Also, at the request of the State Tax Service, it will be necessary to form a file of transfer prices (TP). This is provided for by the amendments on TP to the Tax Code, published on July 18 this year. They will be applied starting from the tax period of 2025.
According to the amendments, information on transfer prices will be submitted not later than the 25th day of the sixth month after the end of the tax period. And TP dossiers will be compiled and submitted at the request of the STS within 120 days of the request, but not earlier than the deadline for submission of information on transfer prices. It is also provided that transactions that are subject to a preliminary price agreement shall not be documented, in accordance with paragraph (1) of Article 22619 of the TP.
Clarifying amendments have also been made on the issue of correcting information on transfer prices. Thus, the taxpayer will have the right to submit corrected data on TP, in accordance with Art. 188 of the TP, as well as a corrected file of TP within 30 days from the date of communication of the tax authority’s decision on the adjustment/assessment of transfer prices.
For the purpose of documenting transactions under paragraph (1) of Article 22619 of the TP, advances, exchange rate differences and differences from revaluation of assets and liabilities recorded in the accounting records as a result of transactions made with affiliates, except for foreign exchange transactions, will not be taken into account. As for transactions related to leasing, credit and loan, the interest provided for in Article 12(7) of the TP will be taken into account.
IT park residents also submit a report on the unified tax on transactions with affiliates to the STS by the 25th day of the sixth month after the end of the relevant tax period. The form and procedure for completing the report are subject to approval by the Ministry of Finance.
Failure to submit the TP dossier for 2024 within the prescribed period will not be considered a violation of tax legislation.
