New BIR Form No. 1709, Replacing Form No. 1702H, Series of 1992

July 8, 2020REVENUE REGULATIONS NO. 19-20SUBJECT:New BIR Form No. 1709, Replacing Form No. 1702H, Series of 1992   TO:All Internal Revenue Officers and Others Concerned SECTION 1. Objective. —Pursuant to Sections 244 and 6 (H) of the National Internal Revenue Code of 1997 ("NIRC"), as amended, in relation to Section 50 thereof which was implemented by Revenue Regulations (RR) No. 2-2013, 1 this Revenue Regulations is issued to prescribe the use of the new BIR Form No. 1709 or Information Return on Related Party Transactions (Domestic and/or Foreign) (Annex "A"), replacing for this purpose BIR Form 1702H — Information Return on Transactions with Related Foreign Persons, series of 1992. aScITESECTION 2. Background. —Through the years, transactions around the world have become more complex and have been subject to abuse by taxpayers with intent to evade taxes by concluding transactions between them at unreasonable prices, thus eroding the tax base. Undeniably, this usually happens between related parties. While majority of related party transactions (RPTs) are not detrimental, there is a pressing worldwide concern that they can be...