Monthly and Quarterly VAT Reports for the Philippines
The VAT Form 2550M and VAT Form 2550Q are the forms you submit to the Philippines Bureau of Internal Revenue (BIR) to report your tax liability or to claim a refund. You can filter the applicable tax period of the reports and NetSuite automatically calculates the amounts that appear in many of the boxes on the BIR VAT forms. The International Tax Reports SuiteApp provides both the monthly Form 2550M and the quarterly Form 2550Q.
To generate the VAT reports for the Philippines, use the new tax code properties provided by the International Tax Reports SuiteApp. See Philippines Tax Codes.
To generate a Philippines VAT return report:
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Go to Reports > VAT/GST > Tax Reports (International).
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If you're using OneWorld, select the Philippines subsidiary.
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Select the country form for the Philippines.
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Select a tax period for the report.
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If you select a period covering one month, the system displays the monthly VAT declaration form (Form 2550M).
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If you select a period greater than one month, or a period covering one quarter, the system displays the quarterly VAT return (Form 2550Q).
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Click Refresh to generate the report.
Each time you change the tax period, click Refresh.
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Click Print to save a PDF file of the report.
Most of the boxes are automatically computed based on entered transactions with VAT. You can click these boxes to view a report of the individual transactions that make up the balance. However, some of the boxes such as report adjustments, amortizations, deferrals, and others, require manual calculation and input because the values cannot be automatically computed by the system. These boxes will show up as editable fields in the report.
You should review all the values in the report. You can click the values in the boxes of the VAT report to view drill down details. To understand how NetSuite uses the tax codes to get the values for the Monthly Value-Added Tax Declaration form 2550M, see What goes into each box - Philippines Monthly VAT Form 2550M. For information about reporting Output VAT related to bad debts, see Philippines Quarterly VAT Form 2550Q.
Any VAT return report produced by NetSuite is intended as a worksheet for record-keeping purposes only. For electronic or paper-based submission, you're required to transcribe the information contained on this form on to the official paper-based form or electronic submission facility provided by the tax agency. You should review all the values in the report prior to submission.
