57 2015
57 2015
DEPARTMENT OF FINANCE
BUREAU OF INTERNAL REVENUE
Quezon City
July 21, 2015
TO
BACKGROUND:
Pursuant to Section 6 (H) of the Tax Code of 1997, as amended, the Commissioner may
prescribe additional procedural or documentary requirements for tax administration and
enforcement. This Circular is therefore issued to provide guidance on how financial accounting
information, in addition to the annual inventory list required to be filed under Section 13 of
Revenue Regulations No. V-1, should be reported to the Bureau. This is in line with the Bureaus
objective of implementing an expanded and improved landscape of accounting information
reporting that seeks to provide reliable data and to maximize the quality and adequacy of such
data for better monitoring and analysis.
SECTION 3. PENALTIES
Any violation of the provisions of the Circular shall be subject to the corresponding
penalties under Section 250 and 255 of the National Internal Revenue Code (NIRC) of 1997, as
amended.
The same penalties were reiterated in Revenue Memorandum Order (RMO) No. 7-2015,
with pertinent excerpts reproduced hereunder found on page 4 of Annex A, RMO No. 7-2015, to
wit:
TAX
CODE
SEC
250
NATURE OF
VIOLATION
Failure to make,
file or submit
information
returns,
schedules,
reports, sworn
statements,
certifications
and other
documents,
(except
quarterly
SLS/P/I, and the
Annual Alpha
List of Payees
and/or the
Annual Alpha
List of
Employees
subjected to
withholding
taxes), or keep
any record
required by the
Tax Code, as
amended, or
other existing
rules and
regulations.
CRIMINAL
PENALTY
IMPOSED
AMOUNT OF COMPROMISE
255
Failure to
make/file/
submit any
return or supply
correct
information at
the time or
times required
by law or
regulation.
SECTION 4. EFFECTIVITY
This Circular shall take effect immediately.
All internal revenue officials, employees and other concerned are hereby enjoined to give
this Circular as wide a publicity as possible.
(Original Signed)
KIM S. JACINTO-HENARES
Commissioner of Internal Revenue
D-