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1. Revenue Regulations No. (RR) – 01- 2012 - Effective January 1, 2012, all VAT taxpayers are required to submit the quarterly summary list of sales and purchases (SLS/SLP). The requirement previously applies to VAT-registered taxpayers with total quarterly sales/ receipts (net of VAT) exceeding P2.5 M or quarterly total purchases (net of VAT) exceeding P1M.
2. RR 02 -2012 - Requires petroleum companies to pay upfront the VAT and excise tax for all importation. For VAT and excise tax paid on products subsequently sold exempt or at 0% (e.g. to PEZA companies, international carriers), petroleum company has the option to apply for refund.
3. RR 3-2012 - Clarifies that the new VAT thresholds under RR 16-2011 on sale and lease of real properties shall apply to instruments of sale (whether the instrument is nominated as deed of absolute sale, deed of conditional sale or otherwise) which are executed and notarized on or after January 1, 2012.
Please see attached copies of the RRs.
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