REVENUE MEMORANDUM CIRCULAR NO. 119-2021 issued on December 13, 2021 announces the availability of the following BIR Forms, which were revised due to the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, to wit:
| 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); thus, manual and eBIRForms filers shall download and print the PDF version of the Forms and fill-out completely all the applicable fields. Otherwise, said filers shall be subjected to penalties under Section 250 of the Tax Code, as amended. Payment of the tax due thereon, if any, shall be made thru:
a. Manual Payment
Authorized Agent Bank (AAB) located within the territorial jurisdiction of the
Revenue District Office (RDO) where the seller/transferor is required to
register; or
In places where there are no AABs, return shall be filed and the tax due shall
be paid with the concerned Revenue Collection Officer (RCO) under the
jurisdiction of the RDO using Revenue Collection Officer System (MRCOS)
facility.
b. Online Payment
Landbank of the Philippines (LBP) Link.Biz Portal – for taxpayers who have
Automated Teller Machine (ATM) account with LBP and/or holders of
Bancnet ATM/Debit Card/Prepaid Card or taxpayer utilizing Philippine
Clearing House Corporation (PCHC) PayGate or PesoNet for depositors of
Rizal Commercial Banking Corporation (RCBC), Robinsons Bank,
UnionBank, Bank of the Philippine Islands (BPI) and Philippine Savings Bank
(PSBank); or
Development Bank of the Philippines (DBP) Tax Online for taxpayers-holders
of VISA/MasterCard Credit Card and/or Bancnet ATM/Debit Card; or
UnionBank Online Web and Mobile Payment Facility – for taxpayers who have
account with UnionBank; or
Mobile Payment (GCash/PayMaya); or
Taxpayer Software Provider (MYEG.Ph).
Awaiting the availability of returns in the Offline eBIRForms Package, taxpayers who will pay online shall file their tax return manually at 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 at the RDO having jurisdiction over the place where the seller/transferor is required to register.