Friday, 10 April 2015

Spain's Ministry of Finance publishes new draft transfer pricing regulations

On March 18, 2015, Spain's Ministry of Finance published the draft Royal Decree approving the Corporate Income Tax Regulations. This draft was open to receive public comments until April 8, 2015.

There are relevant developments in the transfer pricing area given the complete transposition of Action 13 of the base erosion and profit shifting (BEPS) adopted for OECD and G20 countries. This action focuses on the information and documentation to be prepared on related entities and related party operations.

As a result, transfer pricing documentation will consist of three documents: (i) Country-by-country report (CbC report); (ii) Group report (master file); and (iii) Taxpayer report (local file).

Source & more info: PwC