28 December 2022 Brazil published draft legislation on implementation of the arm’s length principle as described in the OECD Transfer Pricing Guidelines.
The new provisions came into effect on the date of publication and must be converted into law by the National Congress. The new transfer pricing regime will be optional for taxpayers for 2023 and mandatory as of 2024.
Unofficial English Translation
MEDIDA PROVISÓRIA Nº 1.152, DE 28 DE DEZEMBRO DE 2022 - BRAZIL - MEDIDA PROVISÓRIA Nº 1.152, DE 28 DE DEZEMBRO DE 2022 - DOU - Imprensa Nacional