Internal Revenue to Prescribe Additional Procedural and/or Documentary Requirements in Connection with the Preparation and Submission of Financial Statements Accompanying the Tax Returns
: All Internal Revenue Officers and Others Concerned
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REVENUE REGULATIONS No. 15-2010
Amending Certain Provisions of Revenue Regulations No. 21-2002, as Amended, Implementing Section 6 (H) of the Tax Code of 1997, Authorizing the Commissioner of Internal Revenue to Prescribe Additional Procedural and/or Documentary Requirements in Connection with the Preparation and Submission of Financial Statements Accompanying the Tax Returns
: All Internal Revenue Officers and Others Concerned
SUBJECT :
SECTION 1. Pursuant to Section 244 of the Tax Code of 1997, as
amended, in relation to Section (H) of the Same Code, these Regulations are
hereby promulgated to amend certain provisions of Revenue Regulations No.
21-2002 prescribing the manner of compliance with any documentary and/or
procedural requirements in connection with the preparation and submission of
financial statements accompanying the tax returns.
SECTION 2. Section 2 of RR No. 21-02, as amended, is hereby further amended to insert the following to paragraph (e) thereof:
“In addition to the disclosures mandated under the Philippine Financial Reporting Standards, and such other standards and/or conventions as may heretofore be adopted, the Notes to Financial Statements shall include information on taxes, duties and license fees paid or accrued during the taxable year, particularly the following:
SECTION 2. Section 2 of RR No. 21-02, as amended, is hereby further amended to insert the following to paragraph (e) thereof:
“In addition to the disclosures mandated under the Philippine Financial Reporting Standards, and such other standards and/or conventions as may heretofore be adopted, the Notes to Financial Statements shall include information on taxes, duties and license fees paid or accrued during the taxable year, particularly the following:
-
The amount of V A T output tax declared during the
year and the account title and amount/s upon which
the same was based. If there are zero-rated
sales/receipts and/or exempt sales/receipts, a
statement to that effect and the legal basis therefor;
-
The amount of V A T Input taxes claimed broken
down into:
1
-
Current year’s domestic purchases/payments
for:
-
Goods for resale/manufacture or further
processing
-
Goods other than for resale or
manufacture
-
Capital goods subject to amortization
-
Capital goods not subject to amortization
-
Services lodged under cost of goods sold
-
Services lodged under other accounts;
-
Goods for resale/manufacture or further
processing
-
Claims for tax credit/refund and other
adjustments; and
-
Balance at the end of the year.
-
The
customs duties and tariff fees paid or accrued thereon;
-
The amount of excise tax/es, classified per major
product category, i.e., tobacco products, alcohol
products, automobiles, minerals, oil and petroleum,
etc. paid on-
-
Locally produced excisable items, and
-
Imported excisable items.
-
Locally produced excisable items, and
-
Documentary stamp tax (DST) on loan instruments,
shares of stock and other transactions subject
thereto;
-
All other taxes, local and national, including real
estate taxes, license and permit fees lodged under
the Taxes and Licenses account both under the
Cost of Sales and Operating Expense accounts;
-
The amount of withholding taxes categorized into
i.
ii.
iii.
Tax on compensation and benefits
Creditable withholding tax/es
Final withholding tax/es
Final withholding tax/es
landed cost of imports and the amount of
-
Periods covered and amount/s of deficiency tax
assessments, whether protested or not;
-
Tax cases, and amounts involved, under preliminary
investigation, litigation and/or prosecution in courts
or bodies outside the BIR.”
2
SECTION 3. Section 6 of RR 21-02 is hereby amended to read as
follows:
“SECTION 6. Repealing Clause. - all existing rules, regulations and other issuances or potions thereof inconsistent with the provisions of these Regulations are hereby modified, repealed or revoked accordingly, including the submission of a separate Schedule of Taxes and Licenses.”
SECTION 4. Effectivity Clause. - These Regulations shall take effect fifteen (15) days following complete publication in a newspaper of general circulation in the Philippines.
“SECTION 6. Repealing Clause. - all existing rules, regulations and other issuances or potions thereof inconsistent with the provisions of these Regulations are hereby modified, repealed or revoked accordingly, including the submission of a separate Schedule of Taxes and Licenses.”
SECTION 4. Effectivity Clause. - These Regulations shall take effect fifteen (15) days following complete publication in a newspaper of general circulation in the Philippines.
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