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News on Transfer Pricing |
| 26 / 6 / 2009 |
The mandatory documentation on transfer pricing requested when entering into transactions with related parties has been approved and will have effect from 19 February 2009.
From this moment Spanish entities must prepare and maintain certain prescribed documentation when they enter into transactions with related parties. These requirements also apply to transactions entered into with entities located in tax havens, even if these are not related parties.
The new rules include heavy penalties for non compliance, but the costlier consequence of not having mandatory documentation in place is that it leaves the company unprotected from the tax inspector’s right to make his own assessments in such cases.
The positive note is that it enables groups to organise their inter-company transactions in a more formal and orderly fashion. Find following a brief summary of the new rules for your information.
Click here to read a summary on the mandatory documentation
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