2021 reporting deadlines are getting closer – are you prepared?
Deadlines for meeting transfer pricing obligations for 2021 are looming. Less than 2 months are left until 31 December. Just like every year, there are quite a lot of formalities to be completed.
Those who have not yet prepared documents for 2021: we have summarized the obligations you must meet. Every week we will remind you of one of them – we will be highlighting formalities, but we will focus primarily on the practical matters. We will show you the information from individual mandatory documents that may be of interest to the tax authorities. It is important to have your TP obligations met reliably, because the matter is constantly in the spotlight of tax authorities which are becoming increasingly precise in selecting entities for inspection.
As a reminder, the deadlines for meeting documentation obligations for 2021 are as follows.
- Filing a statement on having prepared transfer pricing documentation (the documentation and benchmarking analyses must be ready upon filing the statement),
- Filing TPR form,
- Possessing the Master File.
Failure to comply with these may trigger major sanctions.
Taxpayers face high financial penalties for:
- failure to file the TP-R form and the statement on having prepared the Local File,
- their late filing, or
- making false testimony in the documents (penalties under the Penal Fiscal Code).
It is therefore worth taking a look at the transfer pricing obligations for 2021. We are aware that you are currently facing a number of challenges and problems related to, among others, inflation, energy crisis or economic slowdown. The approaching end of the year also triggers numerous obligations and formal requirements that businesses must meet.
We know it and will gladly take over one of these areas and take care of meeting transfer pricing obligations on your behalf. At MDDP, a team of over 50 experts in the field of transfer pricing deals with this topic and supports clients on an ongoing basis.
We also encourage you to get to know our IT tools that will accelerate the process of meeting TP obligations.
Partner, Head of the Transfer Pricing Practice
Tel.: (+48) 665 746 360