[ BIR REVENUE MEMORANDUM ORDER NO. 15-93, January 08, 1993 ]
PRESCRIBING PROCEDURES ON THE RECEIPT, TRANSMITTAL AND PROCESSING OF BIR FORM NO. 1702H (INFORMATION RETURN ON TRANSACTIONS WITH RELATED FOREIGN PERSONS)
1. Coverage. - BIR Form No. 1702H shall be accomplished by particular corporations in filing their Annual Income Tax Return in 1993. This order prescribes the procedures to be followed by all revenue district offices (RDOs), the Computer Information Systems Service (CISS), the Statistical Analysis Division and the International Tax Affairs Division (ITAD) in processing BIR Form No. 1702H.
2. Procedures. - (a) Revenue District Office - The RDO shall also indicate in the "Monthly Summary of Tax Returns Filed" (as required in RMO No. 2-92) the number of BIR Form No. 1702H received for each month. Furthermore, the RDO shall remind all concerned corporations of the provisions of RMO No. 41-92, which prescribed the use of this BIR form.
(b) Computer Information Systems Service - The CISS shall segregate BIR Form No. 1702H from the Corporation Annual Income Tax Return and Forward all BIR Form No. 1702H segregated during a particular month to the ITAD not later than five (5) days of the following month.
(c) Statistical Analysis Division - This division shall submit a report of the number of BIR Form No. 1702H indicated in the "Monthly Summary of Tax returns Filed" per RDO to the ITAD not later than the 25th day following the end of each month.
(d) International Tax Affairs Division - The ITAD shall receive all BIR Form No. 1702H forwarded by the CISS and the report from the Statistical Analysis Division. Pertinent information from BIR Form No. 1702H shall be accumulated and monitored by ITAD for statistical analysis, audit selection, tax treaty exchange of information, and tax treaty releif applications. The ITAD shall coordinate with the CISS in order that the aforementioned uses can be computerized.
3. Repealing the clause - Revenue Memorandum Orders No. 46-90 and 26-91, prescribing the use of BIR Form No. TC-004 (Information form on foreign related transactions) are hereby revoked.
Adopted: 8 Jan. 1993
Commissioner of Internal Revenue