THE Bureau of Internal Revenue (BIR) announced that BIR Commissioner Romeo D. Lumagui Jr. met with Japan International Cooperation Agency (JICA) Chief Representative Sakamoto Takema and other representatives of the agency last January 9, wherein JICA’s proposal for the institutionalization of an Intensive Transfer Pricing Team in the Bureau was presented.
The main frameworks of the work plan for the proposed institutionalization of an International Taxation Service was thoroughly discussed, the agency’s statement read. The discussion included the actual “transfer pricing” practice and conduct of capacity development (i.e. seminars, workshops, knowledge-sharing, etc.) in collaboration with other donors, such as the Asian Development Bank (ADB) and the Organization for Economic Co-operation and Development (OECD), among others.
Currently, the JICA and the ADB have been working together for the conduct this month of an interactive workshop on Mutual Agreement Procedure for the BIR to educate concerned revenue personnel on “Advance Pricing Arrangement” and “Transfer Pricing Assessment.”
