Worldwide transfer pricing reference guide 2014

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Gabon Taxing authority and tax law Taxing authority: Gabonese Tax Administration. Tax law: General Tax Code (GTC). Section 12 and Section P 860 of the GTC contains the main legislative provisions concerning transfer pricing. Section 12 of the GTC provides that transaction between group companies should be conducted as if the transaction were undertaken with third parties. The profit level of the transactions undertaken would also be taken into account. Relevant regulations and rulings There are no specific regulations or rulings. OECD guidelines treatment The tax administration accepts the OECD Guidelines. Priorities/pricing methods The tax administration should accept the methods prescribed by the OECD; i.e., CUP, Resale Price, Cost Plus, TNMM and Profit Split. Transfer pricing penalties Any excessive charges would be regarded as distributions of income and will be subject to withholding taxes as the case may be. Tax adjustments for transfer pricing are subject to the normal penalty rules. In case of an audit from the tax authorities, an incorrect corporate tax return is subject to a penalty of 1.5% on the basis of amount recovered capped at 50%. In case of willful neglect, the penalty is increased by 100%. In case of fraud, the penalty is 150% over and above the penalty for incorrect tax return detailed above. According to the Finance Act 2014, failure to submit the transfer pricing documentation is subject to a penalty of 5% on the profits transferred abroad (a minimum penalty of XAF5,000,000 per year). Penalty relief It is possible to get remission from penalties on special request to the tax administration. Documentation requirements Section P-860 provides that the company is required to provide a transfer pricing documentation which should detail the transfer pricing policy adopted by the head office. This document should include legal, economic, tax and accounting details and the methodology used to validate the transfer pricing policy. The document should also include details about the relationship which the company has with other group companies with whom transactions would be undertaken. Documentation deadlines Transfer pricing documentation should be provided at the start of the fiscal year of operation. The Finance Act 2014 also specifies that the transfer pricing documentation should be provided at the start of an audit account. In case of violation, a warning of payment in a 15 days term is sent to the company. Statute of limitations on transfer pricing assessments The statute limitation is four years after the payment of corporate tax is due. Taxes are due by 30 April following the calendar year end. Return disclosures/related party disclosures There are no disclosure requirements. Worldwide transfer pricing reference guide 112
Gabon (continued) Transfer pricing–specific returns No guidance is currently available on transfer pricing-specific returns. Audit risk/transfer pricing scrutiny The transfer pricing legislation is relatively new. However, tax audits are increasingly focusing on related party transactions especially where the taxpayer is in a recurrent loss position. APA opportunity Gabon has just introduced an APA program for transfer pricing in the Finance Act 2014. Expected reaction to OECD Report on BEPS It is expected that the law will be tightened to take into account the action plan of BEPS. Worldwide transfer pricing reference guide 113
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Worldwide transfer pricing referenc
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Nigeria 215 Norway 217 Oman 220 Pak
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The content is current as of 28 Feb
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CUP (comparable uncontrolled price)
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Albania (continued) Priorities/pric
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Algeria Taxing authority and tax la
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Algeria (continued) Return disclosu
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Angola (continued) Transfer pricing
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Argentina Taxing authority and tax
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Argentina (continued) Transfer pric
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Australia Taxing authority and tax
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Australia (continued) Priorities/pr
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Australia (continued) Documentation
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Australia (continued) Frequency of
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Austria (continued) Documentation r
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Bahrain Taxing authority and tax la
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Bangladesh (continued) Penalty reli
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Belgium Taxing authority and tax la
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Belgium (continued) Statute of limi
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Bolivia Taxing authority and tax la
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Botswana Taxing authority and tax l
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Brazil (continued) Relevant regulat
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Brazil (continued) Priorities/prici
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Brunei Taxing authority and tax law
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Bulgaria (continued) Transfer prici
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Bulgaria (continued) Return disclos
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Cameroon Taxing authority and tax l
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Canada Taxing authority and tax law
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Canada (continued) Documentation re
Page 61 and 62: Chile Taxing authority and tax law
Page 63 and 64: Chile (continued) Return disclosure
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Page 67 and 68: Colombia Taxing authority and tax l
Page 69 and 70: Colombia (continued) Penalty relief
Page 71 and 72: Republic of Congo Taxing authority
Page 73 and 74: Costa Rica Taxing authority and tax
Page 75 and 76: Croatia Taxing authority and tax la
Page 77 and 78: Croatia (continued) Frequency of ta
Page 79 and 80: Czech Republic Taxing authority and
Page 81 and 82: Denmark Taxing authority and tax la
Page 83 and 84: Denmark (continued) Documentation d
Page 85 and 86: Dominican Republic Taxing authority
Page 87 and 88: Dominican Republic (continued) Expe
Page 89 and 90: Ecuador (continued) Priorities/pric
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Page 93 and 94: Egypt Taxing authority and tax law
Page 95 and 96: Egypt (continued) Frequency of tax
Page 97 and 98: El Salvador (continued) Transfer pr
Page 99 and 100: Estonia Taxing authority and tax la
Page 101 and 102: Fiji Taxing authority and tax law T
Page 103 and 104: Fiji (continued) Frequency of tax a
Page 105 and 106: Finland (continued) Documentation r
Page 107 and 108: France (continued) Transfer pricing
Page 109 and 110: France (continued) Documentation re
Page 111: France (continued) Expected reactio
Page 115 and 116: Georgia (continued) Documentation r
Page 117 and 118: Germany Taxing authority and tax la
Page 119 and 120: Germany (continued) For late filing
Page 121 and 122: Ghana Taxing authority and tax law
Page 123 and 124: Ghana (continued) APA opportunity T
Page 125 and 126: Greece (continued) Transfer pricing
Page 127 and 128: Guatemala Taxing authority and tax
Page 129 and 130: Honduras Taxing authority and tax l
Page 131 and 132: Hong Kong (SAR) Taxing authority an
Page 133 and 134: Hong Kong (SAR) (continued) APA opp
Page 135 and 136: Hungary (continued) Priorities/pric
Page 137 and 138: Hungary (continued) Documentation r
Page 139 and 140: Iceland Taxing authority and tax la
Page 141 and 142: India Taxing authority and tax law
Page 143 and 144: India (continued) Documentation req
Page 145 and 146: Indonesia Taxing authority and tax
Page 147 and 148: Indonesia (continued) Frequency of
Page 149 and 150: Ireland Taxing authority and tax la
Page 151 and 152: Ireland (continued) Frequency of ta
Page 153 and 154: Israel (continued) Priorities/prici
Page 155 and 156: Italy Taxing authority and tax law
Page 157 and 158: Italy (continued) Transfer pricing
Page 159 and 160: Italy (continued) Frequency of tax
Page 161 and 162: Japan (continued) Transfer pricing
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Japan (continued) APA opportunity U
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Kazakhstan Taxing authority and tax
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Kazakhstan (continued) Frequency of
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Kenya (continued) Documentation req
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Kosovo (continued) Documentation re
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Kuwait (continued) Documentation re
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Latvia Taxing authority and tax law
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Lebanon Taxing authority and tax la
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Lithuania Taxing authority and tax
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Luxembourg Taxing authority and tax
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Former Yugoslav Republic of Macedon
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Malaysia Taxing authority and tax l
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Malaysia (continued) Frequency of t
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Maldives (continued) Statute of lim
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Malta (continued) Return disclosure
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Mauritius (continued) APA opportuni
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Mexico (continued) Transfer pricing
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Mexico (continued) Return disclosur
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Montenegro (continued) Frequency of
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Morocco (continued) Transfer pricin
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Myanmar Taxing authority and tax la
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Namibia Taxing authority and tax la
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Netherlands Taxing authority and ta
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Netherlands (continued) Statute of
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New Zealand Taxing authority and ta
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New Zealand (continued) Frequency o
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Nigeria Taxing authority and tax la
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Norway Taxing authority and tax law
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Norway (continued) Frequency of tax
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Oman (continued) Frequency of tax a
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Panama Taxing authority and tax law
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Panama (continued) Expected reactio
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Papua New Guinea (continued) Docume
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Peru Taxing authority and tax law T
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Peru (continued) Frequency of tax a
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Philippines (continued) Transfer pr
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Poland Taxing authority and tax law
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Poland (continued) Transfer pricing
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Poland (continued) Return disclosur
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Poland (continued) APA opportunity
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Portugal (continued) Transfer prici
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Portugal (continued) APA opportunit
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Qatar (continued) OECD guidelines t
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Qatar (continued) Return disclosure
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Romania (continued) Documentation r
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Russian Federation Taxing authority
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Russian Federation (continued) Freq
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Saudi Arabia (continued) Transfer p
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Senegal (continued) Documentation r
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Serbia Taxing authority and tax law
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Singapore Taxing authority and tax
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Singapore (continued) Frequency of
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Slovak Republic (continued) Documen
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Slovenia Taxing authority and tax l
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Slovenia (continued) Transfer prici
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South Africa (continued) Penalty re
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South Korea (Republic of Korea) Tax
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South Korea (Republic of Korea) (co
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Spain (continued) Penalty relief So
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Spain (continued) APA opportunity T
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Sri Lanka (continued) Return disclo
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Sweden (continued) Documentation re
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Switzerland Taxing authority and ta
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Taiwan Taxing authority and tax law
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Taiwan (continued) Return disclosur
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Tanzania Taxing authority and tax l
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Thailand Taxing authority and tax l
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Thailand (continued) Frequency of t
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Turkey (continued) Priorities/prici
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Uganda Taxing authority and tax law
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Ukraine Taxing authority and tax la
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Ukraine (continued) Transfer pricin
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United Kingdom Taxing authority and
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United Kingdom (continued) Transfer
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United States (continued) Transfer
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Uruguay Taxing authority and tax la
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Uruguay (continued) APA opportunity
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Venezuela Taxing authority and tax
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Venezuela (continued) Expected reac
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Vietnam (continued) Relevant regula
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Vietnam (continued) Documentation d
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Zimbabwe Taxing authority and tax l
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Zimbabwe (continued) Relevant regul
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Transfer pricing contacts Area cont
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Jurisdiction contacts • El Salvad
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Jurisdiction contacts • Rep. of C
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Worldwide transfer pricing reference guide 2014

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