Following the recent introduction of Irish transfer pricing regulations, the Irish tax authorities have issued guidance on the documentation that is required to be prepared by taxpayers in order to be compliant with the new transfer pricing rules.
While the Irish tax authorities have "not intended to provide a prescriptive list" of the documentation required to comply with the Irish transfer pricing rules, they have set out a comprehensive list of information that must be included in any such documentation. As expected, the Irish tax authorities will accept documentation that has been prepared in accordance with either the OECD Transfer Pricing Guidelines or the code of conduct adopted by the EU Council under the title "EU Transfer Pricing Documentation".
Notably, the guidance note states that in order for a company to be in a position to make a complete and correct tax return transfer pricing documentation needs to exist at the time the tax return is filed. This is more onerous than anticipated but is mitigated by the fact that a taxpayer can maintain documentation in a form "of its own choosing". Additionally where documentation exists in another territory, which supports the Irish arrangement, this will also be sufficient from an Irish transfer pricing perspective.