REVENUE MEMORANDUM CIRCULAR NO. 8-2023 issued on January 20, 2023 revises the provision on the submission of Inventory List and other reporting requirements pursuant to Revenue Memorandum Circular No. 57-2015. Section 2 is amended as follows:
                         “SECTION 2. PRESCRIBED FORMAT AND DEADLINE FOR
                            SUBMISSION
               “AII taxpayers with tangible asset-rich balance sheets, often with at least half
                 of their total assets in working capital assets, e.g., accounts receivable and
                inventory, shall submit, in addition to the annual inventory list, schedules/lists
                 prescribed herein, in soft copies, using the format shown in Annex “A” (for
               manufacturing/merchandising or retail company); Annexes “B” and “B-1” (for
                     real estate company) and Annex “C” (for construction industry)” (…)
                                                              xxx xxx xxx
                   The soft copies of the inventory list including other applicable schedules
                    shall be stored/saved in Digital Versatile Disk-Recordable (DVD-R) or
                  Universal Storage Bus (USB) Flash drive properly labelled and submitted,
                  together with a notarized certification, as shown in Annex “D” hereof, duly
                 signed by the authorized representative of the taxpayer certifying that the
                      data/information contained in the DVD-R or USB are true and correct.
                                                               xxx xxx xxx”