Sanctions and risks of non-compliance with transfer pricing obligations
Absence of transfer pricing documentation:
- 30 days term for submission;
- If not submitted – possible fine from 1400 to 4300 Eur (from 2016-04-01).
Non-compliance with disclosure obligation:
- If not submitted – possible fine from 150 to 300 Eur (from 2016-04-01).
Non-compliance with market prices:
- Fines – 10-50% of the amounts of unpaid taxes and late payment interest (0,03%/day);
- Periods of possible tax audit – current year and five last years;
- Lithuanian tax authorities are able to recalculate transactions prices.