CHAPTER 15 - TAX AUDIT AND ASSESSMENT
Article 101 - Anti-tax Avoidance
The tax implications of any arrangements or transactions will not be recognized if the principal purpose, or one of the principal purposes, of those arrangements or transactions is to reduce, defer, or exempt from tax.
The Tax Administration may consider the following factors to determine whether such arrangements or transactions, or any parts of them, are for a genuine commercial or economic purpose or merely aimed at reducing, deferring, or exempting from tax:
Methods and circumstances of execution of the arrangements or transactions.
The commercial or economic rationale behind the arrangements or transactions.
The extent of any discrepancies between the form and substance of the agreement or transaction, or the presence of contradictory clauses in the terms of the agreement or transaction that may nullify each other.
Any other factors or circumstances that reveal the true substance and objectives of the arrangements or transactions.