Amendments to Transfer Pricing Rules ~ U-Tax Blog

Friday, June 13, 2014

Amendments to Transfer Pricing Rules

On 30 May 2014 the Act of UkraineOn Amendments to Tax Code of Ukraine Aimed at Improving Transfer Pricing Rules (Homytynnik's Act) came into force.

Please see below a brief account of the main changes introduced by this Act:

- Deadline for the 2013 transfer pricing return has been shifted from 1 May 2014 to 1 October 2014. The taxpayers who had not filed the return by 1 May, will be able to do so by 1 October 2014. In addition, the taxpayers who had filed the return by 1 May with some mistakes will have an additional time for the correction of such mistakes without the imposition of any penalties;

- Fine for the failure to submit a transfer pricing return has been equaled to 100 minimum salaries, not 5% of the total amount of the undisclosed controlled transactions as it was before;

- Fine for the failure to submit transfer pricing documentation has been decreased from 100 to 10 minimum salaries;

- Period of the application of a nominal fine of UAH 1.00 in case of the determination of additional transfer pricing-related tax liabilities by the tax authority has been prolonged till 31 December 2014;

- Exemption from penalties in case of the determination of additional transfer pricing-related tax liabilities by means of a self-correction made by a taxpayer up to 31 December 2014 has been introduced.


No comments:

Post a Comment