Such schedules/lists shall be in addition to the annual inventory list and shall be submitted in hard and soft copies. For the initial filing, the schedules and inventory lists shall be submitted on or before 30 September 2015 covering ending inventory as of 31 December 2014.
Thereafter, the submission shall be made every 30th day following the close of the taxable year. The submission of schedules and inventory lists that does not conform with the prescribed format shall be considered grounds for the imposition of penalties.
Discover more: New BIR issuance
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Multinationals with operations in the Philippines should take note of this news in order to remain compliant.
