TAX ALERT: BIR REVENUE REGULATIONS 19 - 2020
BIR Revenue Regulations 19 - 2020: Related Party Transactions under Philippine Tax Regulations and Laws
The Bureau of Internal Revenue issued Revenue Regulations No. 19-2020 requiring the submission of BIR Form 1709 for the reporting of related party transactions.
This is to ensure that proper disclosure of related party transactions is made and that these transactions have been conducted at arm’s length to protect the tax base.
The regulation is issued pursuant to Section 244 and 6 (H) of the Tax Code, in relation to Section 50 of the same.
Here are contents:
- Related Parties and Related Party Transactions
- Procedures and Guidelines
- Due Dates
- Penalties
To read the report, simply download the attachment below.
Visit BIR's website to read the full text.
