Corporate Income Tax - Transfer Pricing Request

Transfer pricing involves the assignment of costs to transactions for goods and services between related parties. Transfer pricing is typically used for purposes of financial reporting and reporting income to taxing authorities. As per new Executive Regulations, if taxpayer has any Related Entity and Total Amount of Assets and Total Revenue exceeds the threshold, then the taxpayer needs to declare the Transfer Pricing Statement with annual tax return. Also, including above conditions if taxpayer selects the checkbox of Related Entity Abroad, then taxpayer is obliged to submit the Master File and Local File notification.