Canada:The Court of Appeal’s decision regarding penalties in transfer pricing case
The decision regarding the case of The Minister of National Revenue v. Sifto Canada Corp has given by the Federal Court of Appeal on May 28, 2014. The tax authorities were appealing a decision of the Federal Court, upholding a decision of
See MoreFrance- Deadline for filing additional Transfer Pricing Statement
The French Government adopted a new additional transfer pricing documentation requirement codified under Article 223 quinquies B of the French General Tax Code. According to the new rule certain taxpayers will be able to file a “reduced”
See MoreSlovak Republic: New improvements in Transfer Pricing
The Financial Directorate in Slovak Republic has issued a methodological guideline on the application of transfer pricing methods. According to the changes to the OECD Transfer Pricing Guidelines in July 2010, the amendment to the ITA has abolished
See MoreUkraine: Tax authorities updated on certain transfer pricing issues
On 1 July 2014, the Ministry of Revenues and Levies of Ukraine has issued Order No.368 which approves an updated of "Generalized Tax Consultation on Application of Certain Provisions of the Tax Legislation on Transfer Pricing." The Order
See MoreTransfer Pricing Brief: June 2014
Canada Penalty for documentation failurePenalties may apply if the taxpayer does not make reasonable efforts to arrive at the arm's length price.Transfer pricing documentation requirement The documentation must outline the organization of the
See MoreMalaysia: Inclusion of the new check-the-box requirements and its consequences
A new check-the-box named “Box R4” has been inserted on the 2014 tax return form (Form C) of Malaysia to declare by the corporate taxpayer for the confirmation that the preparation of contemporaneous transfer pricing documentation is complied in
See MoreCanada: CRA publishes “PTM-05R” on requests for contemporaneous documentation
The Canada Revenue Agency (CRA) has issued a memo on transfer pricing on applications for contemporaneous documentation of the auditor entitled “PTM-05R” on March 28, 2014 and it replaces preceding PTM on the same subject dated 13 October 2004.
See MoreCanada: Decision in Marzen Aluminum transfer pricing case has released
The Tax Court of Canada has published its judgment in Marzen Artistic Aluminum Ltd. v The Queen (2014 TCC 194) on 10 June 2014 regarding a case of transfer pricing adjustment made by the Canada Revenue Agency (CRA) in respect of fees paid by
See MoreAngola introduced transfer pricing rules
Angola introduced a transfer pricing rule with a Presidential Decree n. 14713 on June 2014. According to the decree, the taxpayers require to submit transfer pricing documentation by the end of June 2014 to the tax management for the 2013 tax year.
See MoreGreece: Guidance for transfer pricing documentation requirements
On 9 April 2014, the Minister of Finance of Greece issued a ministerial decision that provides guidance regarding the following transfer pricing documentation requirements: The ministerial decision set out the detailed requirements in respect of the
See MoreIndia: Mumbai Tribunal settles charge of penalty in case of a transfer pricing adjustment
Recently in the case of Deloitte Consulting India Pvt Ltd (Taxpayer) regarding levy of penalty in the case of a transfer pricing (TP) adjustment. Here is the summary of the case and decision: The Taxpayer, an Indian company, had entered into a
See MoreTransfer Pricing Brief: May 2014
Australia Corporate Income Tax rate 30% for periods to 2013/14.Capital Gain Tax rate-Taxed at the same rate as business income. China Main Corporate Income tax- A lower 15% incentive corporation tax rate applies to specified industries in
See MoreCanada: New guidance regarding contemporaneous documentation
The CRA’s updated Transfer Pricing Memorandum (TPM-05R) clarifies the CRA’s process for requesting contemporaneous documentation and includes specifically four new sections, such as method of delivery, three-month delivery, documents provided to
See MorePhilippines- to issue Advance Pricing Agreement (“APA”) procedures
First APA procedures to be released by the Bureau of Internal Revenue (“BIR”) in the Philippines. In order to meet the criteria for tax collection targets, the BIR is making considerable resources available in order to develop transfer pricing
See MoreIndia: Income-tax Appellate Tribunal found that no adjustment given taxpayer’s minimal risks, limited functions
Recently, in the case of Marubeni Corp., Japan (ITA No: 5397/Del/2012) The Delhi Bench of the Income-tax Appellate Tribunal held that, a transfer pricing adjustment with respect to a taxpayer performing what were found to be low-end mediation
See MoreCanada follows suit with US and excludes references to OECD in TP request
Canada has adopted similar position to the US and has excluded references to the OECD’s three-tier documentation in favour of its own country specific transfer pricing (TP) documentation. The Canada Revenue Agency (CRA) has reviewed its TP
See MoreUS: IRS Releases Transfer Pricing Audit Roadmap
On 14 February 2014 a Transfer Pricing Audit Roadmap was issued by the Large Business and International (LB&I) division of the IRS. This sets out the procedures in relation to the conduct of a transfer pricing audit and the timeline to follow.
See MoreMalaysia – Transfer pricing documentation required for 2014 tax return
The Malaysian transfer pricing rules imposing the arm’s length principle are contained in section 140A of the Income Tax Act. The Inland Revenue Board has been increasing its scrutiny of the transfer pricing issues of large taxpayers and is
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