Tax Partner and International Tax and Transaction Services Country Leader Romulo S. Danao, Jr. (RSD) led a session titled Transfer Pricing - New BIR Requirements for Taxpayers with Related Party Transactions for the Association of Pharma Financial Executives Inc. (APFEI) on 26 November.
RSD began the session with an overview of transfer pricing and briefly reviewed the transfer pricing regulations issued in 2013 and transfer pricing audit guidelines issued in 2019. He then discussed the salient features of the new Revenue Regulations No. 19-2020, as recently clarified by Revenue Memorandum Circular Nos. 76-2020 and 98-2020, which require the submission of BIR Form No. 1709. He concluded the session with insights on how concerned taxpayers, particularly companies engaged in the pharmaceutical industry, can comply with the new requirements.
