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THE Agency of Internal Revenue (BIR) has set the end of September as the borderline for taxpayers to address and abide affidavit on related-party affairs (RPTs) of any size, with no advertisement beginning bent yet.
Commissioner Caesar R. Dulay active Revenue Memorandum Annular No. 76-2020 Wednesday giving taxpayers until Sept. 30 to address such affairs in the anatomy of accessories to assets tax allotment for the aeon catastrophe March 31.
All such transactions, behindhand of size, will charge to be appear back no beginning has been set, BIR Deputy Commissioner Marissa O. Cabreros said in a argument bulletin Thursday.
According to the annular the borderline was continued due to the pandemic.
The agency issued Revenue Regulations (RR) No. 19-2020 aboriginal this ages to crave advertisement of RPT via the new Anatomy 1709, forth with acknowledging documents.
The aphorism aims to ensure that affairs amid accompanying parties are fabricated at arm’s-length. The new anatomy is now amid the appropriate accessories taxpayers accept to abide forth with their anniversary assets tax returns.
“Ultimately, it is aimed at convalescent and deepening the BIR’s alteration appraisement accident appraisal and audit. With the advice aggregate in the RPT Anatomy and its attachments, the BIR will be able to accomplish alteration appraisement accident appraisal and accomplish an abreast decision, at the aboriginal stage, whether or not to conduct a absolute review/audit of a accurate article or transaction. In this way, and accustomed its bound resources, the BIR will be able to focus its analysis and accomplish its assets alone on the best important alteration appraisement issues,” the agency said.
It said non-profit corporations and organizations are additionally appropriate to accede with the charge back they are accustomed to participate in activities “conducted for accumulation after accident their tax-exempt cachet for their not-for-profit activities.”
RR No. 19-2020 defines RPTs as the “transfer of resources, casework or obligations amid a advertisement article and a accompanying party, behindhand of whether a amount is charged.” — Beatrice M. Laforga
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