Worldwide transfer pricing reference guide 2014

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Uzbekistan Taxing authority and tax law Taxing authority: State Tax Committee of the Republic of Uzbekistan (and its regional subdivisions). Tax law: There is no specific transfer pricing laws or regulations in Uzbekistan. The general Tax Code of the Republic of Uzbekistan contains an article, which states that for cross-border transactions between related parties the tax authorities may use the prices applied by unrelated parties for tax purposes. However, the Tax Code does not further regulate how such adjustments could be made, what methodologies are to be used, what sources of information are to be used, etc. OECD guidelines treatment Uzbekistan is not an OECD member; therefore, the OECD Guidelines are not applicable. Priorities/pricing methods Not applicable. Transfer pricing penalties Not applicable, as there are only general tax related penalties and no specific transfer pricing related penalties. Penalty relief Not applicable, as there are only general tax related penalty reliefs and no specific transfer pricing related penalty reliefs. Documentation requirements Not applicable, as there are only general tax related documentation requirements (e.g., all tax deductions should be justified and properly documented) and no specific transfer pricing related documentation requirements. Documentation deadlines Not applicable, as there are only general tax return filing deadlines and no specific transfer pricing related documentation deadlines. Statute of limitations on transfer pricing assessments Not applicable, as there only general tax related statute of limitations (i.e., five years) and no specific transfer pricing related statute of limitations. Return disclosures/related party disclosures Not applicable. Transfer pricing–specific returns Not applicable. Frequency of tax audit and transfer pricing scrutiny by the tax authority Not applicable, as there are only general tax audits regularly conducted by the tax authorities and no specific transfer pricing related audits. APA opportunity Not applicable. Expected reaction to OECD Report on BEPS Not applicable. Worldwide transfer pricing reference guide 316
Venezuela Taxing authority and tax law Taxing authority: Venezuelan Tax Administration (National Integrated Service of the Customs and Tax Administration — SENIAT). Tax law: • 2001 Master Tax Code, Chapter III, Articles 109 to 111, and 220 to 229 • 2001 Venezuelan Income Tax Law, Chapter III, Articles 111 to 170 • 2007 Income Tax Law Reform, Article 118 — inclusion of thin capitalization rules Relevant regulations and rulings Administrative Order N°SNAT/2010/0090, issued by the SENIAT, was published in the Official Gazette N°39,557 of 20 December 2010. It establishes the procedure for the calculation and use of the arm’s length range for transfer pricing purposes. The main considerations are as follows: • The use of the interquartile range as the arm’s length range • In case the price or amount or profit margin is within the interquartile range (arm’s length range), the tax administration will deem it as agreed by independent parties. If, however, it is not within the interquartile range, the taxpayer must take the median of the range as the arm’s length price In February 2007, a partial reform of the Income Tax Law and rules on thin capitalization were published in the Official Gazette No.38.628. The thin capitalization rules apply, as of fiscal year 2008, to Venezuelan taxpayers or Venezuelan permanent establishments holding debt (controlled debt) of companies or individuals who are considered related according to Title VII, Chapter III of the transfer pricing rules. The main inclusions are as follows: • Taxpayers will have limited possibility to deduct interest expenses resulting from related parties’ loans, when the average amount of debt (with related and unrelated parties) exceeds the average amount of equity for the respective fiscal year • The amount by which the debt exceeds the taxpayer’s equity will be treated as equity for income tax purposes OECD guidelines treatment The 2010 OECD Guidelines are applicable as a supplement to Venezuelan laws for the topics that are not covered in there. Priorities/pricing methods The acceptable methods are the OECD methods: CUP, Resale Price, Cost Plus, Profit Split and TNMM. In Venezuela, the CUP method takes priority over others. Transfer pricing penalties When failing to apply the transfer pricing methods prescribed by law, the taxpayer faces fines ranging from 300 to 500 tax units. 1 In addition; there is a fine ranging from 25% to 200% of the omitted tax amount. If there is a transfer pricing assessment, late payment interest may also be added to these amounts. A failure to file the transfer pricing information return (PT–99) will trigger a penalty of 10 to 50 tax units. Penalty relief If a taxpayer applies a legally sanctioned transfer pricing method, this could be considered as a mitigating circumstance in the determination of an assessment. This penalty relief is based on previous tax audit procedures and assessments, but there is no legal provision supporting it. Documentation requirements Effective since 2002, taxpayers are required to prepare and maintain extensive supporting and contemporaneous documentation. 1 2013 Tax Unit = BSF107/unit. Worldwide transfer pricing reference guide 317
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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
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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 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 and 314: Uruguay Taxing authority and tax la
Page 315: Uruguay (continued) APA opportunity
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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