22.05.2008, 14:53 2545

Senate deputies considered and forwarded to Majilis bill on transfer pricing

Today at the plenary session Senate deputies considered and forwarded to Majilis with their amendments the bill on transfer pricing, the agency reports.

Astana. May 22. Kazakhstan Today - Today at the plenary session Senate deputies considered and forwarded to Majilis with their amendments the bill on transfer pricing, the agency reports.

"The concepts, such as "range of prices" and "price of transaction" have been specified. To avoid various interpretation of some regulations of the bill, the new interpretation of the term "corresponding market of identical (and in their absence - homogeneous) goods (works, services) has been introduced," the conclusion of the Senate Committee for Finance and Budget states.

A number of changes of editorial and specifying character have been introduced to the bill.

As it was informed earlier, the bill has been developed with the purpose of improvement of administration of transfer pricing, bringing it into accord with the international principles of control recommended by Organization for Economic Cooperation and Development.

The bill provides introduction of the principle of "extended hand", applied for definition of a market price by comparison of conditions of transactions between interdependent entities and independent parties.

The bill strengthens control over participants of transactions registered in the state with preferential taxation in order to avoid cases of evasion of taxation.

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