Our professional experience suggests that paragraph 3.3.2 of the Cabinet of Ministers’ Rule No. 802, “Transfer Pricing Documentation and Procedures for Entering Into an Advance Pricing Agreement Between the Taxpayer and the Tax Authority for a Transaction or a Type of Transactions”, which states that the taxpayer’s transfer pricing (TP) documentation should include financial information and tables showing how the financial data used in applying the TP method is linked to the financial statements, has taxpayers confused as a maze of legal interpretation.

On 19 January 2023 the Cabinet of Ministers met to debate and approve proposals for amending the Company and Consolidated Accounts Act (CCAA), which provide for extending the time limits set for small companies to file their financial statements (FS). The amendments are to cover FS prepared for the year ended on 31 December 2022 and later. The proposed extension is one month.

The European Commission (EC) has been working for a long time to develop the idea of a capital markets union (CMU) aimed at creating a single capital market across the EU and promoting collaboration between the member states, as well as securing the EU economy’s growth and competitiveness. The EC began to work on this more actively in 2015 and developed its first CMU action plan, which has now largely been completed. The EC announced its second action plan on 24 September 2020, given the adverse effects of Covid-19 on the CMU.