Part 4 - Avoidance of Double Taxation
Chapter 2 - Tax Avoidance between Persons or By Entering into Transactions
Section 1 - Cases of Avoidance between Related Persons
Article 125
[GTL Notes: Related Person Transactions]
The provisions of this Section shall apply in computing the taxable income of any person for any tax year where it is found that certain transactions are entered into directly or indirectly by that person with a related person.
A transaction between these two persons is considered as one entered into indirectly, if they are interrelated transactions, and these persons are parties to one or more of such transactions, irrespective of whether both of them are parties to the same transaction or not.
Two persons are considered as related to with each other if one controls the other or both are controlled by third person in accordance with Articles 132 and 133 of this Law or one is a relative of the other up to the third degree, whether directly or indirectly related, or connected by marriage.