| CONTACT: |
| Supreme Court of the Philippines Library Services, Padre Faura, Ermita, Manila, Philippines 1000 |
| (632) 8524-2706 |
| libraryservices.sc@judiciary.gov.ph |
(NAR) VOL. 5 NO. 1/JANUARY - MARCH 1994
[ BIR REVENUE REGULATION NO. 5-94, February 18, 1994 ]
REGISTRATION OF PLACE/PREMISES WHERE INVENTORY OF GOODS FOR SALE ARE KEPT
Pursuant to Section 245, in relation to Sections 4, 16(c) and 237 of the National Internal Revenue Code, as amended, the following regulations are hereby promulgated in order to effectively monitor, for tax purposes, acquisition and disposition of inventory of goods by certain taxpayers.
SECTION 1. Registration requirement. - Any taxpayer who sells goods in the course of his trade or business shall register the place/premises where his inventory of goods for sale or for use in his business are kept.
SECTION 2. Where and when to register. - (a) Where to register. - The Taxpayer's place/premises where his inventory of goods are kept shall be registered with the Revenue District Office having jurisdiction over the location of the said place/premises. If the aforesaid taxpayer maintains two or more places/premises for inventory keeping, all the aforesaid places/premises shall be registered with the Revenue District Office or offices having jurisdiction over the location of the aforementioned places/premises.
(b) When to register. - The place/premises where the taxpayer's inventory of goods are kept shall be registered by the taxpayer within thirty (30) days from the date the aforesaid place/premises has been used by the aforesaid taxpayer for storage or keeping of his inventory of goods.
SECTION 3. Record of inventories. - Section 13 of Revenue Regulations No. V-1, as amended, otherwise known as the Bookkeeping Regulations, is hereby amended to read as follows:
SECTION 4. Penal provision. - Any person required by these regulations to register and keep a book of inventories who fails to register and keep such book shall be penalized under Section 274 of the National Internal Revenue Code, as amended.
SECTION 5. Transitory provision. - Any person already engaged in the sale of goods in the course of his trade or business at the time these regulations became effective shall register his place/premises used for the storage or keeping of his inventories within thirty days from date of effectivity of these regulations.
SECTION 6. Effectivity. - These revenue regulations shall take effect fifteen days after publication in any newspaper of general circulation.
Adopted: 18 Feb. 1994
(Sgd.) ROBERTO F. DE OCAMPO
Secretary of Finance
SECTION 1. Registration requirement. - Any taxpayer who sells goods in the course of his trade or business shall register the place/premises where his inventory of goods for sale or for use in his business are kept.
SECTION 2. Where and when to register. - (a) Where to register. - The Taxpayer's place/premises where his inventory of goods are kept shall be registered with the Revenue District Office having jurisdiction over the location of the said place/premises. If the aforesaid taxpayer maintains two or more places/premises for inventory keeping, all the aforesaid places/premises shall be registered with the Revenue District Office or offices having jurisdiction over the location of the aforementioned places/premises.
(b) When to register. - The place/premises where the taxpayer's inventory of goods are kept shall be registered by the taxpayer within thirty (30) days from the date the aforesaid place/premises has been used by the aforesaid taxpayer for storage or keeping of his inventory of goods.
SECTION 3. Record of inventories. - Section 13 of Revenue Regulations No. V-1, as amended, otherwise known as the Bookkeeping Regulations, is hereby amended to read as follows:
"Sec. 13. Record of inventories. - ANY PERSON, NATURAL OR JURIDICAL, ENGAGED IN THE SALE OF GOODS IN THE COURSE OF HIS TRADE OR BUSINESS shall keep, in addition to the other books and records prescribed in these regulations, a book of inventories, in which SHALL BE RECORDED in detail the quantity, description, unit cost, and the total cost of every item of their stock-in-trade, materials, supplies and all other goods found in the premises of their establishments at the time they start business and at the close of the TAXABLE YEAR, WHETHER A CALENDAR YEAR OR FISCAL YEAR. The inventory at the beginning shall be made and submitted TO THE REVENUE DISTRICT OFFICE HAVING JURISDICTION OVER THE TAXPAYER'S PRINCIPAL PLACE OF BUSINESS WITHIN TEN DAYS AFTER STARTING THE BUSINESS, and the subsequent inventories not later than thirty days after the close of the ACCOUNTING PERIOD EMPLOYED, WHETHER A CALENDAR YEAR OR FISCAL YEAR.
THE BOOK OF INVENTORIES REFERRED TO IN THIS SECTION SHALL, BEFORE USE BY THE TAXPAYER, BE FIRST REGISTERED WITH THE CORRESPONDING REVENUE DISTRICT OFFICE, IN ACCORDANCE WITH THE EXISTING PROVISIONS OF LAW AND REGULATIONS."
SECTION 4. Penal provision. - Any person required by these regulations to register and keep a book of inventories who fails to register and keep such book shall be penalized under Section 274 of the National Internal Revenue Code, as amended.
SECTION 5. Transitory provision. - Any person already engaged in the sale of goods in the course of his trade or business at the time these regulations became effective shall register his place/premises used for the storage or keeping of his inventories within thirty days from date of effectivity of these regulations.
SECTION 6. Effectivity. - These revenue regulations shall take effect fifteen days after publication in any newspaper of general circulation.
Adopted: 18 Feb. 1994
(Sgd.) ROBERTO F. DE OCAMPO
Secretary of Finance