Скачать или смотреть [ Offshore Tax ] Are there Transfer Pricing rules in the Philippines?

[ Offshore Tax ] Are there Transfer Pricing rules in the Philippines?

In 2013, Transfer Pricing Guidelines were issued by the Bureau of Internal Revenue (BIR) through Revenue Regulations (RR) No. 2-2013, which requires taxpayers to demonstrate that their transfer prices are consistent with the arm’s length principle (ALP) by preparing adequate and contemporaneous transfer pricing documentation (TPD).
In 2019, the BIR issued Revenue Audit Memorandum Order (RAMO) No. 1-2019 or the Transfer Pricing Audit Guidelines.
The TP rules apply to controlled transactions, including the sale, purchase, transfer, and utilization of tangible and intangible assets, provision of intra-group services, interest payments, and capitalization, among others, between related/associated parties, where at least one party is assessable or chargeable to tax in the Philippines.
The TP rules are also applicable by analogy in relation to transactions between permanent establishments (PE) and its head office or other related branches; hence, for TP purposes, the PE will be treated as a separate and distinct enterprise from its head office or other related branches/subsidiaries for tax purposes.

TIMESTAMPS:
0:00 INTRO
0:40 Transfer pricing guidelines in the Philippines
1:40 Processing of Transfer Pricing in the Philippines
2:29 OUTRO


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DERREN JOSEPH:
In the greatest scheme of things has been Transfer pricing. So even though there may not be any CFC rules, if there are related party transactions, so let's say a Filipino company as a related entity related being common ownership, for example, with a company in let's say Hong Kong or Singapore, especially in a lower test jurisdiction, the BIR is now insisting on transfer pricing documentation without going, it's, it's quite complex sometimes, but, you know, do you wanna comment on just very, very high level on how that works with, you know, with the Philippines BIR.

ALELI GLORIOSO:
Last 2013, the BIR released a regulation about transfer pricing guidelines and then, a few years back, it has been, and it has been implemented, mandating taxpayers to report or sub submit a form or BIR form, or indicating their relationship with foreign, our local relationships in the Philippines. And then it was later revised to certain companies with a particular threshold. So it has been implemented since sleep. Can you provide, can you help? Transactions, the financial statement, statement and also required to submit transactions.

DERREN JOSEPH:
And as you pointed out the threshold involved, so I think the thresholds are pretty high, like 150 million pesos and 19 million pesos. So in US dollars, this is way over one and a half, 3 million. So it is, you know, for larger companies and doesn't really impact SSEs. Is that, is there a fair statement? Yeah.

ALELI GLORIOSO:
The primary requirement for the declaration of the related transactions is included the large registered, Euro investment.

DERREN JOSEPH:
Okay, gotcha.

OUTRO:
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