The UK tax authority proposed changes to its planned transfer pricing documentation requirements Tuesday to lighten the administrative burden for multinational companies.
The new proposal for documentation under the International Controlled Transactions Schedule, open for public consultation until July 31, also adds targeted rules for the financial sector.
Under the ICTS, multinationals will be required to report information on cross-border related-party transactions to His Majesty’s Revenue and Customs annually. The program takes effect in January 2027, and companies will have to file their first ICTS by Sept. 30, 2028, according to the Tuesday proposal.
Current regulations require businesses to ...