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

The deadline for preparing local transfer pricing documentation is near.
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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