RDO 27 - Tax Quiz on RPT

The Annual Information Return on Transactions With Related Party

• BIR Form 1709

• BIR Form 1790

• BIR Form 1907

• BIR Form 1970

An entity over which the investor has significant influence.

• Subsidiary

• Associate

• Joint Venturer

• Venturer

It refers to a person or entity that is related to the reporting entity, i.e., the entity that is preparing its financial statements

• Associate

• Subsidiary

• Related Party

• Joint Venturer

It refers to the transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.

• Single Entry Transaction

• Arm's Length Transaction

• Double Entry Transaction

• Relater Party Transaction

It is the power to participate in the financial and operating policy decisions of an entity, but is not in control over those policies. It may be gained by share ownership, statute or agreement.

• Significant Influence

• Control

• Significant Control

• Undue Influence

Which is TRUE in BIR Form 1709?

• It is an attachment to the ITR

• It required to be separately filed

• It simultaneously filed with AITR

• It is optional

All Taxpayers with Related Party Transactions are required to BIR File 1709

• True

• False

Transfer Pricing Documentations (TPDs) are required to be attached to the BIR Form 1709

• True

• False

Key Management Personnel are required to file and submit the RPT Form if they have related party transactions

• True

• False

For Taxable Year 2020, BIR Form 1709 is NOT required to be filed if the AITR is a short period only

• True

• False