Philippines Bureau of Internal Revenue Publishes Regulations for New Information Return on Related Party Transactions

The Philippines Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 19-2020, which prescribes the use of the new BIR Form No. 1709, Information Return on Related Party Transactions (Domestic and/or Foreign), which replaces Form No. 1702H, Information Return on Transactions with Related Foreign Persons. The Regulations were published in Malaya Business Insight on 10 July 2020 and take effect 15 days following publication (25 July 2020).

The Regulations require the submissio…