Philippines requires transfer pricing information return

Executive summary

The Philippine Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 19-2020¹ requiring taxpayers to file an Information Return on Related Party Transactions (International and/or Domestic) (BIR Form No. 1709) and relevant supporting documents, together with their Annual Income Tax Returns (AITR). The regulation aims to implement the disclosure of related party transactions (RPTs) under International Accounting Standard No. 24 and the application of the arm's-length pr…