Taxpayers whose fiscal year ends 31 March 2020 or later are now required to submit BIR Form 1709 (Related Party Transactions Form) with the Annual Income Tax Return. This form requires the disclosure of ALL related party transactions during the applicable period, with obligation to submit copies of the relevant agreement/s, and the applicable transfer-pricing document/s (TPD).
Check out the slides below for an overview of key information to help you understand this new tax compliance requirement.
To learn more about Form 1709, we encourage you to check a copy of BIR Revenue Regulation No. 19-2020 here:
and BIR Revenue Memorandum Circular 76-2020 here: