REVENUE MEMORANDUM CIRCULAR NO. 71-2004  issued on November 23, 2004 mandates the availment of the Electronic Filing and Payment System (eFPS) and Electronic Submission of Summary List of Sales and Purchases and Annual Alphalist of Income Payees and Taxes Withheld.
           The following group of taxpayers shall file electronically the applicable tax returns:
           a) All Insurance Companies who are duly registered with the Securities and Exchange Commission (SEC) and licensed as such under the Insurance Commission, not otherwise covered as Large Taxpayers or as top 10,000 taxpayers; and
          b) All Stock Brokers duly registered with the SEC not otherwise considered as Large Taxpayers or covered as top 10,000 taxpayers.
           Said taxpayers shall make use of eFPS in filing their returns and in paying taxes due thereon. The returns referred to are the returns available for e-filing as listed in Item 2.12 of Section 2 of Revenue Regulations (RR) No. 9-2001, as amended by RR No. 5- 2004. Returns of said taxpayers shall include those of their branches, provided they are located in computerized Revenue District Offices.
           For purposes of staggered filing scheme provided under RR No. 26-2002, the Insurance Companies shall belong to Group A while Stock Brokers shall belong to Group E
          All taxpayers covered by eFPS shall electronically submit their Summary List of Sales and Purchases and Annual Alphalist of Income Payees and Taxes Withheld.
           For taxpayers newly covered by eFPS, the Order shall apply to e-returns of insurance companies and stock brokers to be filed starting December 20, 2004.
           For e-submission, the Circular shall apply to:
               a. Summary List of Sales and Purchases to be filed starting with quarter ending
September 30, 2004
         b. Annual Alphalist of Income Payees (Taxes Withheld on Compensation) and Annual Alphalist of Income Payees Subjected to Final Withholding Taxes (part of BIR Form 1604CF) to be filed starting January 31, 2005; and
              c. Annual Alphalist of Income Payees Subject to Creditable Withholding Taxes (part of BIR Form 1604E) to be filed starting March 1, 2005.