Draft Guidance on Transfer Pricing published

The draft guidance of the Council of Ministers on transfer pricing was published on the web site of the Ministry of Finance on 1 June 2007. The draft guidance regulates the procedural rules on transfer pricing legislation, which was first introduced for corporations by the new Corporate Income Tax Act (CTA) (see TNS:2006-06-23:TR-1) and for individuals by amendments to the Income Tax Act (see TNS:2007-03-09:TR-1), has been effective since 1 January 2007.

The dra…