THE TIME LIMIT FOR MAKING, SUBMISSION OF THE TRANSFER PRICING FILE

THE TIME LIMIT FOR MAKING, SUBMISSION OF THE TRANSFER PRICING FILE

Pursuant to Article 18 of Decree 132/2020/ND-CP stipulating the taxpayers shall be responsible for retaining and providing of the transfer pricing documentation to meet tax authorities.

1. Transfer pricing files must be compiled before the time of filing corporate income tax finalization returns each year, and must be deposited and presented to meet tax authorities’ requests for provision of information. When tax authorities carry out transfer pricing inspections and audits, the time limit for submission of the transfer pricing files shall be subject to regulations laid down in the Law on Inspection, starting after receipt of information requests.

Transfer pricing files and documentary information or evidencing documents must be provided by taxpayers to tax authorities in compliance with laws and regulations on tax administration. Sources of data, evidencing documents and records used as the basis for comparability analysis and determination of prices of related-party transactions must be clearly cited. In case where data of independent comparables are accounting data and figures, taxpayers shall be responsible for retaining and providing tax authorities with these data represented in a soft copy and in the spreadsheet format.

7. Taxpayers shall be responsible for providing, in a sufficient and accurate manner, and bearing legal responsibility for, information and documents included in the transfer pricing files at the requests of tax authorities during the pre-inspection or pre-audit consultation procedures.

The time limit for submission of the transfer pricing file shall not be longer than 30 working days from the date of receipt of the tax authority’s request. In case where sound reasons are provided by taxpayers, the submission deadline or time limit shall be extended only once to no longer than 15 working days as from the expiry date.

8. Independent consulting or audit companies or tax agent businesses that act on behalf of taxpayers to file the transfer pricing files shall be responsible for complying with legislation on tax administration over enterprises engaged in the transfer pricing as provided herein, and assume legal responsibility in accordance with laws and regulations.