Philippines VAT Report: Monthly Return Form 2550M

Note:

This topic is for NetSuite accounts that use the Country Tax Report page to generate the Philippines monthly VAT report. If you are using the Tax Reports (International) page, see What goes into each box - Philippines VAT report.

With Tax Reporting Framework , you can generate the Philippines monthly VAT2550M report. To generate a report, see Generating Localized Country Tax Reports.

The SuiteTax Country Tax Reports APAC SuiteApp provides the tax report template and tax report localization for Philippines. You must install this SuiteApp to have Philippines tax reports available on the Country Tax Report page. For more information about the required SuiteApps for each country tax reports, see Tax Reporting Framework Localization Requirements.

The following tables describe the reported values on the Philippines monthly VAT report. It also shows the Search Type, Transaction Types, Tax Codes, Tax Transaction Types, Tax Item Types, and Tax Reporting Category filters that Tax Reporting Framework uses to get the values for each of the boxes on the report. These filters are automatically set up but can be modified. If you want to customize the report and configure the filters, see Customizing Localized Tax Returns.

Line	Report Label	Box	Amount	Search Type	Transaction Types	Tax Codes	Tax Transaction Types	Tax Item Types	Tax Reporting Category
12	Vatable Sales/Receipt - Private	12A 12B	Net amount Tax amount	Sales	Cash Refund Cash Sale Credit Memo Invoice	PH_SR	Domestic Sales	Goods Services	–
12	Vatable Sales/Receipt - Private	12A 12B	Net amount Tax amount	Billable Expenses	Cash Sale Invoice	PH_SR	Domestic Sales	–	–
13	Sales to Government	13A 13B	Net amount Tax amount	(Custom)
14	Zero Rated Sales/Receipts	14	Net amount	Sales	Cash Refund Cash Sale Credit Memo Invoice	PH_ZR	Domestic Sales Exports	Goods Services	–
14	Zero Rated Sales/Receipts	14	Net amount	Billable Expenses	Cash Sale Invoice	PH_ZR	Domestic Sales Exports	–	–
15	Exempt Sales/Receipts	15	Net amount	Sales	Cash Refund Cash Sale Credit Memo Invoice	PH_NL	Domestic Sales Exports	Goods Services	–
15	Exempt Sales/Receipts	15	Net amount	Billable Expenses	Cash Sale Invoice	PH_NL	Domestic Sales Exports	–	–
16	Total Sales/Receipts and Output Tax Due	16A 16B	Net amount Tax amount	(Autogenerated)
17	Less: Allowable Input Tax
17A	Input Tax Carried Over from Previous Period	17A	Tax amount	(Enter amount)
17B	Input Tax Deferred on Capital Goods Exceeding P1Million from Previous Period	17B	Tax amount	(Enter amount)
17C	Transitional Input Tax	17C	Tax amount	(Enter amount)
17D	Presumptive Input Tax	17D	Tax amount	(Enter amount)
17E	Others	17E	Tax amount	(Enter amount)
17F	Total (Sum of Item 17A, 17B, 17C, 17D & 17E)	17F	Tax amount	(Autogenerated)
18	Current Transactions
18A/B	Purchase of Capital Goods not exceeding P1Million	18A 18B	Net amount Tax amount	Purchases	Bill Bill Credit Expense Report	PH_SR	Domestic Purchases	Goods	Capital Goods
18A/B	Purchase of Capital Goods not exceeding P1Million	18A 18B	Net amount Tax amount	Expenses	Bill Bill Credit	PH_SR	Domestic Purchases Imports	–	–
18C/D	Purchase of Capital Goods exceeding P1Million	18C 18D	Net amount Tax amount	Purchases	Bill Bill Credit	PH_SR	Domestic Purchases	Goods	Capital Goods
18C/D	Purchase of Capital Goods exceeding P1Million	18C 18D	Net amount Tax amount	Expenses	Bill Bill Credit Expense Report	PH_SR	Domestic Purchases Imports	–	–
18E/F	Domestic Purchases of Goods Other than Capital Goods	18E 18F	Net amount Tax amount	Purchases	Bill Bill Credit	PH_SR	Domestic Purchases	Goods	- None -
18E/F	Domestic Purchases of Goods Other than Capital Goods	18E 18F	Net amount Tax amount	Expenses	Bill Bill Credit Expense Report	PH_SR	Domestic Purchases	–	–
18G/H	Importation of Goods Other than Capital Goods	18G 18H	Net amount Tax amount	Purchases	Bill Bill Credit	PH_SR_RC	Imports	Goods	- None -
18G/H	Importation of Goods Other than Capital Goods	18G 18H	Net amount Tax amount	Expenses	Bill Bill Credit Expense Report	PH_SR_RC	Imports	–	–
18I/J	Domestic Purchase of Services	18I 18J	Net amount Tax amount	Purchases	Bill Bill Credit	PH_SR	Domestic Purchases	Services	–
18I/J	Domestic Purchase of Services	18I 18J	Net amount Tax amount	Expenses	Bill Bill Credit Expense Report	PH_SR	Domestic Purchases	–	–
18K/L	Services rendered by Non-residents	18K 18L	Net amount Tax amount	Purchases	Bill Bill Credit	PH_SR_RC	Imports	Services	–
18K/L	Services rendered by Non-residents	18K 18L	Net amount Tax amount	Expenses	Bill Bill Credit Expense Report	PH_SR_RC	Imports	–	–
18M	Purchases Not Qualified for Input Tax	18M	Net amount	Purchases	Bill Bill Credit	PH_ZR PH_NL	Domestic Purchases Imports	Goods Services	–
18M	Purchases Not Qualified for Input Tax	18M	Net amount	Expenses	Bill Bill Credit Expense Report	PH_ZR PH_NL	Domestic Purchases Imports	–	–
18N/O	Others	18N 18O	Net amount Tax amount	(Custom)
18P	Total Current Purchases (Sum of Item 18A, 18C, 18E, 18G, 18I, 18K, 18M & 18N)	18P	(Autogenerated)
19	Total Available Input Tax (Sum of Item 17F, 18B, 18D, 18F, 18H, 18J, 18L & 18O)	19	(Autogenerated)
20	Less: Deductions from Input Tax
20A	Input Tax on Purchases of Capital Goods exceeding P1Million deferred for the succeeding period	20A	(Enter amount)
20B	Input Tax on Sale to Government closed to expense	20B	(Enter amount)
20C	Input Tax allocable to Exempt Sales	20C	(Enter amount)
20D	VAT Refund/TCC claimed	20D	(Enter amount)
20E	Others	20E	(Enter amount)
20F	Total (Sum of Item 20A, 20B, 20C, 20D & 20E)	20F	(Autogenerated)
21	Total Allowable Input Tax (Item 19 less 20F)		(Autogenerated)
22	Net VAT Payable (Item 16B less 21)		(Autogenerated)
23	Less: Tax Credits/Payments
23A	Creditable Value-Added Tax Withheld	23A	(Enter amount)
23B	Advance Payments of Sugar and Flour Industries	23B	(Data of the selected account)
23C	VAT withheld on Sales to Government	23C	(Enter amount)
23D	VAT paid in return previously filed, if this is an amended return	23D	(Enter amount)
23E	Advance Payments made	23E	(Data of the selected account)
23F	Others	23F	(Data of the selected account)
23G	Total Tax Credits/Payments (Sum of Item 23A, 23B, 23C, 23D, 23E & 23F)	23G	(Autogenerated)
24	Tax Still Payable/(Overpayment) (Item 22 less item 23G)	24	(Autogenerated)
25	Add Penalties:
	Surcharge	25A	(Data of the selected account)
	Interest	25B	(Data of the selected account)
	Compromise	25C	(Data of the selected account)
	Total Penalties	25D	(Autogenerated)
26	Total Amount Payable/(Overpayment) (Sum of item 24 and 25D)	26	(Autogenerated)

To enter amounts on boxes 17A-E, 20A-E, 23A, 23C, and 23D, see Making Adjustments on a Country Tax Report.

The values reported on boxes 23B, 23E, 23F, and 25A-C are from the data of the selected accounts upon Philippines tax return setup. To select an account and customize boxes 13, 18N, and 18O, see Customizing Localized Tax Returns.

To view the Philippines monthly VAT report in detail, see Viewing a Generated Country Tax Report.

For information about the reporting features of Country Tax Reports, see Tax Reporting Framework.

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