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Costa Rica To Introduce Transfer Pricing Regulations

by Mike Godfrey, Tax-News.com, New York

24 September 2013


From the beginning of next fiscal year (October 01, 2013) new laws will come into effect in Costa Rica regulating the prices of goods and services traded between related companies.

The new regulations apply to all Costa Rican companies buying or selling goods or services to related parties both at home and abroad.

Companies are expected to calculate which of their transactions need to be modified before filing their tax declarations for 2013, and next year all companies must conduct a formal study of all their transfer prices, the new laws state.

Transfer prices are significant in determining the taxable profits of related companies in different tax jurisdictions, and therefore are important to taxpayers and tax administrations. The new legislation helps to clarify tax policies for multinational companies and will include provision for Advance Pricing Agreements.

TAGS: tax | law | legislation | Costa Rica | regulation | trade | services

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