The failure to submit the new reporting requirements will subject the taxpayers to penalties provided under Section 250 and 255 of the Tax Code. “The submission of the schedules and inventory list that does not conform with the herein prescribed format shall be deemed not received by the concerned office of the BIR and shall be considered as grounds for the imposition of penalties under the Tax Code, as amended,” the circular said. Audio CD 6 offers from 25.02 Big Time Rush Greatest Hits Big Time Rush 74 Audio CD 2 offers from 17.05 Btr Big Time Rush 111 Audio CD 5 offers from 9.98 Big Time Rush: Season 1, Volume One Kendall Schmidt 158 DVD 18 offers from 2.77 Up All Night One Direction 2,968 Audio CD 30 offers from 2. The new requirements provide for a format specifically for companies in the industries of retail, manufacturing, real estate and construction, but shall also be applicable to other companies not in these industries but are also maintaining inventories in their businesses. “It bears stressing that the data/information contained in the said schedules/lists should be reconciled with the amount declared in the financial statements and annual income-tax returns,” it added.
Hence, the addit ional reports or s chedules to be submitted and filed with the annual inventory list shall cover companies maintaining inventory of stock-in-trade, raw materials, goods in process, supp lies and other goods, such as manufacturing, wholesaling, distributing/r etailing sectors, including real-estate de alers/developers, service companies, construction companies, building contractors, etc.,” the circular said. “This circular aims to consistently apply the data requirements across different sectors with the peculiarity of the industry, where the taxpayers belong directing the volume of reporting.
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