Order no. 442/2016 issued by the President of the National Agency for Fiscal Administration (published in the Official Gazette no. 74/2 February 2016)
The Order approves the transaction thresholds, the terms for preparing, the content and the terms of requesting the transfer pricing documentation and the procedure for the adjustment/estimation of transfer prices.
The Order introduces major changes in the transfer pricing documentation requirements applicable to Romanian taxpayers.
The Order replaces from 2016 onwards the provisions of Order 222/2008 regarding the content of the transfer pricing documentation.
The main changes introduced from 2016 are briefly presented below:
Annual mandatory preparation of the transfer pricing documentation by certain large taxpayers.
The large taxpayers which carry out transactions with related parties of a total annual value above certain thresholds have to prepare on an annual basis the transfer pricing documentation within the legal deadline for submission of the annual corporate income tax returns.
The transfer pricing documentation may be requested during or outside a tax audit for transactions undertaken starting from 2016.