A draft bill was submitted to the parliament on 13th July 2016 for amending unified property tax, Procedural Tax Code and transfer pricing legislation. In accordance with the draft bill, the General Secretary of Public Revenue may discharge very small enterprises from the submission of transfer pricing documentation and it applies to documentation pertaining to transactions executed after 1st January 2015.
The closing date for the submission of transfer pricing documentation will be changed. The documentation has to be submitted at the deadline set for filing the income tax returns. The deadline for the initial approval of the transfer pricing documentation will be extended to 18 months from 120 days and on the other hand, General Secretary of Public Revenue may also prolong this deadline to 36 months.
