VAT RELIEF for Summary List of Sales and Purchase --- Facts you need to know about

VAT RELIEF for Summary List of Sales and Purchase --- Facts you need to know about

What is VAT RELIEF?

Reconciliation of Listing for Enforcement (RELIEF) is a BIR program or software used to submit Quarterly Summary Lists of Sales and Purchases (SLSP) which is a required attachment to BIR Form 2550Q – Quarterly VAT. It supports the third party information program of the Bureau through the cross referencing of third party information from the taxpayers' Summary Lists of Sales and Purchases prescribed to be submitted on a quarterly basis.

Who are required to submit Summary List of Sales?

VAT taxpayers with quarterly total sales/receipts (net of VAT), exceeding Two Million Five Hundred Thousand Pesos (P2,500,000.00) are required to submit a Summary List of Sales.

Who are required to submit Summary List of Purchases?

VAT taxpayers with quarterly total purchases (net of VAT) of goods and services, including importation exceeding One Million Pesos (P1,000,000.00) are required to submit Summary List of Purchases.

What are the Summary Lists required to be submitted?

• Quarterly Summary List of Sales to Regular Buyers/ Customers Casual Buyers/ Customers and Output Tax
• Quarterly Summary of List of Local Purchases and Input tax; and
• Quarterly Summary List of Importation.

When is the deadline for submission of the above Summary Lists?

The Summary List of Sales/Purchases, whichever is applicable, shall be submitted on or before the twenty-fifth (25th) day of the month following the close of the taxable quarter -- calendar quarter or fiscal quarter. Note that thirtieth (30th) day of the month following the close of the taxable quarter is the deadline for EFPS-filers.

What are the penalties for failure to submit the Summary Lists?

• For failure to file, keep or supply a statement, list or information required on the date prescribed shall pay and administrative penalty of One Thousand Pesos (P1,000.00) for each such failure, unless it is shown that such failure is due to reasonable cause and not to willful neglect; and
• An aggregate amount to be imposed for all such failures during a taxable year shall not exceed Twenty-Five Thousand Pesos (P25,000.00).