The UAE Ministry of Finance has issued Ministerial Decision No. 97 of 2023 on the Requirements for Maintaining Transfer Pricing Documentation (Master File & Local File).
Here we have simplified the whole document in an understandable format.
Article 55- Transfer Pricing Documentation
- Authority may require Taxable Person to file together with their tax return, disclosure of transactions & arrangement with related parties & connected person.
- Ministerial Decision no. 97 specifies requirements for Taxable Person to maintain Master & Local File.
- Transfer pricing documents & information to support arms length nature of transactions, should be provided to authority within 30 days of their request for all the transactions.
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