- The South African Revenue Service (SARS) has published draft rule amendments to facilitate transfer pricing adjustments.
- The amendments will provide clarity and certainty for multi-national enterprises on how to account for transfer pricing adjustments on previous Customs declarations.
- The goal is to ensure compliance with Customs obligations.
- Price fluctuations of goods and services delivered by multinationals impact their profits and tax liability.
- Multinationals have an obligation to adjust transfer pricing payments retrospectively to ensure compliance.
- The draft amendments are open for public comment and participation from the Customs community.
- The goal is to make it easier for taxpayers and traders to comply with their obligations.
- The legislation aims to strengthen the tax and Customs eco-system nationally and internationally.
Source: sars.gov.za
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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