December 31st is approaching – final days to prepare transfer pricing documentation…

The deadline for preparing local transfer pricing documentation is near.
Author:
Olga Kucewicz
Junior TAX Manager

The deadline for preparing local transfer pricing documentation for all statutorily obligated entities, whose fiscal year coincides with the calendar year, is near - December 31st, 2022. What is more, these entities are obliged to submit the TPR declaration to the Head of KAS and submit a statement on the preparation of transfer pricing documentation, signed by the Company's representatives, to the correlating Tax Office.

Penalties and sanctions for a failure to comply with transfer pricing obligations are quite severe, and fiscal penal liability related to TPR lies within management board members.

The approaching new year is also a time to consider reviewing/annexing contracts. Transactions between related parties on non-market terms may result in additional tax sanctions imposed on the Company.

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