
Know Your Taxes: SLSP
What is 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 monthBIR-registered name of the buyerTIN of the Buyer for sales subject to VATAmount of sales (Gross)Nature of salesExempt SalesZero-Rated SalesTaxable salesOutput Tax (VAT on Sales)Gross taxable salesSLP:Taxable monthBIR-registered name of the vendorTIN of the Buyer for sales subject to VATAmount of purchase (Gross)Nature of purchaseExempt purchaseZero-Rated purchaseTaxable purchasePurchase of servicesPurchase of capital goodsPurchase of goods other than the capital goodsInput taxGross taxable purchase Who should submit SLSP? According to RMC 51-2009:You are required to submit SLS if your business is VAT-Registered and you have a…