Reporting of Related Party Transactions – New!

Source: BIR Website, click here

Section 6 of RR No. 19-2020 mandates that BIR Form No. 1709, or the RPT Form, shall be attached to the Annual Income Tax Retum (AITR) for the current taxable year and subsequent years.

On the other hand, Revenue Memorandum Circular (RMC) No. 76-2020 clarified that BIR Form No. 1709 and its required documents shall be submitted as attachments to the AITR for fiscal year ending March 31,2020 until September 30,2020.

Due, however, to the continuing adverse impacts of COVID-I9 pandemic, and in order to assist the taxpayers, individuals or non-individuals, giving them sufficient time to comply with the mandates of RR No. 19-2020, submission of BIR Form No. 1709 and its required documents shall be further extended as follows:

• Companies with Fiscal Year Ending March 31, 2020 and April 30, 2020, the extended deadline date is 29 December 2020.
• Companies with Fiscal Year Ending May 31, 2020 and June 30, 2020, the extended deadline date is 31 January 2021.
• Companies with Fiscal Year Ending July 31, 2020 and August 31, 2020, the extended deadline date is 1 March 2021.
• Companies with Fiscal Year Ending September 30, 2020 and October 31, 2020, the extended deadline date is 31 March 2021.
• Companies with Fiscal Year Ending November 30, 2020 and December 31, 2020, the extended deadline date is 30 April 2021.