What documentation should be maintained in respect of transfer pricing?
Companies need to keep records of their deals with family members and close associates. Some companies also have to send these records when they file their tax returns. However, if a business is eligible for Small Business Relief, they don’t have to follow these detailed record-keeping rules.
Certain businesses might be asked to keep two types of records:
- A master file: This includes general information about the company’s activities and structure.
- A local file: This includes specific details about the transactions they have with related parties and connected persons.
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