BIR targets transfer pricing among big firms

Published by rudy Date posted on April 29, 2010

The Bureau of Internal Revenue (BIR) will start investigating next week some of the country’s private inter-related companies suspected of applying the transfer pricing policy to substantially cut down on their tax payments.

BIR Commissioner Joel Tan-Torres said he has formed special teams to conduct simultaneous and coordinated examinations of the accounting books of these conglomerates.

BIR said transfer pricing scheme has not been the only major concern of the BIR but other revenue services worldwide.

The BIR issued the decision after the government reported the other day that the budget deficit overshot its target to P134.2 billion against a limit of P110.9 billion in the first three months.

Transfer pricing involves the sale of goods and services by the mother company to its affiliates at exorbitant prices which additional expenses are later deducted by these subsidiaries in their taxable earnings or profits in their income and business tax returns.

Tan-Torres said the audit teams will be composed of examiners from the Large Taxpayers Service which handles the investigation of the more than 1,000 top corporations and district offices where the branches of these conglomerates are based. –Daily Tribune

March 2025

It’s women’s month!

“Support women every day of the year!”

Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.

Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos

Time to support & empower survivors.
Time to spark a global conversation.
Time for #GenerationEquality to #orangetheworld!

Monthly Observances:
Women’s Role in History Month

Weekly Observances:
Week 1: Environmental Week
Women’s Week
Week 3: Philippine Industry and Made-in-the-Philippines
Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week

Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
Mar 4— Employee Appreciation Day
Mar 15 — World Consumer Rights Day
Mar 18 — Global Recycling Day
Mar 21 — International Day for the Elimination of Racial Discrimination
Mar 23 — International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims
Mar 25 — International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade
Mar 27 — Earth Hour

Trade Union Solidarity Campaigns
Get Email from NTUC
Article Categories