Contemporaneous Files

When the volume of related-party transaction in a fiscal year  more than a certain amount, the company needs to submit more documents to tax office when filing annual settlement of enterprise income tax. The documents are named Contemporaneous Files. It includes

1. Mater File,

2. Local File, and 

3. Special Issue File. 

Many small or medium sized companies rarely need to prepare master file and special issue file as the volumn of related-party transaction amount is not very large, but probably meet Local File. 

Local File 

It discloses the detail information of the transactions between related parties and the group. The transaction between related parties meets one of below situations, the company shall has a responsibility to prepare Local File when submitting the annual settlement of enterprise income tax for a relevant fiscal year . 

Transaction amount between related parties: 

1. The transaction amount of tangible assets more than 200 million. 

2. The transaction amount of finance assets more than 100 million. 

3. The transaction amount of intangible assets more than 100 million. 

4. Other transaction amount between related parties more than 40 million. 

At present, local File filing deadline is 30th June of each year. 

If any question about the Contemporaneous Files, please contact us at 021 6049 2821. 

#Contemporaneous File& Locial File