MANILA — The Bureau of International Revenue said on Tuesday officials have met with the representatives of the Japan International Cooperation Agency (JICA) to strengthen cooperation.
In a photo release, the BIR said newly appointed BIR Commissioner Romeo D. Lumagui Jr. met with JICA Chief Representative Sakamoto Takema on Jan. 9.
During the meeting, JICA's proposal for the institutionalization of an intensive Transfer Pricing Team in the bureau was presented, the BIR said.
"The main frameworks of the work plan for the proposed institutionalization of an International Taxation Service was thoroughly discussed, which included the actual Transfer Pricing practice and conduct of capacity development in collaboration with other donors, such as Asian Development Bank (ADB), Organization for Economic Co-operation and Development (OECD), among others," the tax bureau said.
JICA and the Asian Development Bank are conducting an interactive workshop on Mutual Agreement Procedure for the BIR in February to educate revenue personnel on the Advance Pricing Arrangement and Transfer Pricing Assessment, the BIR said.
JICA is one of the Philippines' largest multilateral lender partners that is supporting projects focused on nation-building such as the Metro Manila Subway.