Letter of the State Fiscal Service of Ukraine № 3698/6/99-99-12-03-07-15 dd 22.02.2017

The rules of the Tax Code of Ukraine do not contain any caveats on the number of commodity exchanges that should be selected to determine whether the conditions of the controlled transactions are compliant with the “arm’s length” principle and do not provide the priority of their application.
Exchange quotations of a certain exchange should be used taking into account comparability criteria, in particular, the economic conditions of the parties to the transaction, including analysis of relevant commodity markets (geographic location of markets), which significantly affects the prices of goods, as well as the characteristics of the goods that are the subject of the transaction and are listed on the stock exchange. In order to construct a price range, quotations of the stock exchanges containing the most complete and comparable information for a particular product group are selected.
In order to make adjustments (if necessary), the taxpayer should use the sources of information specified in Article 39 of the Tax Code of Ukraine (information on comparable uncontrolled transactions of a taxpayer or its counterparty, any information sources containing open information and providing information on comparable transactions and persons, other sources of information from which the data received by the taxpayer is compliant with the requirements of the legislation and which provide information on comparable transactions and entities).

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