Special InTAX: December 2021 Issue 1 | Volume 4

InTAX is an official publication of R.G. Manabat & Co.'s Tax Group

InTAX is an official publication of R.G. Manabat & Co.'s Tax Group

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special intax

 

Bureau of Internal Revenue

 

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 119-2021, 10 December 2021, to circularize the availability of the following revised BIR Forms due to the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act:

Form No.

Description

1707

Capital Gains Tax Return

(For Onerous Transfer of Shares of Stock Not Traded Through the Local Stock Exchange)

1707-A

Annual Capital Gains Tax Return

(For Onerous Transfer of Shares of Stock Not Traded Through the Local Stock Exchange)

 

The revised manual returns are already available in the BIR website (www.bir.gov.ph) under the BIR Forms-Income Tax Return. However, the forms are not yet available in the Electronic Bureau of Internal Revenue Forms (eBIRForms). As such, manual and eBIRForms filers shall download the PDF version of the forms, print the forms and fill-out completely all the applicable fields, otherwise they will be subjected to penalties under Sec. 250 of the Tax Code, as amended. Payment of the tax due thereon, if any, shall be made thru manual payment or online payment following the payment guidelines prescribed under this issuance.

Awaiting the availability of returns in the Offline eBIRForms Package, taxpayer who will pay online shall file the return manually to the RDO having jurisdiction over the place where the seller/transferor is required to register. In case of "No Payment Return", taxpayer shall file the return to the RDO having jurisdiction over the place where the seller/transferor is required to register.

 

Attached is the full text of the issuance together with Annexes A and B. 

Revenue Memorandum Circular No. 119-2021

Revenue Memorandum Circular No. 119-2021 Annex B - 1707A

Revenue Memorandum Circular No. 119-2021 Annex A - 1707

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