REVENUE MEMORANDUM CIRCULAR NO. 122-2019 issued on November 22, 2019 terminates the submission of Semestral List of Regular Suppliers (SRS).
Under Revenue Regulations (RR) No. 11-2018, the withholding agents liable to deduct the 1% and 2% Creditable Withholding Tax (CWT) rates are now identified as Top Withholding
Agents (TWAs). The TWAs include the existing Top 20,000 Private Corporations, Top 5,000 Individual Taxpayers, Taxpayers Account Management Program (TAMP), and Medium Taxpayers. As the submission of SRS was no longer mentioned in the said regulations and this requirement cannot be applied to TAMP and Medium Taxpayers without an express provisions prescribing their compliance, this requirement is deemed to have been abandoned by operation of
Accordingly, and consistent to the policy of ease of doing business, the submission of SRS shall no longer be required.