Companies must comply with all local tax regulations and reporting requirements, which include the timely submission of tax returns and the payment of due taxes. Failure to comply with these obligations can result in sanctions and fines.

Compliance and Reporting are crucial when dealing with controlled transactions and ensuring that companies adhere to transfer pricing rules in Greenland. Proper compliance involves maintaining documentation, adhering to the rules set by tax authorities, and timely submission of required reports.

Key points for compliance and reporting include:

1. Transfer Pricing Documentation: Companies must prepare detailed documentation that supports the pricing of transactions between related parties. This documentation should demonstrate that the transactions are conducted at arm's length.

2. Annual Reporting: Companies involved in controlled transactions must disclose these in their annual tax returns. This includes providing information on the nature of the transactions, the parties involved, and the methods used to determine the pricing.

Ensuring that all tax filings are accurate and submitted by the required deadlines helps avoid penalties, and maintaining compliance with local tax laws is critical for operating within Greenland.