RMC No. 119-2021: Announces the availability of revised BIR Form Nos. 1707 and 1707-A Version April 2021

Key points

1. Revised forms. BIR Form No. 1707 is the Capital Gains Tax Return and No. 1707-A is the Annual Capital Gains Tax Return, both for onerous transfer of shares of stock not traded through the local stock exchange. The manual returns are on www.bir.gov.ph under BIR Forms-Income Tax Return.
2. Not yet in eBIRForms. The forms are not yet available in the eBIRForms, so manual and eBIRForms filers download and print the PDF version and fill out all applicable fields. Otherwise they are subject to penalties under Section 250 of the Tax Code.
3. Payment modes. Manual payment is made at an Authorized Agent Bank in the RDO where the seller or transferor is required to register, or with the Revenue Collection Officer where there is no AAB. Online options include LBP Link.Biz Portal, DBP Tax Online, UnionBank, GCash or PayMaya, and MYEG.Ph.
4. Filing while awaiting the offline package. Taxpayers paying online file the return manually at the RDO with jurisdiction over the place where the seller or transferor is required to register. The same applies to a No Payment Return.

Who is affected

• Sellers and transferors of shares of stock not traded through the local stock exchange

Deadlines and effectivity

• Forms version April 2021