The Philippines Membership In The OECD BEPS Inclusive Framework And What It Means For Transfer Pricing Audits. Legal News and Analysis - Philippines - Tax -
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+ December 29, 2020 On Dec. 22, 2020, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) 34-2020 to inform all concerned on the streamlined guidelines and procedures in the submission of BIR Form 1709 (Information Return on Related Party Transactions) and its required attachments including transfer pricing documentation (TPD).
Submission of BIR Form 1709
Only the following taxpayers will now be required to submit the RPT Form (BIR Form 1709):
1. Large taxpayers;
2. Taxpayers enjoying incentives, i.e. Board of Investments- and Philippine Economic Zone Authority-registered enterprises enjoying Income Tax Holiday or subject to preferential tax rate;
3. Taxpayers reporting net operating losses for the current taxable year and immediately preceding two consecutive taxable years; and