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Response to RDO 20 Inventory Request

Brighterday Ltd., Inc. did not submit an annual inventory list for 2019 as requested by BIR-RDO 20 because it held no assets that could be considered inventory under Revenue Memorandum Circular No. 57-2015. The company's financial statements for 2019 properly classified all assets according to their nature and purpose, in compliance with relevant laws and standards. Considering this, Brighterday Ltd., Inc. did not violate provisions of RMC No. 57-2015 and is not liable under Sections 250 and 205 of the Tax Code regarding this matter.

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20 views1 page

Response to RDO 20 Inventory Request

Brighterday Ltd., Inc. did not submit an annual inventory list for 2019 as requested by BIR-RDO 20 because it held no assets that could be considered inventory under Revenue Memorandum Circular No. 57-2015. The company's financial statements for 2019 properly classified all assets according to their nature and purpose, in compliance with relevant laws and standards. Considering this, Brighterday Ltd., Inc. did not violate provisions of RMC No. 57-2015 and is not liable under Sections 250 and 205 of the Tax Code regarding this matter.

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Chriztoffer Nacino
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September 8, 2020

TO: MARIA THELMA F. PULHIN


OIC – Revenue District Officer
BIR – RDO 20
Balanga City, Bataan

THRU: RHOLETTE M. REYES


Compliance Section

Dear Madam:

Greetings!

This is in response to the letter received by our client, BRIGHTERDAY LTD., INC., from your office dated
August 6, 2020, requesting our client’s inventory list for the calendar year 2019 in compliance to Revenue
Memorandum Circular No. 57-2015. As a response, we are informing you that our client did not submit an
annual inventory list for the calendar year 2019 because it holds no asset of any kind that can be discerned as
inventory under RMC 57-2015 as of December 31, 2019. Furthermore, it can be infer from its financial
statements for the year 2019 that no assets were accounted for as inventory and all of its assets are properly
classified by the management according to its nature and purpose in compliance to all existing practices,
standards, laws and regulations applicable to its business operations.

Thus, considering the above foregoing we are of opinion that our client did not violate any of the provisions of
Revenue Memorandum Circular No. 57-2015 and is not liable under Sections 250 and 205 of the Tax Code as
long as this matter is concerned.

This letter has been prepared upon the request of our client because assistance on matters like this is part of our
responsibilities under our service contract.

We hope you will find everything in order.

REYES, DIANO, TUMANDA & CO.


By:

PETER R. TUMANDA
Partner-In-Charge

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