Worldwide transfer pricing reference guide 2014

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Uruguay (continued) Documentation deadlines The income tax return is due within four months of the close of the fiscal year end. In that filing, the company must disclose whether or not a transfer pricing adjustment is required to achieve an arm’s length result in its transactions with both related parties and unrelated parties located in tax havens. In such cases, the transfer pricing analysis should be performed by that time, even though the documentation is not due until nine months after the fiscal year-end. The deadline for providing the required documentation is nine months after the end of the fiscal year if: • The transfer pricing annual return (Form 3001), including detailed information regarding all cross-border intercompany transactions and all transactions with unrelated entities located in tax havens has been filed Transfer pricing study (Regs. 2.084/009) is to be filed along with Form 3001. Statute of limitations on transfer pricing assessments There is no specific statute of limitations for transfer pricing adjustments; rather, the general regime applies. Assessments can be raised five years after the company’s accounting period ends, but this is extended to 10 years where the difference is due to fraudulent or negligent conduct by the taxpayer. Return disclosures/related party disclosures Taxpayers are required to file: • The transfer pricing study, including the key elements such as the functions and activities of the company, risks and assets used, the methods used, the interquartile range, details of the comparables, etc. • Annual tax return Form 3001 Transfer pricing-specific returns Only those taxpayers who are obliged to file the transfer pricing study must file the transfer pricing annual return (Form 3001) to the tax authorities. In that annual return, the company must provide information about the related party transactions. Frequency of tax audit and transfer pricing scrutiny by the tax authority The likelihood of an annual tax audit in general is medium, while the likelihood that transfer pricing will be reviewed as part of that audit is high. The likelihood that, if transfer pricing is reviewed as part of the audit, the transfer pricing methodology will be challenged is high. Transfer pricing practice is new in Uruguay; therefore, there isn’t a lot of background on audit practices. However, in the cases known, the taxing authority has challenged the methodology and the company’s comparable set. The tax authority relies on a special team of professionals who have focused on performing tax audits for the biggest companies known as “Great Taxpayers.” However, they have not focused on specific industries. The focus is mainly on: • Functional analysis • Segmentation criteria revision • Comparison between the financial information of the company considered for the transfer pricing analysis and the financial statements, identifying internal and external comparables General observations pointed out at inspections are: • Comparability adjustments made to the tasted party • Rejection of the selected comparables companies • Observations of companies which make continuous losses for many years Worldwide transfer pricing reference guide 314
Uruguay (continued) APA opportunity Currently, no APA regime is specifically published in Uruguay, but the tax authority recently signed the first one. Uruguayan transfer pricing rules have an APA regime. However, there are no specific procedures defined yet. Therefore, if the APA process is initiated and no agreement is finally reached, there are no rules about how the local tax authorities should proceed with provided information. As of today, only one APA case has been publicly announced, and it was related to a chemical company that was going to start doing business in Uruguay. Expected reaction to OECD Report on BEPS As of January 2014, there are no proposed legislative changes to the tax law or to the documentation requirements regarding transfer pricing in Uruguay. Worldwide transfer pricing reference guide 315
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Worldwide Transfer Pricing Referenc
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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
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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
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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
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
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Page 293 and 294: Tanzania Taxing authority and tax l
Page 295 and 296: Thailand 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: Uruguay Taxing authority and tax la
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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Worldwide transfer pricing reference guide 2014

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