Worldwide transfer pricing reference guide 2014

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Tanzania (continued) APA opportunity Section 131 provides for advanced private rulings provided all the material facts of the transaction are disclosed. However, it is not a common practice. Expected reaction to OECD Report on BEPS There has not been any reaction from the tax authorities up until January 2014. Worldwide transfer pricing reference guide 294
Thailand Taxing authority and tax law Taxing authority: Thai Revenue Department (TRD). Tax laws, agreements and standards: • Provisions of the Thai Tax Code (TTC) dealing with exchanges at below-market price: • Sections 65 bis (4) and (7) • Section 70 ter • Section 65 ter (13), (14), (15) and (19) • Section 79/3 under the Thai Revenue Code • Double Tax Agreements between Thailand and other countries • Thai Accounting Standard No. 37 and 47 • Transfer pricing guidelines: Departmental Instruction No. Paw. 113/2545 (DI 113) Relevant regulations and rulings On 16 May 2002, the TRD issued its guidelines specifically addressing transfer pricing. DI 113 is written in the form of an internal departmental instruction which provides guidance to tax officials for tax audit purposes. On 23 April 2010, the TRD issued the Bilateral Advanced Pricing Arrangement (BAPA) guidelines, stipulating the rules governing the BAPA process, including procedures for BAPA applications, level of information required, circumstances under which the TRD may discontinue a BAPA, and taxpayer compliance after a BAPA is concluded. OECD guidelines treatment The Thai transfer pricing guidelines generally follow the OECD Guidelines, including all the methods acceptable under the OECD Guidelines. This will include supporting material beyond the scope of the OECD Guidelines. The OECD Guidelines are not binding on the TRD; however, they may be persuasive in areas not addressed by DIP 113. Priorities/pricing methods The TRD, by default, accepts TNMM, although they would also accept CUP, Resale Price, Cost Plus and other commercially used methods, such as the Profit Split, as specified in the OECD Guidelines. Transfer pricing penalties There is no explicit penalty for transfer pricing assessments, nor is there an explicit penalty for not having transfer pricing documentation. However, for tax shortfalls in general, if a company is assessed by the TRD, a penalty of 100% or 200% of the tax shortfall and a 1.5% per month surcharge may be imposed. The 1.5% monthly surcharge is capped at 100% of the tax shortfall amount. Penalty relief In the event of a transfer pricing adjustment, there is no formal penalty relief for having transfer pricing documentation in place. Penalties may be reduced by half, or waived if the taxpayer voluntarily files a return and accounts for the tax shortfall. Surcharges are a form of interest and cannot be reduced. Contemporaneous documents cannot be used to reduce the penalty for a transfer pricing shortfall. However, documentation is an important tool in the defense of transfer pricing, should a tax audit take place. Documentation requirements The following elements of contemporaneous documentation are specified: Worldwide transfer pricing reference guide 295
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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
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Chile Taxing authority and tax law
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Chile (continued) Return disclosure
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China (continued) Documentation req
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Colombia Taxing authority and tax l
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Colombia (continued) Penalty relief
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Republic of Congo Taxing authority
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Costa Rica Taxing authority and tax
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Croatia Taxing authority and tax la
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Croatia (continued) Frequency of ta
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Czech Republic Taxing authority and
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Denmark Taxing authority and tax la
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Denmark (continued) Documentation d
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Dominican Republic Taxing authority
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Dominican Republic (continued) Expe
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Ecuador (continued) Priorities/pric
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Ecuador (continued) Return disclosu
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Egypt Taxing authority and tax law
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Egypt (continued) Frequency of tax
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El Salvador (continued) Transfer pr
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Estonia Taxing authority and tax la
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Fiji Taxing authority and tax law T
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Fiji (continued) Frequency of tax a
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Finland (continued) Documentation r
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France (continued) Transfer pricing
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France (continued) Documentation re
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France (continued) Expected reactio
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Gabon (continued) Transfer pricing-
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Georgia (continued) Documentation r
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Germany Taxing authority and tax la
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Germany (continued) For late filing
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Ghana Taxing authority and tax law
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Ghana (continued) APA opportunity T
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Greece (continued) Transfer pricing
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Guatemala Taxing authority and tax
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Honduras Taxing authority and tax l
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Hong Kong (SAR) Taxing authority an
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Hong Kong (SAR) (continued) APA opp
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Hungary (continued) Priorities/pric
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Hungary (continued) Documentation r
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Iceland Taxing authority and tax la
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India Taxing authority and tax law
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India (continued) Documentation req
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Indonesia Taxing authority and tax
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Indonesia (continued) Frequency of
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Ireland Taxing authority and tax la
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Ireland (continued) Frequency of ta
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Israel (continued) Priorities/prici
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Italy Taxing authority and tax law
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Italy (continued) Transfer pricing
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Italy (continued) Frequency of tax
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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
Page 243 and 244: Portugal (continued) Transfer prici
Page 245 and 246: Portugal (continued) APA opportunit
Page 247 and 248: Qatar (continued) OECD guidelines t
Page 249 and 250: Qatar (continued) Return disclosure
Page 251 and 252: Romania (continued) Documentation r
Page 253 and 254: Russian Federation Taxing authority
Page 255 and 256: Russian Federation (continued) Freq
Page 257 and 258: Saudi Arabia (continued) Transfer p
Page 259 and 260: Senegal (continued) Documentation r
Page 261 and 262: Serbia Taxing authority and tax law
Page 263 and 264: Singapore Taxing authority and tax
Page 265 and 266: Singapore (continued) Frequency of
Page 267 and 268: Slovak Republic (continued) Documen
Page 269 and 270: Slovenia Taxing authority and tax l
Page 271 and 272: Slovenia (continued) Transfer prici
Page 273 and 274: South Africa (continued) Penalty re
Page 275 and 276: South Korea (Republic of Korea) Tax
Page 277 and 278: South Korea (Republic of Korea) (co
Page 279 and 280: Spain (continued) Penalty relief So
Page 281 and 282: Spain (continued) APA opportunity T
Page 283 and 284: Sri Lanka (continued) Return disclo
Page 285 and 286: Sweden (continued) Documentation re
Page 287 and 288: Switzerland Taxing authority and ta
Page 289 and 290: Taiwan Taxing authority and tax law
Page 291 and 292: Taiwan (continued) Return disclosur
Page 293: Tanzania Taxing authority and tax l
Page 297 and 298: Thailand (continued) Frequency of t
Page 299 and 300: Turkey (continued) Priorities/prici
Page 301 and 302: Uganda Taxing authority and tax law
Page 303 and 304: Ukraine Taxing authority and tax la
Page 305 and 306: Ukraine (continued) Transfer pricin
Page 307 and 308: United Kingdom Taxing authority and
Page 309 and 310: United Kingdom (continued) Transfer
Page 311 and 312: United States (continued) Transfer
Page 313 and 314: Uruguay Taxing authority and tax la
Page 315 and 316: Uruguay (continued) APA opportunity
Page 317 and 318: Venezuela Taxing authority and tax
Page 319 and 320: Venezuela (continued) Expected reac
Page 321 and 322: Vietnam (continued) Relevant regula
Page 323 and 324: Vietnam (continued) Documentation d
Page 325 and 326: Zimbabwe Taxing authority and tax l
Page 327 and 328: Zimbabwe (continued) Relevant regul
Page 329 and 330: Transfer pricing contacts Area cont
Page 331 and 332: Jurisdiction contacts • El Salvad
Page 333 and 334: Jurisdiction contacts • Rep. of C
Page 335: EY | Assurance | Tax | Transactions
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