(NAR) VOL. 23 NO. 1, JANUARY - MARCH 2012
“SECTION 4.114-3. Submission of Quarterly Summary List of Sales and Purchases. —
a. Persons Required to Submit Summary Lists of Sales/Purchases. —
(1) Persons Required to Submit Summary Lists of Sales. — All persons liable for VAT such as manufacturers, wholesalers, service-providers, among others are required to submit Summary List of Sales.
(2) Persons Required to Submit Summary Lists of Purchases. — All persons liable for VAT such as manufacturers, service-providers, among others are required to file Summary List of Purchases.x x x
e. Rules in the Presentation of the Required Information in the Summary Schedules. —x x x
(7) The Quarterly Summary List of Sales and Purchases shall be submitted through Compact disk-recordable (CDR) medium following the format provided in Subsection (g) hereof.”
Section 4.114.3(f) is hereby repealed, and (g), (h), (i) renumbered as follows:
“f. Required Procedure and Format in the Submission of Quarterly List of Sales and Purchases –x x x
g. Issuance of Certificate of VAT Withheld at Source –x x x
h. Penalty Clause –x x x”