On 29 July 2020, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 76-2020, which addresses the frequently asked questions regarding the submission of Related Party Transaction (BIR Form No. 1709, or RPT) Form, and its attachments pursuant to Revenue Regulations No. 19-2020. The Circular helps to find out who is responsible to complete the RPT form and when the reporting requirement is enacted. This also covers the features and formats of RPT form need to follow.
Under the Circular, since the Revenue Regulations No. 19-2020 took effect on 25 July 2020, the RPT Form is required to be submitted as an attachment to the AITR for fiscal year ending 31 March 2020, tentative or otherwise, irrespective of the date of tiling of the said AITR, and to all AITRs to be submitted after such date. Taxpayers who manually filed their AITR and submitted the attachments for fiscal year ending March 31,2020 prior to the effectivity of RR No. 19-2020 are still required to submit the BIR Form No. 1709 and its attachments. Note that, attachments to AITR for fiscal year ending 31 March 2020 are required by law to be submitted on or before 30 July 2020.
