Know Your Taxes: SLSP

Summary List of Sales and Purchases (SLSP) is the attachment to VAT Forms–2550Q. As the term suggests, it is a summary of third party information (clients and suppliers) the Bureau of Internal Revenue uses for cross-referencing.

More specifically, it contains the following information:

SLS:

  • Taxable month
  • BIR-registered name of the buyer
  • TIN of the Buyer for sales subject to VAT
  • Amount of sales (Gross)
  • Nature of sales
    • Exempt Sales
    • Zero-Rated Sales
    • Taxable sales
  • Output Tax (VAT on Sales)
  • Gross taxable sales

SLP:

  • Taxable month
  • BIR-registered name of the vendor
  • TIN of the Buyer for sales subject to VAT
  • Amount of purchase (Gross)
  • Nature of purchase
    • Exempt purchase
    • Zero-Rated purchase
    • Taxable purchase
  • Purchase of services
  • Purchase of capital goods
  • Purchase of goods other than the capital goods
  • Input tax
  • Gross taxable purchase

According to RMC 51-2009:

  • You are required to submit SLS if your business is VAT-Registered and you have a total quarterly sales or receipts (net of VAT) of more than two million and five hundred pesos (2,500,000).
  • You are required to submit SLP if your business’ total quarterly purchases (net of VAT) exceed one million pesos (1,000,000).

Both the summary lists of sales and purchases are due on the 25th day of the month following the taxable quarter.

Method 1:

 

Download the latest version of BIR RELIEF from this site. Then install the downloaded application on your computer. Note that this software is compatible only with Windows OS.

(For images, see below)

Once the file is installed, you will see three icons on your desktop. 

Then you should be able to see some entries on your generated file like this:

Click the shortcut labeled “RELIEF Data Entry” then a login prompt will appear. Use any username and password and take note of them. They will be your access details in the future.

First time users should enter Company/Owner information before encoding sales and purchases transactions.

Once the Company/Owner information is saved, you may now add sales and purchase transactions one by one.

You may validate your entries by clicking on the other icon labeled “RELIEF Validation.”

You may also back up your data through the third shortcut.

Method 2:

Use Oojeema Online Accounting Software. Oojeema includes both SLS and SLP reports that are updated real-time as you add sales and purchase transactions. At the end of the quarter, here are what you have to do:

  • Log-in to your account
  • Go to Reports (provided you already encoded your sales and purchase transactions; otherwise, encode them first.)
  • Verify the data
  • Export the DAT file
  • Send it to esubmission@bir.gov.ph.

RMO No. 7-2015 Annex A says, ”One Thousand Pesos (₱1,000) for each failure to make, file, or submit the said information returns. Provided, however, that the aggregate amount to be imposed for such failures during a calendar year shall not exceed Twenty-Five Thousand Pesos (₱ 25,000).”

For the complete policy, click the link above.

SLSP is the attachment to 2550Q.