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Ivory Coast Finance Law for 2017 Introduces New Transfer Pricing Documentation Requirements and Measures to Promote National Ownership

The Ivory Coast Finance Law for 2017 was adopted the end of December 2016 and entered into force in January 2017. Main measures of the law are summarized as follows.

Incentive to Promote National Ownership

In order to promote national ownership, non-resident companies will receive the following benefits if at least 10% of their shares in an Ivory Coast subsidiary are transferred to a resident individual or company:

  • An exemption from registration fees on the transfer; and
  • 25% of the dividends paid in respect of the remaining shares held by the non-resident are exempt from tax for one year.

Annual Transfer Pricing Documentation

New transfer pricing documentation requirements are introduced that include submission of documentation with the annual financial statements that provide:

  • A general description of the legal and operational structures of the group;
  • Identification of the related parties engaged in intra-group transactions during the fiscal year; and
  • A description of the specific transactions carried out with related parties during the fiscal year, including:
    • The nature of the transactions;
    • The amount (value) of the transactions; and
    • The identity and geographical location of the specific related parties involved in the transactions.

If the documentation is not submitted, the deduction of payments related to the transactions carried out with related parties will be disallowed. Incomplete or inaccurate documentation may also result in the disallowance of a deduction.

Low Tax and Non-Cooperative Jurisdictions

Low (or no) tax jurisdictions and non-cooperative jurisdictions are defined as those that are blacklisted by the OECD and do not have an information exchange agreement with the Ivory Coast. Withholding tax on dividends paid to such jurisdictions is increased to 25% (standard rate is 15%). In addition transactions with such jurisdictions are subject to the transfer pricing rules and expense deduction limitations may apply whether the relevant party is related or not.

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