The Head of the Republic signed the Law of the Republic of Kazakhstan “On introducing amendments and additions to some legislative acts of the Republic of Kazakhstan on transfer pricing”.
The Law revises mechanisms for determining the market price, introduces transfer pricing controls at commodity exchanges, expands the criteria for recognizing parties to a transaction as interrelated, and introduces an obligation for parties to transactions with interrelated non-resident persons to submit local reporting.
The purpose of the adopted amendments is to determine the fair market price and prevent the loss of revenues to the state budget, reduce administrative costs of the auditing authorities and taxpayers in conducting transfer pricing control.
Article is prepared by Ekaterina Kassumova,
Director of FChain Kazakhstan
11th of April 2024
