Mandatory transfer pricing documentation

The French Parliament intends to strengthen the transfer pricing documentation requirements. The existing transfer pricing documentation rules provide that companies whose turnover or gross assets are equal to or higher than €400m (£340m) for a financial year, or that have a direct or indirect shareholder or subsidiary reaching the €400m threshold, must provide some documentation to the French tax authorities, if requested in the course of a tax audit.

The company has 30 days from the formal demand from the French tax authorities to disclose it. Failure to do so could lead to a €10,000 fine for each audited year (or, depending on the seriousness of the violations, a fine of up to five per cent of the profits transferred). The new measure provides that the above-mentioned entities established in France will be required to automatically disclose certain elements of their transfer pricing documentation…

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