SGV Tax Partner Auresana “Rhena” B. Ines (ABI) was a speaker at the 3rd General Membership Meeting of the Philippine Institute of Certified Public Accountants (PICPA) Southern Metro Manila Chapter (SMMC), held at the MOA Arena Annex Building (MAAX) Auditorium, Mall of Asia in Pasay City on 9 May 2023. 121 CPAs and non-CPAs joined the seminar.
Rhena (center) with PICPA SMMC members
Rhena provided an overview of transfer pricing in the Philippines. She discussed matters to consider when engaging with related party/intercompany transactions and preparing for a transfer pricing audit. She emphasized the need to consider various factors when engaging in intercompany transactions, such as the nature of the transaction, the functions performed by each party, and the risks involved. She also talked about the current requirement for electronic invoicing and receipting which is now mandatory for covered taxpayers along with policies and guidelines for compliance.