Don’t underestimate transactions and pricing between your own companies
Transfer pricing has been one of the most sought-after services in Wellbens recently. The Treasury has taken an active interest in transactions not only between foreign, but also between domestic dependents. The essence is the correct setting of the transfer price, which should be set at the level of prices used between independent persons in comparable business relationships.
Thus, if you trade with related individuals or legal entities, you are obliged under the Income Tax Act to keep documentation for such transactions. At Wellbens, we will be happy to assist you in setting the correct transfer price and preparing complete transfer pricing documentation.
What is transfer pricing and why is it important for entrepreneurs?
Transfer pricing is a term that refers to the pricing of transactions between related parties.
A related party is:
1. a close person within the meaning of civil law,
2. an economically, personally or otherwise related person or entity,
3. a person or entity that is part of a consolidated whole for the purposes of consolidation.
The main importance of transfer pricing is to ensure that prices in related party transactions meet the requirements of an arm’s length relationship for tax purposes. In other words, it is about ensuring that revenues are not transferred from one entity to another without the economic substance of such a transfer.
According to the law, every entity trading with dependents is obliged to keep transfer documentation, not only when trading with foreign dependents, but also when trading with domestic dependents.
The transfer documentation is intended to establish the arm’s length price that should be used by the entity in a particular transaction with a related party.
Transfer documentation is kept for each tax period and the tax administrator has the right to request the tax subject to submit such documentation also outside the tax audit. The deadline for submitting the documentation is only 15 days from the date of receipt of the request and therefore it is recommended to prepare it in advance.
Our
Services
At Wellbes, we offer our clients a comprehensive coverage of transfer pricing duties
- Analysis of transactions with dependants
- Determination of the number of transactions that require separate documentation
- Determination of the arm’s length price on the basis of a market analysis
- Preparation of documentation and its submission to the client
Choosing an appropriate method for price comparison:
- After-sales method
- Independent market price method
- Incremental cost method
- Profit sharing method
- Net trading margin method
Why Wellbens?
Wellbens založila skupina skúsených poradcov, ktorí chápu potreby modernej firmy a podnikateľov. Hlavnou snahou je prinášať kvalitné služby, precízne poradenstvo a skutočnú pridanú hodnotu za súčasného využívania najmodernejších technológií. Veríme, že aj Vás osloví Wellbens style – proklientsky, efektívne, precízne a moderne.
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PRICE LIST
Mini package
33€/mesiac
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non VAT payer
10 accounting entries
representation by a lawyer at the financial administration
assigned your own account
basic statistics and reporting 4 times a year
mobile application for uploading and viewing documents (digital archive)
compulsory administration within the meaning of the law
comprehensive advisory support during the working week
Non-payer of VAT
65€/mesiac
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20 accounting entries
1 hour of basic counselling
representation by a lawyer at the financial administration
assigned your own account
basic statistics and reporting on a monthly basis (as requested by the client)
mobile application for uploading and viewing documents (digital archive)
compulsory administration within the meaning of the law
comprehensive advisory support during the working week
VAT payer
100€/mesiac
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20 accounting entries
1 hour of basic counselling
submission of monthly tax returns and VAT control statements
VAT accounting
representation by a lawyer at the financial administration
assigned your own account
basic statistics and reporting on a monthly basis (as requested by the client)
mobile application for uploading and viewing documents (digital archive)
compulsory administration within the meaning of the law
comprehensive advisory support during the working week
Payroll
od 9€/zamestnanec
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complete payroll accounting
management of the employee's folder
pay slips
payroll consultancy
assisting in the preparation of payroll documents
registration and de-registration of employees
complete administration in accordance with the law
Crypto Accounting
550€/ročne
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designed for companies based only on crypto investments
30 accounting entries/year
Crypto transaction processing and cryptocurrency yield calculation (1 hour)
application for crypto transaction overview and calculation of returns in price
complete bookkeeping for the whole year
financial statements + tax return included
Your right contact at Wellbens
Steiniger Lukáš
Co-founder/CEO of Wellbens and a modern lawyer who knows the current trends in law, tax and business. He has spent part of his career working in an international law firm and developing his own business in law, tax and accounting, which has helped him to gain the necessary experience and knowledge in advisory services. Thanks to his special talents and skills, he provides our clients with the best advice on an international level with full support in their business activities.