![]() V-1 provides that the Inventory Listshould includevarious details relating to the type, value and number of inventories held by a company. What Information Must be Included in the Inventory List? One of our previous articles might be quite helpful in this regard as we identify a number of inventory management controls that can help your PH business and make the submission of BIR Inventory Lists each year a much more efficient process! If you don’t have robust inventory management processes or systems in place, completing the Inventory List accurately can sometimes be quite a challenge! V-1 also requires that details relating to such inventories held at the end of each financial year by a company must be prepared and submitted to the BIR. V-1, also known as the Bookkeeping Regulations, provide that taxpayers in the Philippines that hold inventories for sale are required to have and maintain a book of inventories. The primary reason for submitting an Inventory List in the Philippines is simple – it’s a mandatory compliance requirement under the Philippine tax and compliance framework. It’s important to note that the Inventory List is not the only inventory-related document or record that has to be submitted to the BIR at the time of submitting the Inventory List! The BIR requires other inventory-related documents, records and schedules to be submitted along with the Inventory List – as outlined further below! Why Must PH Companies Submit an Inventory List? See further below for the submission Deadline Date that applies to your business! This means that the last date of the financial year for many businesses will be 31 December. calendar or fiscal) of the particular business.Many companies in the Philippines will have financial years that follow the calendar year. TheDeadline Date for submission each year depends on the financial year (i.e. The Inventory List is a comprehensive report that must outline the details of all inventories held by a company as at the last date of the company’s financial year. This list must be prepared and submitted by relevant companies to the BIR on an annual basis. The Inventory List is a compliance requirement for businesses that hold inventory for sale in the Philippines. ![]() 7 What is the Deadline for Submitting the Inventory List?. ![]() 6 But, My Business Does Not Have Any Inventories at the End of the Year?. ![]() 5 It’s Important to Know What to Include in the Inventory List!.4 What Can Be Excluded From the Inventory List?.3 What Information Must be Included in the Inventory List?.2 Why Must PH Companies Submit an Inventory List?. ![]()
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