The European Commission’s Joint Transfer Pricing Forum (JTPF) has released draft papers on improving the functioning of the EU arbitration convention and the EU code of conduct on transfer pricing documentation (EU TPD). The drafts, released in November, were prepared for the JTPF’s October 24 meeting.
The draft report on improving the functioning of the EU arbitration convention and its related code of conduct revises a draft published in June. The revisions cover a wide range of topics, including modifications to language that would apply the arbitration convention in the absence of paying tax, and changes to language concerning the composition and functioning of advisory commissions.
The draft report also includes a new annex that outlines EU member states’ laws on tax collection and interest charges that apply during cross-border dispute resolution procedures and an updated draft of the revised code of conduct.
The discussion draft on possible improvements to the EU TPD includes suggestions such as making the EU TPD compulsory for MNEs, adding guidelines on comparables, and allowing companies to submit transfer pricing documentation in the English language. It also includes an annex that summarizes and compares the EU TPD with the recent update of the OECD guidelines on transfer pricing documentation.
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