BIR to check on companies’ year-end inventories
Here’s one last attempt of the Bureau of Internal Revenue (BIR) to catch up of companies trying to pull a fast one on the revenue agency.
BIR field personnel will be going out and check the warehouses of companies to verify their year-inventories viz-a-viz their submitted year-end declaration.
Revenue Memorandum Order No. 40-2009 was issued by BIR Commissioner Joel Tan-Torres to validate the correctness of inventory lists for taxable year 2009.
“We can expect our people to celebrate the New Year in warehouses to check inventories of taxpayers,” he said on Monday.
“The best way to ensure that the inventories are properly reported by the taxpayers is for our revenue offices to be present during the conduct of the annual inventory taking,” he added.
Entrepreneurs who are not reporting their actual figures might want to twice, although the choosing of warehouse to visit could be random, it’s better to be safe than sorry.
Those who’ll make it on the list which will be prepared by the revenue district offices are businesses whose peso value of ending inventory is 50% more than its declared sale for the year.
Exception to this are car dealers, excise taxpayers, supermarkets, groceries, drugstores, and all those who maintain fast-moving goods.
December 28, 2009
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Tags: BIR, businesses, entrepreneur, Government, Philippines, taxes В· Posted in: Announcement, Corporations, economy, finance, Government, Law, money, Philippine business news, Philippines, Pricing, Products, Taxation
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