AUSTRALIAN TAX TREATIES

Guernsey Agreement  

AGREEMENT BETWEEN THE GOVERNMENT OF AUSTRALIA AND THE STATES OF GUERNSEY FOR THE ALLOCATION OF TAXING RIGHTS WITH RESPECT TO CERTAIN INCOME OF INDIVIDUALS AND TO ESTABLISH A MUTUAL AGREEMENT PROCEDURE IN RESPECT OF TRANSFER PRICING ADJUSTMENTS  

ARTICLE 7   Mutual Agreement Procedure in respect of Transfer Pricing Adjustments  

1.  
Where a resident of a Party considers the actions of the other Party result or will result in a transfer pricing adjustment not in accordance with the arm ' s length principle, the resident may, irrespective of the remedies provided by the domestic law of those Parties, present a case to the competent authority of the first-mentioned Party. The case must be presented within three years of the first notification of the adjustment.

2.  
The competent authorities shall endeavour to resolve any difficulties or doubts arising as to the application of the arm ' s length principle by a Party regarding transfer pricing adjustments. They may also communicate with each other directly for the purposes of this Article.




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