ALPHANUMERIC TAX CODES (ATC)
|INDUSTRIES COVERED BY VAT||
|INDUSTRIES COVERED BY VAT||
|INDUSTRIES COVERED BY VAT||ATC|
1. Mining and Quarrying
|VQ010||4. Lending Investors/Dealer in securities/ Pawnshops / Pre-need Co.||VB102||8.6 Other Franchise||VB112|
|2. Manufacturing||9. Real Estate, Renting & Business Activity|
|2.1 Tobacco||VM040||5. Construction||VC010|
|2.2 Alcohol||VM110||6. Wholesale & Retail||VT010||9.1 Sale of Real Property||VP100|
|2.3 Petroleum||VM120||7. Hotel & Restaurants||9.2 Lease of Real Property||VP101|
|2.4 Automobiles||VM130||7.1 Hotels, Motels||VB100||9.3 Sale/lease of intangible Property||VP102|
|2.5 Non-Essential (Excisable Goods)||VM140||7.2 Restaurants, Caterers||VB101||10. Compulsory Social Security Public Administration & Defense||VD010|
|8. Transport Storage and Communications|
|2.7 Food Products and Beverages||VM030||8.1 Land Transport-Cargo||VB105||11. Other Community Social and Personal Service Activity||VH010|
|2.8 Pharmaceuticals||VM150||8.2 Water Transport-Cargo|
|2.9 Flour||VM050||8.2.1 Domestic Ocean Going Vessels||VB106||12. Others:|
|2.10 Sugar||VM160||8.2.2 Inter Island Shipping Vessels||VB107||12.1 Storage & Warehousing||VS010|
|2.11 Pesticides||VM100||8.3 Air Transport-Cargo||VB108||12.2 Business Services (In General)||VB010|
|2.12 Others (General)||VM010||8.4 Telephone & Telegraph||VB109||12.3 Importation of Goods||VI010|
|3. Non Life Insurance||VB113||8.5 Radio/TV Broadcasting||VB111|
BIR Form No. 2550M - Monthly VAT Declaration
Guidelines and Instructions
Who shall file
This return/ declaration shall be
filed in triplicate by the following
When and Where to File
The returns/declarations must be
filed not later than the 20th day following the end of each month;
provided, however, that with respect to taxpayers enrolled with the
Electronic Filing and Payment System (EFPS), the deadline for e-filing
the monthly VAT Declaration and e-paying the tax due thereon shall be
five (5) days later than the deadline set above. The declaration shall
be accomplished only for the first two (2) months of each
When and Where to Pay
Upon filing this return/
declaration, the total amount payable shall be paid to the Authorized
Agent Bank (AAB) where the return/ declaration is filed. In places
where there are no AABs, payment shall be made to the Revenue
Collection Officer or duly Authorized City or Municipal Treasurer who
shall issue a Revenue Official Receipt (ROR) therefore.
Rates and Bases of Tax
A. On Sale of Goods and Properties - ten percent (10%) of the gross selling price or gross value in money of the goods or properties sold, bartered or exchanged.
Computation of Tax
Definition of Terms
Input Tax means the value-added tax due from or paid by a VAT-registered person in the course of his trade or business on importation of goods or local purchase of goods or services, including lease or use of property, from a VAT-registered person. It shall also include the transitional input tax determined in accordance with Section 111 of the National Internal Revenue Code.
Output Tax means the value-added tax due on the sale or lense of taxable goods or properties or services by any person registered or required to register under Section 236 of the National Bureau of Internal Revenue Code.
All persons liable to VAT, such as manufacturers, wholesalers, service-providers, among others, with total quarterly sales/receipts (net of VAT) exceeding P2,500,000.00 and/or quarterly purchases (net of VAT) exceeding P1,000,000.00, shall submit to the RDO or LTDO or LTAD having jurisdiction over the taxpayer, on or before the 25th day of the month following the close of the VAT taxable quarter – calendar or fiscal quarter, whichever is applicable – 1) Quarterly Summary List of Sales to Regular Buyers/Customers and Casual Buyers/Customers and Output Tax reflecting BIR-registered name of the buyer who is engaged in business/exercise of profession, TIN of the buyer (only for sales that are subject to VAT), exempt sales, zero rated sales, sales subject to VAT and Output Tax (VAT on sales); 2) Quarterly Summary List of Local Purchases and Input Tax showing BIR-registered name of the seller/supplier/service-provider, address of seller / supplier / service-provider, TIN of the seller, exempt purchases, zero-rated purchases, purchases of services, capital goods and goods other than capital goods subject to VAT (exclusive of VAT), and creditable input tax and non-creditable input tax to be computed not on a per supplier basis but on a per month basis; and 3) Quarterly Summary List of Importations indicating the import entry declaration number, assessment/release date, date of importation, name of the seller, country of origin, dutiable value, all charges before release from the Customs’ custody, VAT-exempt and taxable landed cost, VAT paid, Official Receipt (OR) number of the official receipt evidencing payment of the tax, and date of VAT payment.
The Quarterly Summary List of Sales must contain the monthly total sales generated from regular buyers/customers regardless of the amount of sale per buyer/customer, as well as from casual buyers/customers with individual sales amounting to P100,000.00 or more. For this purpose, the term “regular buyers/customers” shall refer to buyers/customers who are engaged in business or exercise of profession and those with whom the taxpayer has transacted at least six (6) transactions regardless of the amount per transaction either in the previous year or current year. The term “casual buyers/customers” shall refer to buyers/customers who are engaged in business or exercise of profession but did not qualify as regular buyers/customers as defined in the preceding statement.
The names of sellers/suppliers/service-providers and the buyers/customers shall be alphabetically arranged and presented in the schedules. All the summary lists or schedules mentioned above for submission to the BIR shall mention as heading or caption of the report / list / schedule BIR-registered name, trade name, address and TIN of the taxpayer-filer and the covered period of the report/list/schedule.
The quarterly summary lists shall reflect the consolidated monthly transactions per seller/supplier or buyer for each of the three (3) months of the VAT taxable quarter of the taxpayer as reflected in the quarterly VAT return except the summary list of importation which shall show the individual transactions for the month for each month of the taxable quarter/VAT quarter. Thus, the period covered by the summary list required to be submitted to the BIR shall be the covered period of the corresponding quarterly VAT return.
The Quarterly Summary List of Sales and Purchases shall be submitted in magnetic form using 3.5-inch floppy diskettes following the format prescribed by the Bureau. The P2,500,000.00/P1,000,000.00 threshold shall refer not only to sales/purchases subject to VAT but shall likewise include exempt and zero-rated sales/purchases.
of said summary lists in diskette form shall be required for the taxable
quarter where the total sales (taxable – net of VAT, zero-rated,
exempt) exceed P2,500,000.00 or total purchases (taxable-net of VAT,
zero-rated, exempt) exceed P1,000,000. Thus, if the total quarterly
sales amounted to P3,000,000.00 and the total purchases amounted to
P900,000.00, the quarterly summary list to be submitted shall only be
for sales and not for purchases. On the other hand, if the total
quarterly sales amounted to P2,000,000.00 and the total quarterly
purchases amounted to P1,500,000.00 then the quarterly summary list to
be submitted shall only be for purchases and not for sales. Once any of
the taxable quarters’ total
Only diskettes readable upon submission shall be considered as duly filed/submitted Quarterly Summary List of Sales and Output Tax/Purchases and Input Tax/Importations. Failure to submit the quarterly summary list in the manner prescribed shall be punishable under the pertinent provisions of the Tax Code and existing regulations.
shall be imposed and collected as part of the tax:
A surcharge of fifty percent (50%) of the tax or of the deficiency tax, in case any payment has been made on the basis of such return before the discovery of the falsity or fraud, for each of the following violations;
3.Interest at the rate of twenty percent (20%) per annum or such higher rate as may be prescribed by rules and regulations, on any unpaid amount of tax from the date prescribed for the payment until the amount is fully paid.
Duly issued Certificate of Creditable VAT Withheld at Source, if applicable;
Note: All background information must be properly filled up
- All returns filed by an accredited tax representative on behalf of a taxpayer shall bear the following information:
A. For CPAs and others (individual practitioners and members of GPPs);
a.1 Taxpayer Identification Number (TIN); and
B. For members of the Philippine Bar (individual practitioners, members of GPPs):
b.1 Taxpayer Identification Number (TIN); and