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Govt backs procedure for preliminary approval of pricing in controlled transactions under contracts for transfer pricing purposes
KYIV. Oct 28 (Interfax-Ukraine) – The Cabinet of Ministers approved the procedure for preliminary approval of pricing in controlled transactions for the conclusion of contracts for the purpose of transfer pricing.
The resolution was approved by the government at a meeting on Thursday.
As indicated in the draft resolution, an agreement on preliminary approval of pricing is concluded between a large taxpayer and the State Tax Service following the results of the approval of pricing. In the course of this procedure, the parties agree on the criteria for determining the compliance of the controlled transaction conditions with the arm’s length principle.
In this case, the contract can be extended to the entire reporting period in which it was concluded.
