On 8 July 2020, the Tax authority issued Revenue Regulations No. 19-2020 dated July 8 2020, which provides guidelines of how to complete new transfer pricing (TP) disclosure form, Form BIR 1706. Also, this Resolution informs that taxpayers required to submit Information Return on Related Party Transactions (BIR Form 1709) and its supporting documents, as attachment to the Annual Income Tax Return (ITR), effective on 25 July 2020.
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