NEW INCOME TAX FILING REQUIREMENT

Related Party Transactions (Foreign & Domestic)

ATTENTION: Chief Accountants, Treasurers, Administrative Officers, HRD, Business Owners/Employers

 

Available Webinar Schedules

06 April 2021 | Tuesday | 6:00pm-8:00pm

10 April 2021 | Saturday | 1:00pm-3:00pm

13 April 2021 | Tuesday | 6:00pm-8:00pm

(via Zoom)

 

 

New requirement beginning 2020 Annual Income Tax Filing disclosure and attaching Related Party Transactions under a new form BIR Form 1709.  The attachment of BIR Form 1709 ensures that transactions are at arm’s length.  This will ensure that base erosion be at the minimal and cross-border and related party transactions are disclose so that tax evasion be easily detected.

  • Background on related party transactions due to global transactions

  • Significant risks when related party transactions are not conducted at arm’s length

  • Who are mandated to file and attach BIR Form 1709

  • How will BIR use the information contained in the new form

  • What is arm’s length transactions

  • Cost-sharing between parties

  • Purpose of requiring to submit BIR Form 1709

  • Streamline procedures based of materiality threshold

  • Philippine Accounting Standards (PAS) 24 vs. BIR required disclosure

  • What examiners look in the conduct of examination

  • What is associate, significant influence, close family member

  • Control, joint control, joint venture, subsidiary, venture, holding company

  • Samples of published holding companies in the Philippines

  • Illustrative examples of holding company, subsidiaries, conglomerate, multinationals

  • Key Management Control (KMC) how important in business and its compensation benefits

  • Who are considered and included in  related party transactions

  • Detailed procedure of how to fill-up the new form

  • What materiality threshold is define for such requirement

  • Certificate of Residence for Tax Treaty Relief (CORTT)

  • Proof of payment to non-residents

  • Non-stock and non-profit required if with proprietary activities

  • Effects on Data Privacy and Secrecy on Bank Deposits

  • Penalties and transitory provisions

WEBINAR FEE: Php. 2,000.00

(Payment made through bank deposit atleast 1 day [cut-off time: 4:00pm] before the seminar)

(Credit/Debit Card payments are accepted via PayPal)

*Please make all check payments payable to "IPG Training Institute for Professional Advancement"