Proposed amendments to the corporate income tax law regarding transfer pricing reporting would become effective from 1 January 2023. The proposed amendments include following changes:
- the requirement to submit a transfer pricing (TP) report to the tax authorities upon request.
- tax authorities would be allowed to submit such a request after 30 days from the deadline for submission of the corporate income tax (CIT) return, and the taxpayer would be required to submit the TP report within 15 days following such a request.
- taxpayers are required to report related parties’ transaction as an attachment to their corporate income tax return on a prescribed form.
- taxpayers must keep the TP report for 10 years.
