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CBSA Issues Revised Customs Guidance On Related Party Transactions And Value For Duty: New Opportunities And Obligations
By John W. Boscariol, Robert Glasgow and Justin Shoemaker, McCarthy Tétrault LLP Sep 29, 2015
On September 17, 2015, the Canadian Border Services Agency ("CBSA") released a revised D-Memorandum D13-4-5, "Transaction Value Method for Related Persons" (the "Memorandum"), addressing the impact of income tax transfer pricing on the value for duty to be declared on goods imported into Canada. This new guidance will have a significant impact on businesses involved in cross-border trade with parent companies, subsidiaries and other related entities as there are several important changes and clarifications to customs reporting, duty and accounting requirements regarding income tax transfer price adjustments, advance pricing arrangements ("APAs"), and transfer price agreements ("TPAs").
Transfer Price Adjustments – Fiscal Reporting Obligations
It has long been expected that the CBSA would take steps to address the reporting process for importers undergoing multiple transfer price adjustments within a single fiscal period. In its revised guidelines, the CBSA has further clarified at what point in time an importer is considered to have specific information giving "reason to believe" that a correction to its declaration of value is necessary pursuant to section 32.2 of the Customs Act. The Memorandum states that when an importer identifies the net total of upward and downward transfer price adjustments within an entire fiscal period, an obligation arises to submit to the CBSA a correction to its declared value for duty within 90 days.
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