Are you ready for the submission of your inventory list?
Pursuant to RMC 61-2015, it states that the submission of inventory list must be on or before 30th day following the close of the taxable year, depending on the accounting period adopted by the taxpayer. For those whose taxable year ends on December 31, 2019, the submission will be on or before January 30.
How much will be the penalty?
- Failure to make, file or submit the inventory list will result in paying penalty amounting to P1,000 for each information return, schedule, report, sworn statement, certification and other document not made, filed or submitted or for each record not maintained. Provided, however, the aggregate amount to be imposed for such failures during calendar year shall not exceed Twenty Five thousand pesos.
- Failure to make/file/submit any return or supply correct information at the time or times required by law or regulation will be penalized from P1,000 to P25,000 depending on the amount of gross sales or receipts