Semestral List of Regular Suppliers no longer required
(Revenue Memorandum Circular No. 122-2019, November 25, 2019)
This Tax Alert is issued to inform all concerned on the submission of the Semestral List of Regular Suppliers (SRS) by Top Withholding Agents (TWAs).
The submission of SRS as provided under RR No. 14-2008 is no longer required. This requirement is deemed abandoned since it was not mentioned under RR No. 11-2018 which required the TWAs to withhold and deduct 1% and 2% CWT on their purchase of goods and services. Consistent with the policy of ease of doing business, this will also address the issue on overlapping reports since the Quarterly Alphalist of Payees (QAP) and Annual Alphalist of Payees already contain the same information in the SRS.