15. Azerbaijan. Statutory rules
|
|
- Gwendolyn Wright
- 5 years ago
- Views:
Transcription
1 15. zerbaijan Introduction The transfer pricing concept is relatively new to zeri tax law, although in the pretax code legislation there were some limited transfer pricing regulations focused principally on circumstances where goods, work, or services were sold at or below cost or bartered/transferred without charge. The current transfer pricing rules were introduced in the current tax code effective from 1 January 2001, and have been amended several times since then. These rules mainly focus on the determination of prices on the sale of goods, work, or services and establish the principle of arm s-length pricing for transactions between related parties and, in certain instances, the approach for making adjustments to transfer prices. In practice, the tax authorities have limited experience in dealing with transfer pricing, mainly making adjustments to taxpayers profits by disallowing certain deductible costs or challenging interest rates or the mark-up on services that were not, in their opinion, incurred or charged on an arm s-length basis. Statutory rules Scope Under the tax code, market price is defined as the price for goods, works, or services, based on the relationship of demand and supply. contractual price should be deemed the market price between counterparties for tax purposes, unless the contract or transaction falls under one of the exceptions below. Under the tax code, the tax authorities may apply market price adjustments in the following cases: Barter transactions. Import and export operations. Transactions between related persons. Transactions in which the prices within 30 days deviate by more than 30% either way from the prices set by the taxpayer for identical or homogeneous goods, works, or services. property of an entity was insured for the amount exceeding net book value of such property. 263
2 zerbaijan Related parties Persons are considered related in the following cases: If one person holds, directly or indirectly, 20% or more of the value or number of shares or voting rights in the other entity, or in an entity that actually controls both entities. If one individual is subordinate to the other with regard to official position. If persons are under the direct or indirect control of a third person. If persons have a direct or indirect control over a third person. Pricing methods The tax code lists the following methods for determining the market price : Comparable uncontrolled price (CUP) method. Resale price method. Cost-plus method. The tax code establishes the priority of pricing methods to be used by the tax authorities to determine market prices, according to which the CUP method should be used first before all other methods. If the determination of the market price is not possible under any of the methods above, the market price should be determined by an expert. Comparability factors In determining the market price, the tax authorities are required to take into account usual discounts from, or mark-ups to, prices. In particular, the tax code gives specific circumstances of how the discounts or mark-ups can be caused, such as deterioration of the quality of goods or the expiry of a product s life. In addition, the tax code sets out the commonly accepted principle that, for the purposes of determining the market price, only transactions carried out under comparable conditions should be taken into account. In particular, the following factors should be evaluated: Quantity (volume) of supply. Quality level of goods and other consumption indicators. Period within which liabilities should be fulfilled. Terms of payment. Change of demand for goods (works, services) and supply (including seasonal fluctuations of consumer demand). Country of origin of goods and place of purchase or procurement. In the Profits Tax section of the tax code, there is a separate list of comparability factors that should be looked at to identify borrowings that can be treated as taking place under comparable circumstances. In particular, borrowings should take place in the same currency and be under the same terms and conditions. 264 International Transfer Pricing 2013/14
3 Documentation requirements There is no statutory requirement in zeri law that requires transfer pricing documentation to be prepared, apart from a general requirement for taxpayers to maintain and retain accounting and tax records and documents. It is, however, clear that taxpayers that do not take steps to prepare documentation for their transfer pricing systems, in general or for specific transactions, will face an increased risk of being subject to an in-depth transfer pricing audit. Other regulations Currently, besides linked provisions stipulated in the tax code, there are no other specific regulations in zerbaijan relating to transfer pricing. Legal cases Very few court cases have been related to transfer pricing in zerbaijan. Burden of proof Under the tax code, the burden of proof rests with the tax authorities to demonstrate that the price charged by a taxpayer significantly fluctuates from the market price. Unless otherwise proved, prices set by taxpayers are deemed to be the market prices. However, if the documentation requested by the tax authorities is inappropriate or unavailable, then the tax authorities can determine the adequate pricing levels, whereby the burden of proof would be shifted to the taxpayer. Tax audit procedures Currently, the tax authorities do not have specific procedures in the tax code for conducting separate transfer pricing audits. Control over prices is primarily made in the course of tax audits. Revised assessments and the appeals procedure Taxpayers have the right to appeal to higher level tax authorities or to court. dditional tax and penalties There is no separate penalty regime for the violation of transfer pricing rules; however, transfer pricing adjustments made by the tax authority in the course of a tax audit that would increase the taxable revenue of the taxpayer (e.g. by disallowing the deduction of the costs in relation to excessive pricing levels), may lead to the underpayment of tax. In case of a successful challenge by the authorities, a penalty of 50% of the underestimated tax may be imposed on the taxpayer. In addition, an interest payment of 0.1% per day also would accrue until the tax is paid in full. Resources available to the tax authorities lthough the arm s-length principle has existed in the tax legislation since 2001, the enforcement of this principle is not common practice. bsence of statistical information for benchmarking purposes and the lack of modern information systems hamper the effective application of transfer pricing regulations in zerbaijan. 265
4 zerbaijan Use and availability of comparable information The tax code provides that comparables for the determination of market prices are to be taken only from official and open information sources. The tax code does not define or specify what sources are considered official and open, but gives examples of such possible sources databases of authorities in the specific market, information submitted by taxpayers to tax authorities, or advertisements. In practice, in the majority of tax audits where transfer pricing issues have been raised, the tax authorities have relied on information they collect from other similar taxpayers, or directly from alternative producers or sellers of similar goods in the local market (primarily, state-owned concerns). Information published by the State Statistics Committee has not been commonly used. Occasionally, the zeri tax authorities undertake extensive data- gathering involving comparables to obtain an in-depth knowledge of specific industry practices and pricing policies. The data obtained from comparables have been used in some cases to make transfer pricing adjustments on a single-transaction basis without regard to overall company profitability or multiple-year data. In that situation, taxpayers have been faced with considerable difficulty in challenging the position, as no specific data is provided on the comparables to allow verification and submission of counterarguments. Risk transactions or industries The types of transactions typically scrutinised by the zeri tax authorities in tax audits include: Sale/purchase of goods, where the supplier is an overseas entity, even unrelated to the taxpayer. Provision of centralised head-office services, and technical/management fees. Import transactions and recovery of related input value added tax (VT). Interest rates on inter-company loans. ll industries are subject to the transfer pricing regulations in zerbaijan. Limitation of double taxation and competent authority proceedings Currently, there are 40 effective double tax treaties with zerbaijan. However, there is no experience with the application of the transfer pricing provision in those treaties. dvance pricing agreements (Ps) Currently, there are no procedures in zerbaijan for obtaining an P. However, it is possible to obtain a written opinion from the tax authorities on transfer pricing issues. Such opinions are not binding. nticipated developments in law and practice The Ministry of Taxes has started consultations with the Organisation for Economic Cooperation and Development (OECD) on adopting new, more detailed transfer pricing regulations. The general expectation is that the OECD-type guidelines and models will be adopted in zerbaijan at some point in the future, but the government has not yet indicated a target date. 266 International Transfer Pricing 2013/14
5 Liaison with customs authorities The tax and customs authorities communicate with each other on various transfer pricing issues and have access to each other s respective databases. OECD issues zerbaijan is not a member of the OECD. However, as mentioned, the general expectation is that the OECD-type guidelines and models are expected to be adopted in zerbaijan. Joint investigations Usually, transfer pricing investigations are conducted by the tax authorities only. However, in some audits the tax authorities have engaged experts from other governmental bodies (e.g. the Ministry of Justice, the State Customs Committee), scientific research institutes and others. Thin capitalisation There are no thin capitalisation rules in zerbaijan. Management services Currently, there are no specific rules or unified practice with regard to the application of the transfer pricing rules to management service charges in zerbaijan. 267
The transfer pricing rules apply for transactions between resident persons, as well as for transactions between resident persons and non-residents.
18. Bulgaria Introduction The Bulgarian tax legislation requires that taxpayers determine their taxable profits and income by applying the arm s-length principle to the prices for which they exchange goods,
More information71. Taiwan. Statutory rules TP Assessment Regulations consist of seven chapters and 36 articles, with detail in the following aspects:
71. aiwan Introduction Article 43-1 of the Income ax Act (IA) was intended for dealing with situations where special transactional arrangements are made between related parties not complying to arm s-length
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Honduras kpmg.com/gtps TAX 2 Global Transfer Pricing Review Honduras KPMG observation The Honduran Transfer Pricing Law became effective
More informationTransfer Pricing Country Summary Turkey
Page 1 of 6 Transfer Pricing Country Summary Turkey 20 July 2015 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines Formal transfer pricing rules were introduced in Turkey on 21 June
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Montenegro Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Montenegro KPMG observation Transfer pricing rules have existed for more than a decade in the
More informationROMANIA. minimum of 25% of the number/value of shares or voting rights in the two entities.
ROMANIA TRANSFER PRICING COUNTRY PROFILE 1. Reference to the Arm s Length Principle The arm's length principle was introduced in the domestic tax law in 1994 and is applicable to all related party transactions,
More informationInternational Transfer Pricing
www.pwc.com/internationaltp International Transfer Pricing 2013/14 An easy to use reference guide covering a range of transfer pricing issues in nearly 80 territories worldwide. www.pwc.com/tptogo Transfer
More informationTransfer Pricing Country Summary Turkey
Page 1 of 8 Transfer Pricing Country Summary Turkey August 2018 Page 2 of 8 Legislation Existence of Transfer Pricing Laws/Guidelines Formal transfer pricing rules were introduced in Turkey on 21 June
More information11. Africa Regional 1. Kenya 6
11. frica Regional 1 Kenya 6 Introduction Kenya has always had a general provision within its tax legislation requiring transactions between non-resident and resident-related parties to be conducted at
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Honduras Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Honduras KPMG observation The Honduran Transfer Pricing Law became effective on January 2014; however,
More informationHONG KONG. 1. Introduction. Contact Information Henry Fung Candice Ng
HONG KONG Contact Information Henry Fung +852 2969 4054 hernyfung@pkf-hk.com Candice Ng +852 2969 4016 candiceng@pkf-hk.com 1. Introduction 1.1. Legal context Currently, the Hong Kong Inland Revenue Ordinance
More informationTransfer Pricing Report
Tax Management Transfer Pricing Report July 28, 2011 Reproduced with permission from Tax Management Transfer Pricing Report, Vol. 20 No. 7, 7/28/2011. Copyright 2011 by The Bureau of National Affairs,
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Malaysia Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Malaysia KPMG observation The Malaysian tax authority has been very active in monitoring taxpayer
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Czech El Salvador Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review El Salvador KPMG observation In El Salvador, the Tax Code includes
More informationROMANIA TRANSFER PRICING COUNTRY PROFILE
ROMANIA TRANSFER PRICING COUNTRY PROFILE 1. Reference to the Arm s Length Principle Latest update April 2018 The arm's length principle was introduced in the domestic tax law in 1994 and is applicable
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Malaysia kpmg.com TAX Malaysia KPMG observation Malaysia is currently in the eighth year since the official introduction of transfer pricing
More informationTransfer Pricing Country Summary Madagascar
Page 1 of 6 Transfer Pricing Country Summary Madagascar May 2018 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines Regarding the Malagasy transfer pricing regime, the following primary
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Ecuador Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Ecuador KPMG observation On 27 May 2015, the Ecuadorian Tax Authority published the resolution NAC-DGERCGC15-00000455
More informationTransfer Pricing Country Summary Norway
Page 1 of 5 Transfer Pricing Country Summary Norway 21 July 2015 Page 2 of 5 Legislation Existence of Transfer Pricing Laws/Guidelines The arm s-length standard for related party transactions is incorporated
More informationAn overview of Transfer Pricing
An overview of Transfer Pricing WIRC of ICAI Vispi T. Patel 19th June, 2013 Agenda Transfer Pricing Origin, Evolution and Basic Concepts TP Indian Perspective Indian Transfer Pricing Regulations v OECD
More informationTURKEY GLOBAL GUIDE TO M&A TAX: 2017 EDITION
TURKEY 1 TURKEY INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? Recently, there are no tax developments in Turkey which
More informationGUIDELINE ON TURKISH TRANSFER PRICING RULES
GUIDELINE ON TURKISH TRANSFER PRICING RULES CentrumConsulting www.centrumdanismanlik.com.tr 1 Reference to the Arm s Length Principle The Arm s Length Principle in Turkish legislation means that prices
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Bangladesh Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Bangladesh KPMG observation Tax authorities around the world increasingly consider that international
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Brazil Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Brazil KPMG observation As member of the G20, Brazil has been part of the discussions in the Base
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Czech FinlandRepublic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Finland KPMG observation The Finnish tax authorities continue to
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Uruguay Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Uruguay KPMG observation After transfer pricing rules were introduced in Uruguay in 2007 in the
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Slovakia Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Slovakia KPMG observation Beginning with the introduction of mandatory transfer pricing documentation
More informationTransfer Pricing Country Profile (to be posted on the OECD Internet site
Transfer Pricing Country Profile (to be posted on the OECD Internet site www.oecd.org/taxation) Name of Country: MEXICO Date of profile: _January, 2014_ No. Item Reference to and wherever possible text
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech FinlandRepublic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Finland KPMG observation The Finnish tax authority continues to pay attention to transfer pricing
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Panama Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Panama KPMG observation In the process of the implementation of Panama s international tax policy,
More informationTax Flash Report. New Russian transfer pricing draft law is available. Tax services. Background in brief. Key points
Tax services Tax Flash Report Russia, New Russian transfer pricing draft law is available Background in brief On 30 October 2009, the Russian Ministry of Finance made public the revised draft law on new
More informationAn overview of Transfer Pricing
An overview of Transfer Pricing WIRC of ICAI Vispi T. Patel Vispi T. Patel & Associates 19 th June, 2013 Agenda Transfer Pricing Origin, Evolution and Basic Concepts TP Indian Perspective Indian Transfer
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Venezuela Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Venezuela KPMG observation The Venezuelan Income Tax Law recently established rules regarding
More informationUK transfer pricing legislation how does it affect you?
UK transfer pricing legislation how does it affect you? A Guest Article by Nilesh Shah April 2014 Conflict between businesses and tax authorities Businesses working across borders face the temptation to
More informationTransfer Pricing Country Summary Tanzania
Page 1 of 6 Transfer Pricing Country Summary Tanzania August 2018 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines Section 33 of the Income Tax Act, Chapter 332 ( The Act ) sets out
More informationCHINA TRANSFER PRICING IMPLEMENTING MEASURES - BEYOND THE COMPLIANCE REQUIREMENTS
CHINA TRANSFER PRICING IMPLEMENTING MEASURES - BEYOND THE COMPLIANCE REQUIREMENTS JANUARY 2009 In our Newsletter of 12 January 2009, we reported that the China State Administration of Taxation ("SAT")
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Hungary kpmg.com/gtps TAX 2 Global Transfer Pricing Review Hungary KPMG observation The tax authorities are paying special attention to transfer
More information1. What are recent tax developments in your country which are relevant for M&A deals?
Turkey General Turkey 1. What are recent tax developments in your country which are relevant for M&A deals? Recently, there are no tax developments in Turkey which are relevant for M&A deals. The regulation
More informationSection 17 subsection 5 interconnected with section 18 of the Income Tax Act No. 595/2003 Coll. as amended (hereinafter the ITA )
Transfer Pricing Country Profile (to be posted on the OECD Internet site www.oecd.org/ctp/tp/countryprofiles) Name of Country: Slovak Republic Date of profile: October 2012 1. Reference to the Arm s Length
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Czech China Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review China KPMG observation With nearly 30 years of history in enforcing
More informationTransfer Pricing Country Profile (to be posted on the OECD Internet site
Transfer Pricing Country Profile (to be posted on the OECD Internet site www.oecd.org/taxation) Name of Country: South Africa Date of profile: April 2009 No. Item 1 Reference to the Arm s Length Principle
More informationTransfer Pricing Country Summary Russia
Page 1 of 6 Transfer Pricing Country Summary Russia 16 November 2015 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines The TP rules are fixed in the Russian Tax Code (Part 1). Furthermore,
More informationGlobal Transfer Pricing Review
Global Transfer Pricing Review Czech Egypt Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Egypt KPMG observation Transfer pricing is now one of the most important topics for the Egyptian Tax
More informationTransfer Pricing Country Summary Portugal
Page 1 of 8 Transfer Pricing Country Summary Portugal August 2018 Page 2 of 8 Legislation Existence of Transfer Pricing Laws/Guidelines Provisions regarding transfer pricing matters are incorporated in
More informationGlobal Transfer Pricing Review
Global Transfer Pricing Review Czech ZambiaRepublic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Zambia KPMG observation Transfer pricing provisions were written into the Income Tax Act (ITA) in
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Austria kpmg.com/gtps TAX 2 Global Transfer Pricing Review Austria KPMG observation On 28 October 2010, the Austrian Federal Ministry of
More informationIRAS e-tax Guide. Transfer Pricing Guidelines (Fourth edition)
IRAS e-tax Guide Transfer Pricing Guidelines (Fourth edition) Published by Inland Revenue Authority of Singapore Published on 12 Jan 2017 First edition on 23 Feb 2006 Disclaimers: IRAS shall not be responsible
More informationWORKING DRAFT. Chapter 4 - Transfer Pricing Methods (Traditional Methods) 1. Introduction
This is a working draft of a Chapter of the Practical Manual on Transfer Pricing for Developing Countries and should not at this stage be regarded as necessarily reflecting finalised views of the UN Committee
More informationTransfer Pricing in the People s Republic of China
Transfer Pricing in the People s Republic of China FOREWORD It has been long awaited for the Chinese government to promulgate the contemporaneous transfer pricing documentation rules to formalize the compliance
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Panama kpmg.com/gtps TAX 2 Global Transfer Pricing Review Panama KPMG observation Panama has recently enacted transfer pricing legislation
More informationTHE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness No. 20/2017/ND-CP Hanoi, February 24, 2017 DECREE
THE GOVERNMENT -------- THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness --------------- No. 20/2017/ND-CP Hanoi, February 24, 2017 DECREE PRESCRIBING TAX ADMINISTRATION FOR ENTERPRISES
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Czech Colombia Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Colombia KPMG observation In 2013 Colombia received an invitation
More informationPUBLIC CONSULTATION PAPER IRAS SUPPLEMENTARY CIRCULAR (DRAFT) TRANSFER PRICING GUIDELINES FOR RELATED PARTY LOANS AND RELATED PARTY SERVICES
PUBLIC CONSULTATION PAPER IRAS SUPPLEMENTARY CIRCULAR (DRAFT) TRANSFER PRICING GUIDELINES FOR RELATED PARTY LOANS AND RELATED PARTY SERVICES Published by Inland Revenue Authority of Singapore Published
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Ecuador kpmg.com/gtps TAX 2 Global Transfer Pricing Review Ecuador KPMG observation Since 2005, the tax administration, Servicio de Rentas
More informationAdjustment of International Taxes Act
Adjustment of International Taxes Act INTRODUCTION Details of Enactment and Amendment Enactment: This Act was enacted in 1995 opportunely at this time when the World Trade Organization (WTO) is about to
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Saudi Arabia Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Saudi Arabia KPMG observation While Saudi Arabia does not have complex transfer pricing rules,
More informationTRANSFER PRICING IN INDIA A REVENUE PERSPECTIVE
TRANSFER PRICING IN INDIA A REVENUE PERSPECTIVE A PRESENTATION BY AKHILESH RANJAN DIRECTOR OF INCOME TAX (INTERNATIONAL TAXATION), NEW DELHI 02.12.2005 HISTORICALLY Concept of transfer pricing always there
More informationIRAS SUPPLEMENTARY e-tax Guide TRANSFER PRICING GUIDELINES FOR RELATED PARTY LOANS AND RELATED PARTY SERVICES
IRAS SUPPLEMENTARY e-tax Guide TRANSFER PRICING GUIDELINES FOR RELATED PARTY LOANS AND RELATED PARTY SERVICES Published by Inland Revenue Authority of Singapore Published on 23 February 2009 Inland Revenue
More informationTransfer Pricing Country Summary China
Page 1 of 8 Transfer Pricing Country Summary China March 2018 Page 2 of 8 Legislation Existence of Transfer Pricing Laws/Guidelines The transfer pricing legislation in China is mainly contained in the
More informationNEW TRANSFER PRICING REGULATIONS
NEW TRANSFER PRICING REGULATIONS y Maxwell Ngorima 23 February 2016 CONTENTS 1 Transfer Pricing overview 2 Relevant Legislation 3 Services 4 Documentation 5 Transfer Pricing Methods 6 Comparability 7 Conclusion
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Czech Uruguay Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Uruguay KPMG observation After transfer pricing rules were introduced
More informationAn overview of Transfer Pricing
An overview of Transfer Pricing CTC Vispi T. Patel Vispi T. Patel & Associates Agenda Transfer Pricing Origin, Evolution and Basic Concepts TP Indian Perspective Indian Transfer Pricing Regulations v OECD
More informationTransfer Pricing Country Summary Romania
Page 1 of 6 Transfer Pricing Country Summary Romania 2 June 2015 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines Introduced in 1994, Article 11 of the Romanian Tax Code (Codul Fiscal
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech IcelandRepublic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Iceland KPMG observation The law that enacted the Icelandic transfer pricing rules was passed in
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Czech Egypt Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Egypt KPMG observation Transfer pricing is now one of the most important
More informationKOREA GLOBAL GUIDE TO M&A TAX: 2017 EDITION
KOREA 1 KOREA INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? Korea has long been endeavoring to adopt tax policies in
More informationInternational Tax Sweden Highlights 2019
International Tax Updated January 2019 Recent developments: For the latest tax developments relating to Sweden, see Deloitte tax@hand. Investment basics: Currency Swedish Krona (SEK) Foreign exchange control
More informationName of Country: _ARGENTINA Date of profile:
Transfer Pricing Country Profile (to be posted on the OECD Internet site www.oecd.org/taxation) Name of Country: _ARGENTINA Date of profile: 22-11-2012 1. Reference to the Arm s Length Principle Since
More informationInternational Tax Georgia Highlights 2018
International Tax Georgia Highlights 2018 Investment basics: Currency Georgian Lari (GEL) Foreign exchange control There generally are no foreign exchange controls and no restrictions on the import or
More informationpwc 1 st Communiqué of Corporate Tax Law 1 ST Communiqué of Corporate Tax Law
1 st Communiqué of Corporate Tax Law This booklet is not intended for definite advice but merely as an explanatory guide. We would strongly recommend that readers seek professional advice before making
More informationCOUNSIL OF MINISTER DESICION ABOUT DISGUISED PROFIT DISTRIBUTION VIA TRANSFER PRICING. SECTION ONE CONTENT, OBJECTIVE and DEFINITIONS
6 December 2007 Official Gazette Official Gazette No : 26722 Decree No : 2007/12888 COUNSIL OF MINISTER DESICION ABOUT DISGUISED PROFIT DISTRIBUTION VIA TRANSFER PRICING SECTION ONE CONTENT, OBJECTIVE
More informationChina s SAT issues new rules on reporting of related-party transactions and contemporaneous documentation
Arm s Length Standard Global views within reach. China s SAT issues new rules on reporting of related-party transactions and contemporaneous documentation China s State Administration of Taxation (SAT)
More informationTransfer Pricing Principles By Wilfred Alambo KPMG Advisory Services Limited
Transfer Pricing Principles By Wilfred Alambo KPMG Advisory Services Limited Introduction, African overview and TP methods Table of contents 1. Background & introduction 2. Overview TP in Africa 3. TP
More informationInternational Tax Poland Highlights 2018
International Tax Poland Highlights 2018 Investment basics: Currency Polish Zloty (PLN) Foreign exchange control None (generally) for transactions with EU, EEA, OECD and some other countries. Permission
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Czech Netherlands Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Netherlands KPMG observation The Dutch Tax Authorities intend
More informationInternational Tax Ukraine Highlights 2018
International Tax Ukraine Highlights 2018 Investment basics: Currency Ukrainian Hryvnia (UAH) Foreign exchange control Only local currency generally may be used in business transactions between residents.
More informationTransfer Pricing Country Summary Austria
Page 1 of 6 Transfer Pricing Country Summary Austria April 2018 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines On July 6, 2016, the Transfer Pricing Documentation Act (TPDA) has
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Colombia Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Colombia KPMG observation In 2013, Colombia received an invitation from the Organisation for Economic
More informationThe treatment of transfer pricing adjustments for the purpose of customs valuation
The treatment of transfer pricing adjustments for the purpose of customs valuation By: MSc, M, Friedhoff, European customs law, 2017 1 Table of contents 1 Table of contents... 1 2 List of abbreviations...
More informationThe Impact of China's New Enterprise Income Tax Law on M&A Transactions and Advance Pricing Agreements
The Impact of China's New Enterprise Income Tax Law on M&A Transactions and Advance Pricing Agreements Julie Zhang Partner, Mayer Brown JSM +86 10 6599 9299 julie.zhang@mayerbrownjsm.com Ray Dybala Partner,
More information16 Annex - Taxation 103. LAW ON CORPORATE PROFIT TAX
16 Annex - Taxation 103. LAW ON CORPORATE PROFIT TAX Pursuant to Article 88 Item 2 of the Constitution of the Republic of Montenegro I hereby pass the DECREE PROMULGATING THE LAW ON CORPORATE PROFIT TAX
More informationPreface The Revenue Department of Thailand June 2002
Preface International business transactions have increased dramatically over the years. Investment has increasingly expanded at an unprecedented rate in many countries. These international business activities
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Singapore kpmg.com/gtps TAX 2 Global Transfer Pricing Review Singapore KPMG observation Coinciding with the addition of Section 34D (transactions
More informationVision To be the most admired professional services firm serving clients globally
Vision To be the most admired professional services firm serving clients globally C h a l l e n g e U s OVERVIEW OF COST PLUS METHOD October 8, 2014 2 All rights reserved Preliminary & Tentative CONTENTS
More informationInternational Tax Egypt Highlights 2018
International Tax Egypt Highlights 2018 Investment basics: Currency Egyptian Pound (EGP) Foreign exchange control Following the floatation of the EGP on 3 November 2016, the central bank relaxed some restrictions
More informationOECD DISCUSSION DRAFT ON TRANSFER PRICING COMPARABILITY AND DEVELOPING COUNTRIES
Paris: 11 April 2014 OECD DISCUSSION DRAFT ON TRANSFER PRICING COMPARABILITY AND DEVELOPING COUNTRIES Submitted by email: TransferPricing@oecd.org Dear Joe, Please find below BIAC s comments on the OECD
More informationTransfer Pricing Country Summary Venezuela
Page 1 of 6 Transfer Pricing Country Summary Venezuela July 2018 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines Transfer pricing legislation in Venezuela was introduced through a
More informationJGARG. Economic Advisors. Tri Nagar Keshav Puram Study Circle Of North India Regional Council. By: CA. Gaurav Garg
JGARG Economic Advisors Tri Nagar Keshav Puram Study Circle Of North India Regional Council By: CA. Gaurav Garg Warm-up Indian TP Regulations Arm s Length Principle The Tax Treaty Aspect Meaning of Associated
More informationTransfer Pricing Country Summary Belgium
Page 1 of 8 Transfer Pricing Country Summary Belgium July 2018 Page 2 of 8 Legislation Existence of Transfer Pricing Laws/Guidelines The arm s length principle is codified in Article 185, Par 2, of the
More informationGermany. Transfer Pricing Country Profile. Updated October The Arm s Length Principle
Germany Transfer Pricing Country Profile Updated October 2017 SUMMARY REFERENCE The Arm s Length Principle 1 Does your domestic legislation or regulation make reference to the Arm s Length Principle? Foreign
More informationTransfer Pricing Country Summary Switzerland
Page 1 of 6 Transfer Pricing Country Summary Switzerland July 2018 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines There are no specific transfer pricing regulations. However, legal
More information14.01 TRANSFER PRICING IN MEXICO
Yoshio Uehara & Gustavo Méndez * 14.01 TRANSFER PRICING IN MEXICO Recent efforts of the Organization for Economic Cooperation and Development ( OECD ) 1 members in the tax area is to prevent that multinational
More informationSPAIN GLOBAL GUIDE TO M&A TAX: 2017 EDITION
SPAIN 1 SPAIN INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? A new Corporate Income Tax (CIT) Act, which was approved
More informationPOLAND GLOBAL GUIDE TO M&A TAX: 2017 EDITION
POLAND 1 POLAND INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? GAAR regulations The most important changes with respect
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Namibia Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Namibia KPMG observation Namibia introduced transfer pricing legislation on 14 May 2005. The legislation
More informationMALAYSIA GLOBAL GUIDE TO M&A TAX: 2017 EDITION
MALAYSIA 1 MALAYSIA INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? Please see question 2 below. 2. WHAT IS THE GENERAL
More informationTransfer Pricing Country Summary Mexico
Page 1 of 7 Transfer Pricing Country Summary Mexico June 2017 Page 2 of 7 Legislation Existence of Transfer Pricing Laws/Guidelines Transfer pricing legislation can be found in Article 76 Sections IX,
More informationMongolia introduces rules to tax indirect transfer of land rights and exploration and mining licenses
Tax Alert MONGOLIA Mongolia introduces rules to tax indirect transfer of land rights and exploration and mining licenses Issue No. MNIT2018002 29 January 2018 Executive summary On 10 November 2017, the
More informationSP1/11 Transfer pricing, mutual agreement procedure and arbitration
SP1/11 Transfer pricing, mutual agreement procedure and arbitration 1. This statement describes the UK s practice in relation to methods for reducing or preventing double taxation and supersedes Tax Bulletins
More informationCHAPTER I GENERAL PROVISIONS
APPROVED by the Order No VA-106 of the Head of the State Tax Inspectorate under the Ministry of Finance of the Republic of Lithuania of 21 October 2011 (version of the Order No VA-63 of the Head of the
More information