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This briefer seeks to provide an overview of the tax compliance requirements as mandated by Revenue Regulations No. 19-2020 (RR 19-2020). Through this issuance, the Bureau of Internal Revenue aims to achieve effective implementation of Philippine Accounting Standards 24, which requires proper disclosures of related party transactions (RPTs). For this purpose, entities with RPTs are required to submit BIR Form No. 1709 and its supporting documents together with the Annual Income Tax Return. For a better appreciation of how RR 19-2020 may impact you, the relevant definitions, procedures and guidelines to be observed, as well as the penalties in case of non-compliance are likewise included.