Philippines Bureau of Internal Revenue Issues Circular Addressing FAQs on New Related Party Transactions Form

The Philippines Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 76-2020. The Circular was issued to address frequently asked questions regarding the submission of BIR Form No. 1709, or the Related Party Transaction (RPT) Form, and its attachments pursuant to Revenue Regulations (RR) No. 19-2020 ({News-2020-07-27/A/6-previous coverage}). Key questions addressed include who is required to complete the RPT form and when the reporting requirement is effective.

With …