The Transfer Pricing Documentation country tables providing guidance on CbC reporting, Master File and/or Local File requirements have been expanded. In view of current initiatives from various international organizations, legislators and tax authorities, it is now more important than ever for multinational corporations to have optimum transfer pricing documentation in place.
Businesses need to relay current and accurate data that matches their business activities and operating model and aligns with the tax profile presented to the authorities and the public. Penalties are due when the CbC report, Master File and Local File are not filed, are not filed on time or are incorrectly filed. Failure to comply may also trigger a transfer pricing audit and present a potential risk of transfer pricing adjustment.
To equip our clients with the necessary documentation requirements for reporting in these jurisdictions, Transfer Pricing Documentation tables have been expanded with the addition of 30 new countries. Going forward, even more countries will be covered by the Transfer Pricing Documentation tables. The tables cover the subject in detail and include links to legislation, forms and government websites, as well as “See also” links to directly relevant Tax News Service articles or other IBFD information.