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27 January 2016

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Romania Issues Draft Order on Transfer Pricing Documentation Preparation and Submission Requirements

Romania's Ministry of Finance recently issued a draft order for transfer pricing documentation preparation and submission requirements.

Transaction Thresholds

Under the draft order, documentation should be prepared by large taxpayers with aggregate transactions with related parties that equal or exceed the following thresholds, excluding VAT:

  • EUR 200,000 for interest registered for financial services;
  • EUR 250,000 for the provision of services; and
  • EUR 350,000 for transactions consisting of the acquisition/sale of tangible or intangible goods.

For the purpose of determining if the thresholds are met for non-EUR transactions, the exchange rate is the exchange rate of the National Bank of Romania on the last day of the fiscal year concerned.

Preparation and Submission Requirements

For large taxpayers with transactions meeting the above thresholds, transfer pricing documentation should be prepared by the annual tax return deadline. If requested by the tax authorities, the documentation should be should be submitted within 10 days of request, but no sooner than 10 days after the deadline for preparation.

For large taxpayers not meeting the thresholds and other taxpayers with related party transactions, transfer pricing documentation is to be prepared upon request by the tax authorities. The documentation should be submitted within 30 to 60 days of the request, with the possibility for a 30-day extension.

If a taxpayer fails to submit documentation for a transaction by the applicable deadline or the documentation is incomplete, the tax authorities will proceed to make an estimation of the appropriate transfer price and make any necessary adjustments.

Effective Date

The draft order must be finalized and published in the Official Gazette before entering into force, and is to be effective from 1 January 2016.

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