Philippines provides guidelines and procedures for transfer pricing reporting

Executive summary

The Philippine Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 34-2020¹ (the Regulations) providing guidelines and procedures for the submission of a new and simplified BIR Form No. 1709 (the Related Party Transactions (RPT) Form), transfer pricing (TP) documentation and other supporting documents. Safe harbors and materiality thresholds have also been provided. The Regulations became effective on 23 December 2020.

This Tax Alert summarizes the guideline…