President of Kazakhstan, Kassym-Jomart Tokayev, signed a law aimed at enhancing transfer pricing in international business transactions. The law revises mechanisms for determining market prices, introduces control over transfer pricing on commodity exchanges, expands criteria for recognizing related party transactions, and imposes obligations on participants in transactions with related non-resident parties to submit local reports.
The amendments aim to establish fair market prices, prevent revenue losses to the state budget, reduce administrative costs for supervisory authorities and taxpayers in conducting transfer pricing controls. This move follows the President's previous signing of the law ratifying the Convention on the Non-Navigational Uses of International Watercourses.
