8box Solutions Inc.


Contact Number: 09369340340
Email: sales@8box.solutions

REVENUE REGULATIONS NO. 15-2010 issued on December 10, 2010 amends certain provisions of Revenue Regulations (RR) No. 21-2002, as amended, implementing Section 6 (H) of the Tax Code of 1997, authorizing the Commissioner of Internal Revenue to prescribe additional procedural and/or documentary requirements in connection with the preparation and submission of financial statements accompanying the tax returns. In addition to the disclosures mandated under the Philippine Financial Reporting Standards, and such other standards and/or conventions as may be adopted, the Notes to Financial Statements shall include information on taxes, duties and license fees paid or accrued during the taxable year, particularly the following: a. The amount of Value-Added Tax (VAT) output tax declared during the year and the account title and amount/s upon which the same was based. If there are zero-rated sales/receipts and/or exempt sales/receipts, a statement to that effect and the legal basis therefor; b. The amount of VAT Input taxes claimed broken down into: b.1 Beginning of the year; b.2 Current year’s domestic purchases/payments for: i. Goods for resale/manufacture or further processing ii. Goods other than for resale or manufacture iii. Capital goods subject to amortization iv. Capital goods not subject to amortization v. Services lodged under cost of goods sold vi. Services lodged under other accounts; b.3 Claims for tax credit/refund and other adjustments; and b.4 Balance at the end of the year. c. The landed cost of imports and the amount of customs duties and tariff fees paid or accrued thereon; d. The amount of excise tax/es, classified per major product category, i.e., tobacco products, alcohol products, automobiles, minerals, oil and petroleum, etc. paid ond.1 Locally produced excisable items, and d.2 Imported excisable items. e. Documentary Stamp Tax on loan instruments, shares of stock and other transactions subject thereto; f. All other taxes, local and national, including real estate taxes, license and permit fees lodged under the Taxes and Licenses account both under the Cost of Sales and Operating Expense accounts; g. The amount of Withholding Taxes categorized into: i. Tax on compensation and benefits ii. Creditable withholding tax/es iii. Final withholding tax/es h. Periods covered and amount/s of deficiency tax assessments, whether protested or not; i. Tax cases and amounts involved, under preliminary investigation, litigation and/or prosecution in courts or bodies outside the BIR.