Transfer Pricing: New Tax Filing Requirements and Impact on Import Duties

Transfer Pricing: New Tax Filing Requirements and Impact on Import Duties

On June 25, AMCHAM’s Tax and Customs & Excise Committees held a joint event regarding Transfer Pricing to nearly 60 attendees. A recently enacted transfer pricing law now requires many corporate taxpayers to include a disclosure of related party transactions with their 2019 corporate income tax return, and to provide transfer pricing documentation if requested by the Revenue Department.  Severe penalties are imposed on those taxpayers who do not comply.  Tax Committee Co-Chair, John Andes, opened the discussion and thanked the Customs & Excise Committee for their collaboration on this event.

Speakers Jonathan Stuart-Smith, Tax Partner at EY Thailand, and Malika Bumivarn, Partner at Bolliger & Company Consulting Ltd., shared their expertise on the tax aspects and the customs and excise of this new law, respectively. Jonathan started the meeting by discussing the Transfer Pricing disclosure form and its tax requirements before passing the presentation to Malika as she spoke to specific questions being asked regarding the customs aspect of the law. Malika used specific examples of questions that clients typically ask regarding the new requirements and pitfalls to avoid when filing these documents. The presentations were followed by a lengthy question and answer period, moderated by John Andes,  where both speakers were able to get into the specific nuance of certain company troubles. The presentation and the video are both available on the AMCHAM member portal.

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