Heavy Transfer Pricing tax fines take effect

Friday, April 03, 2020

As I write this article, multi-national enterprises (MNEs) who file income tax returns for periods ending after July 1, 2019 are required to file such returns together with detailed transfer pricing (TP) documentation.

Whilst transfer pricing legislation took effect on July 1, 2019, it could only be implemented upon publication of the TP regulations on July 12, 2019, which stipulated how MNEs would comply with the new law.

Two tier tax penalties of P500, 000 and 200% of underpaid tax await MNEs which do not comply with the stipulations of the TP regulations and such penalties are already effective.

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Heavy Transfer Pricing tax fines take effect

As I write this article, multi-national enterprises (MNEs) who file income tax returns for periods ending after July 1, 2019 are required to file such returns together with detailed transfer pricing (TP) documentation.

BNSC powerless as fights escalate

Sportspersons flock to politics

Attention turns to relegation

Tlou wary of another near-miss

Softball team denied World Cup chance

Mabote seeks answers after squad omission

World Relays trip divides BAA

The plight of a rookie

Inspect the voters' roll!