Posts in category: Transfer Pricing Regulations

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Tax Authority

Commissioner of the South African Revenue Service (SARS)

Relevant Transfer Pricing (TP) regulation

South Africa’s (SA) TP regulations are contained in Section 31 of the Income-tax Act, 1962 (ITA) and are supported by Practice Note 7, which provides additional guidance to taxpayers on determining an arm’s length consideration in relation to cross border related party transactions.

South African TP regulations are based on the Organisation for Economic Co-operation and Development’s (OECD) arm’s length standard. The Guidelines are used for interpretation of the arm’s length principle together with local legislation.

Related Party Disclosure Requirement in the Corporate Income-tax Return

The annual income tax return for corporates (Form ITR14) requires disclosure of whether the taxpayer has entered into any “potentially affected transactions” (i.e. cross-border, related party transactions, regardless of whether the terms thereof are arm’s length) during the year of assessment.

Where potentially affected transactions have been entered into, the taxpayer is required to disclose the value of such transactions in respect of various payment categories (royalties, commissions, service fees etc), on a jurisdiction-by-jurisdiction basis, for the 5 most valuable jurisdictions in each category. These questions serve as a basis for TP risk assessment and therefore need to be considered thoroughly and answered correctly. The annual corporate income tax return must be submitted within 12 months from the end of the relevant year of assessment.

Transfer Pricing Documentations

South Africa follows the three-tiered approach as suggested by the OECD i.e. the Country-by-Country report (CBCR), the Master File and the Local File.

1. Local File

Local file requirements are applicable in South Africa.

Threshold

South African parented multinationals who have an aggregate of potentially affected transactions of more than ZAR 100 million (~ USD 6.3 million) need to prepare and submit local file for financial years starting on or after 1 January 2016.

For South African subsidiaries of foreign parented multinational MNE Groups who have an aggregate of potentially affected transactions of more than ZAR 100 million (~ USD 6.3 million) need to prepare and submit local file for financial years starting on or after 1 October 2016.

However, taxpayers that do not meet the ZAR 100 million (~ USD 6.3 million) threshold should still be able to support their cross border related party transactions via documentational evidence or a basic TP document. Dependent on a number of factors (including materiality) the latter (TP document) need not meet the local file requirements but should contain sufficient support in relation to the cross border related party transactions.

Filing Requirement

A local file is required to be prepared and filed with SARS together with the annual income tax return for corporates i.e. within 12 months from the end of the relevant year of assessment.

Penalty for failure

SARS has recently extended the administrative penalty under Section 210 of the Tax Administration Act No 28 of 2011 (TAA) for non-compliance relating to the submission of the CbC Report, Master File and Local File. The quantum of penalty to be levied would depend on the taxpayer’s taxable income, however, the penalty amount can range from ZAR 250 up to ZAR 16,000 (~USD 15 to USD 1000) a month for each month of non-compliance.

Transfer Pricing Methods

Five methods, as prescribed by the OECD, have been accepted for the purpose of determining arm’s length price.

• Comparable uncontrolled profit (CUP) method: price
• Cost-plus method (CPM): markup on costs
• Resale-price method (RPM): resale margin
• Transaction net margin method (TNMM): net profit margin
• Transaction profit split method (PSM): operating profit and loss split

Determination of Arm’s Length Price/ Margin

As per the TP regulation, there is no need to conduct a fresh benchmarking search every year. A fresh benchmarking search is to be conducted every three years, with a financial update annually.

For undertaking comparability analysis, there is no legal requirement for local comparables, however, it is preferable to have comparable that operate in markets similar to that of South Africa. Further, Multiple-year data can be used for undertaking comparability analysis.

Also, TP regulations provide for the use of Interquartile range to arrive at arm’s length.

Language

TP documentation is to be prepared in English.

2. Master file

Master file requirements are applicable in South Africa.

Threshold

South African parented multinationals who have an aggregate of potentially affected transactions of more than ZAR 100 million (~ USD 6.3 million) will need to prepare and submit Master file for financial years starting on or after 1 January 2016.

For South African subsidiaries of foreign parented multinational MNE Groups who have an aggregate of potentially affected transactions of more than ZAR 100 million (~ USD 6.3 million) will need to prepare and submit Master file for financial years starting on or after 1 October 2016.

Filing Requirement

A master file is required to be prepared and filed with SARS together with the annual income tax return for corporates i.e. within 12 months from the end of the relevant year of assessment.

Penalty for failure

SARS has recently extended the administrative penalty under Section 210 of the Tax Administration Act No 28 of 2011 (TAA) for non-compliance relating to the submission of the CbC Report, Master File and Local File. The quantum of penalty to be levied would depend on the taxpayer’s taxable income, however, the penalty amount can range from ZAR 250 up to ZAR 16,000 a month for each month of non-compliance.

3. Country by Country Report (CbCR)

There is a CbCR notification and CbC report submission requirement in South Africa for years of assessment commencing 1 January 2016.

Threshold

The Country-by-Country Reports (CbC Report) must be submitted by the ultimate parent company of a multinational enterprise (MNE) (or the Reporting Entity if not the same as the ultimate parent) that has a consolidated turnover of ZAR 10 billion or more (or US$850 million or €750 million).

To reiterate, if the South Africa taxpayer is part of a MNE that meets the CbC Report threshold requirements, the CbC Report, master file, and local file filing requirements are applicable to all years of assessment commencing after 1 January 2016.

Filing Requirement

CbC returns are to be submitted within 12 months of the last day of the Reporting Fiscal Year. A CbC Report notification must be submitted by South Africa subsidiaries of a MNE within the CbC Report net.

Penalty for failure

SARS has recently extended the administrative penalty under Section 210 of the Tax Administration Act No 28 of 2011 (TAA) for non-compliance relating to the submission of the CbC Report, master file and local file. The penalty amount that will be charged depends on a taxpayer’s taxable income and can range from ZAR 250 up to ZAR 16,000 (~USD 15 to USD 1000) a month for each month that the non-compliance continues.

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For any assistance on Transfer Pricing and further information
on the above please contact us on info@hexatp.com
or you can Book an Appointment with us!

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Tax Authority

Botswana Unified Revenue Service (BURS)

Relevant Transfer Pricing (TP) regulation

TP regulations in Botswana were introduced vide specific section (section 36A) effective from 1 July 2019 onwards. These regulations are based on the Organisation for Economic Cooperation and Development (OECD) Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (OECD TPG).

Transfer Pricing Documentation

1. Local File

As per the regulations, the Local File is required to be prepared contemporaneously as it is to be filed together with the tax return on the prescribed return-filing date.

Threshold[1]

The Commissioner General on 1 September 2021 issued a blanket ruling setting a threshold for the preparation and filing of transfer pricing documentation. The ruling exempts taxpayers from preparing and filing transfer pricing documentation in cases where the “cumulative arm’s length value” of connected party transactions in a tax year do not exceed BWP 5 million (~USD 425 thousand) . The said ruling is effective retroactively from July 2019 (2020 tax year).

The threshold is referenced to the “arm’s length value” of connected party transactions. The following two-step approach is applied for determining whether the exemption applies in a given tax year to:

• Determine the aggregate of arm’s length value of connected party transactions; and
• If the aggregate value:
• Is less than BWP 5 million (~USD 425 thousand), there is no obligation to prepare and TP documentation; or
• Exceeds BWP 5 million (~USD 425 thousand), prepare and file TP documentation with the annual corporate tax return.

Filing Requirement

The local file is required to be filed together with the tax return on the prescribed return-filing date (i.e. Four months after the end of taxpayer’s financial year)

Penalty for failure

Consequences of failure to submit, late submission or incorrect disclosures would attract a penalty not exceeding BWP 500 thousand (~USD 43 thousand).

Transfer Pricing Methods

Five methods, as prescribed by the OECD, have been approved for the purpose of determining arm’s length price.

• Traditional methods:
  • Comparable uncontrolled profit (CUP) method: price
  • Cost-plus method (CPM): markup on costs
  • Resale-price method (RPM): resale margin
• Transaction methods:
  • Transaction net margin method (TNMM): net profit margin
  • Transaction profit split method (PSM): operating profit and loss split

Determination of Arm’s Length Price/ Margin

The law provides that the taxpayer should undertake benchmarking analysis for each tax year. Also, with regard to comparable, the tax authority will consider comparables from the same geographic market as the controlled transaction. Where such information is not available, the tax authority may accept information from any other geographic market.

The of Multiple year data for the comparability analysis is not mandatory. However, where used, the law requires that the taxpayer justifies the use of the multiyear data.

The regulations provide for the use of the full range and not interquartile.

Language

TP documentation is to be prepared in English.

2. Master File

In addition to above, the detailed group information (Master File), will also be required to be filed.

Threshold

Master file is applicable only those taxpayers whose transactions with connected persons exceed
BWP 5 million (~USD 425 thousand).

Filing Requirement

The equivalent of the master file is only submitted to the tax authority upon request. Thus, Master File will be filed on notification from the tax authority and the due date will be stated in the notice.

Penalty for failure

For failure to submit the required documentation, a penalty not exceeding BWP 500,000 (~USD 425 thousand) will be charged.

3. Country by Country Report (CbCR)

There is no requirement to prepare a CbCR.

 

[1]Prior to this ruling taxpayer were required to prepare and file transfer pricing documentation irrespective of the value of the connected party transactions which was too onerous especially in cases where the value of connected party transactions was not significant enough to warrant the cost incurred in the preparation of the transfer pricing documentation.

 

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For any assistance on Transfer Pricing and further information
on the above please contact us on info@hexatp.com
or you can Book an Appointment with us!

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For any assistance on Transfer Pricing and further information
on the above please contact us on info@hexatp.com
or you can Book an Appointment with us!

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For any assistance on Transfer Pricing and further information
on the above please contact us on info@hexatp.com
or you can Book an Appointment with us!

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For any assistance on Transfer Pricing and further information
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Tax Authority

Saudi Arabian General Authority of Zakat and Tax (GAZT)

Relevant Transfer Pricing (TP) regulation

GAZT issued their transfer pricing bylaws (“TP bylaws”) in February 2019. Subsequently, GAZT in March 2019 released the First Edition of the Transfer Pricing Guidelines (“KSA TP Guidelines”) that provided clarity and application of the local Transfer Pricing legislation. Further, GAZT on 1 June 2020 released the second edition of the transfer pricing guidelines providing clarification in relation to documentation requirements and intangibles.

Saudi Arabia TP regulations are based on the Organisation for Economic Co-operation and Development’s (OECD) transfer pricing guidelines. The Guidelines are used for interpretation of the arm’s length principle together with local legislation.

Related Party Disclosure Form Requirement along with Corporate Income-tax Return

All the Taxpayer in Saudi Arabia having related party transactions is required to submit a disclosure form, containing information related to their controlled transactions, along with their annual income tax return. Taxpayers is required to submit the disclosure form within 120 days after the last day of the fiscal year. However, the 120-day period applies irrespective of any exceptions to the deadline for filing the tax return.

Chartered Accountant Certificate (“Affidavit”)

Along with the Disclosure Form, the Taxpayer must upload the Affidavit, signed by a licensed auditor in the jurisdiction, declaring that the Transfer Pricing policy of the MNE Group is consistently applied in relation to the Taxpayer in Saudi Arabia.

With respect to above, GAZT accepts both “limited” and “reasonable” assurance engagements (as endorsed by Standing Committee on Public Accounts) if the certificate is provided by a licensed auditor in Saudi Arabia.

Transfer Pricing Documentations

Saudi Arabia introduced the three-tiered approach as suggested by the OECD i.e. the Country-by-Country report (CBCR), the Master File and the Local File.

1. TP Documentation (Local File and Master File)

Taxpayers in Saudi Arabia is require to maintain contemporaneous transfer pricing documentation  which include both Local file and Master File (i.e., documentation in existence at the time the tax return is filed) to support the arm’s length nature of controlled transactions.

Threshold

Taxpayers with related party transactions having aggregate values exceeding 6 million riyal (~USD 1.6 million) during the fiscal year, is required to prepare and maintain a master file and a local file at the time of filing the tax return. This is applicable for fiscal years ending on or after 31 December 2018.

Filing Requirement

The taxpayer needs to maintain the TP documentation (Local and Master file) and indicate in its annual tax return whether such documentation has been maintained or not.

There is no statutory deadline for the submission of TP documentation. It will need to be submitted upon request by GAZT, within 30 days of such request.

Penalty for failure

No specific penalties have been indicated for non-compliance with the requirements. However, all penalties and fines under the Saudi Arabia Income tax law are applicable to all income tax matters including transfer Pricing matters.

Transfer Pricing Methods

Five methods, as prescribed by the OECD, have been accepted for the purpose of determining arm’s length price.

• Comparable uncontrolled profit (CUP) method
• Resale-price method (RPM)
• Cost-plus method (CPM)
• Transaction net margin method (TNMM)
• Transaction profit split method (PSM)

However, taxpayers may apply another transfer pricing method where they are able to demonstrate that none of these methods provides a reliable measure of an arm’s length result. All taxpayers will have to adopt one of the approved methods or otherwise justify why these methods are not appropriate and another method should be applied.

Determination of Arm’s Length Price/ Margin

As per TP Bylaws, the arm’s length range is a range of acceptable results such as prices, margins or profit shares produced by applying the most appropriate transfer pricing method. However, there is no guidance in the TP Bylaws on how to determine the arm’s length range.

The GAZT have confirmed that where there is a range of results the interquartile range is an acceptable approach to determine an arm’s length range.

Language

For master file and local file, the recommended language is official language i.e. Arabic to the extent reasonably possible.

2. Country by Country (CbC) Report and CbC Notification

There is a CbC notification and CbC report submission requirement in Saudi Arabia for fiscal years ending on or after 31 December 2018.

Threshold

Saudi Arabia taxpayers that are members of a multinational Enterprise (MNE) group, having consolidated group revenue exceeding SAR 3.2 billion (approximately EUR750 million) during the year immediately preceding the current reporting year, will be required to submit a CbC report in Saudi Arabia.

Also, it will be required to notify the GAZT regarding the ultimate parent entity and the entity that submits the CbC report. CbC notification ideally formed part of the Disclosure form since its inception; however, as the online portal for this compliance was later set up, it is advisable to register and do the necessary filings through the Automatic Exchange of Information portal (AEOI) portal as well.

Filing Requirement

The CbC Repot shall be filed not later than 12 months after the last day of the reporting year of the MNE group. In cases of more than one constituent entities operating in Saudi Arabia, a designated entity can file CbCR notification on behalf of all other entities by notifying about the same to the tax authority.

CBC notification with the GAZT regarding the ultimate parent entity and the entity that submits the CbC report is required to file within 120 days of the end of the reporting year.

Penalty for failure

No specific penalties have been indicated for non-compliance with the requirements. However, all penalties and fines under the Saudi Arabia Income tax law are applicable to all income tax matters including transfer Pricing matters.

 

 

 

 

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