REVENUE REGULATIONS NO. 1-2012 issued on February 20, 2012 requires the mandatory submission of Quarterly Summary List of Sales and Purchases (SLSP) by all Value-Added Tax (VAT) registered taxpayers, thereby amending Section 4.114-3 of Revenue Regulations (RR) No. 16 -2005, as amended, otherwise known as the Consolidated Value-Added Tax Regulations of 2005. Section 4.114-3 (a) and (e)(7) is hereby modified to read as follows: “SECTION 4.114-3. Submission of Quarterly Summary List of Sales and Purchases. — a. Persons Required to Submit Summary Lists of Sales/Purchases. — (1) Persons Required to Submit Summary Lists of Sales. — All persons liable for VAT such as manufacturers, wholesalers, serviceproviders, among others are required to submit Summary List of Sales. (2) Persons Required to Submit Summary Lists of Purchases. — All persons liable for VAT such as manufacturers, service-providers, among others are required to file Summary List of Purchases. x x x e. Rules in the Presentation of the Required Information in the Summary Schedules. — x x x (7) The Quarterly Summary List of Sales and Purchases shall be submitted through Compact Disk-Recordable (CDR) medium following the format provided in Subsection (g) hereof. “ All reference to “magnetic form 3.5-inch floppy diskettes” in RR No. 16-2005 shall henceforth refer to “Compact Disk-Recordable (CDR)”. This Revenue Regulations shall take effect on January 1, 2012.