Italy issues guidance for obtaining protection from transfer pricing penalties
July 11, 2011
Matthew Gilleard - ITR
The Italian tax authorities have released guidelines on accessing the transfer pricing penalty protection regime. The transfer pricing rules themselves remain unaffected, but the guidelines clarify the procedure for application to obtain penalty protection.
The Italian Austerity Package, issued on May 31 2010, introduced initial transfer pricing documentation requirements and penalties for non-compliance. This was followed in December 2010 by Circular 58/E which explained that companies that do not provide documentation are at greater risk of audits and penalties.
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