The Philippines Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) No. 34-2020, which prescribes new guidelines and procedures for the submission of BIR Form No. 1709, the Related Party Transaction (RPT) Form, as well as transfer pricing documentation and other supporting documents. This includes new safe harbors and materiality thresholds meant to streamline the requirements, taking into account the mandate of the Ease of Doing Business and Efficient Government Service Del…