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Amendment of section 835D of Principal Act (principles for construing rules in accordance with OECD Guidelines)
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35. (1) Section 835D of the Principal Act is amended—
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(a) in subsection (1), by the substitution of the following definition for the definition of “transfer pricing guidelines”:
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“‘transfer pricing guidelines’ means the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations published by the OECD on 20 January 2022 supplemented by such additional guidance, published by the OECD on or after the date of passing of the Finance Act 2022, as may be designated by the Minister for Finance for the purposes of this Part by order made under subsection (3).”,
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and
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(b) in subsection (3), by the deletion of “paragraph (c) of”.
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(2) Subsection (1) shall apply for chargeable periods (within the meaning of section 321(2) of the Principal Act) commencing on or after 1 January 2023.
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