The German Federal Council (upper house of parliament - Bundesrat) has announced its approval of the Fourth Bureaucracy Relief Act on 18 October 2024. The Act was approved by the Bundestag (lower house of parliament) on 26 September 2024. The Act contains various measures meant to reduce administrative burdens, including a reduction in the retention period for accounting documents from 10 years to 8 years. Other important changes concern transfer pricing documentation. This includes the revision of the general documentation requirements which includes three main components: An overview of the business transactions (transaction matrix - new); A description of the...