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Tax Notes

BIR Clarifies Mode of Submission of Inventory Report and Notice in Compliance with RR No. 7-2024

25 Jun 20242 min read

Contents

In accordance with the Bureau of Internal Revenue (BIR) Revenue Regulations (RR) No. 7-2024, as recently amended by RR No. 11-2024, the BIR released Revenue Memorandum Circular (RMC) No. 66-2024 to clarify the mode of submission of inventory reports in relation to the conversions.

Taxpayers using manual or loose-leaf official receipts of Official Receipts/Billing Statement/Statement of Account/Statement of Charges may convert the same to Invoices/Billing Invoices starting April 27, 2024, provided that they submit an Inventory Report relating to these conversions on or before July 31, 2024.

On the other hand, for taxpayers issuing invoices using cash registers or point-of sale machines, computerized accounting systems, or computerized books of accounts, a notice on the renaming of the Official Receipts/Billing Statement/Statement of Account/Statement of Charges shall be furnished to the BIR within thirty (30) days from the completion of machine or system reconfiguration, or enhancement, or on December 31, 2024, whichever comes first.

Templates of the inventory list and notices have been provided by the BIR through its website.

Taxpayers have the option to submit the inventory report and/or notice through either of the following: (1)Taxpayer Registration-Related Applications (TRRA Portal) under the eServices Section in the BIR website; or (2) via direct email of the Inventory Report and Notice to Compliance Section of the Revenue District Office; or (3) manually submit the Inventory Report and Notice to the Compliance Section of the RDO where the concerned Head Office or Branch is registered.

This Memorandum Circular took effect on June 14, 2024, immediately upon publication on the BIR Official Website.

Please be guided accordingly.

Source: 

P&A Grant Thornton

Certified Public Accountants

P&A Grant Thornton is the Philippine member firm of Grant Thornton International Ltd

As published in SunStar Cebu, dated 25 June 2024

BIR Clarifies Mode of Submission of Inventory Report and Notice in Compliance with RR No. 7-2024

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BIR Clarifies Mode of Submission of Inventory Report and Notice in Compliance with RR No. 7-2024

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