If you carry out transactions with related parties, you should know that you have the formal obligation to prepare a transfer pricing documentation file and present it to the tax authorities upon their request.
You should not wait for their request as it may be a little late for your company to avoid the potential transfer pricing penalties and adjustments.

So, start preparing your transfer pricing file! You may start this exercise by considering the practical steps listed below.

Practical steps in drafting the TP file: