RMC No. 122-2019 — Terminates the submission of Semestral List of Regular Suppliers

MMONCATBUREAUOF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES V DEPARTMENT OF FINANCE BUREAUOF INTERNAL REVENUL InNYTYT NOV 22,2019 10:30 A.M1

i Quezon City 3 VU

RECORDS MGT. DIVISION

October 28. 2019

REVENUE MEMORANDUM CIRCULAR NO. 12&-2D/G

SUBJECT :Terminating the Submission of Semestral List of Regular Suppliers (SRS) TO : All Internal Revenue Officials, Employees and Others Concerned

BACKGROUND

percent (1%) and two percent (2%) creditable withhoiding taxes (CWT) on the purchase of as well as the modes of its submission to this Bureau. goods and services. respectively. Later, Revenue Memorandum Circular (RMC) No. 5-2009 was issued to prescribe the technical specifications of the electronic file format of said report submission of Semestral List of Regular Suppliers (SRS) by top 20.000 private corporations for purposes of monitoring their level of compliance in withholding and remitting the one The pertinent provisions of Revenue Regulations (RR) No. 14-2008 required the

other prescribed CWT remittances. is now amended by QAP, already contain the same information of SRS, as well as data from already prescribed under RR No. 2-98, the submission of Monthly Alphalist of Payees (MAP) was prescribed to be submitted under RR No. 11-2018. These alphalists, except for MAP which was subsequently required in 2006 and, more recently, the Quarterly Alphalist of Payees (QAP) However, prior to the above issuances, the annual Alphabetical List of Payees was

Hence, this Circular is hereby issued to address these overlapping reports. CLARIFICATION

include the existing top 20,000 private corporations, top 5,000 individual taxpayers, TAMP. and this requirement cannot be applied to TAMP and medium taxpayers without an express and medium taxpayers. As the submission SRS was no longer mentioned in the said regulations provisions prescribing their compliance, this requirement is deemed to have been abandoned by operation of law. the 1% and 2% CWT rates are now identified as top withholding agents (TWAs). The TWAs Under Revenue Regulations (RR) No. 11-2018, the withholding agents liable to deduct

SRS shall no longer be required. Accordingly. and consistent to the policy of ease of doing business, the submission of

All internal revenue officers, employees, and others concerned are hereby enjoined to give this Circular as wide a publicity as possible.

CAESAR R. DULAY Commissioner of Inte'rnal Revenue

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RECORDS MGT. DYVISION