On July 22^nd, 2010, the OECD published the revised OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (OECD TPG 2010). In addition to the substantial revision of chapters I–III, this update also includes a new chapter IX providing detailed guidance on transfer pricing aspects of business restructurings. This chapter is based on the discussion draft¹) of September 2008. In our view, the published transfer pricing guidelines on business restructurings should help to reduce and resolve disputes between tax authorities and taxpayers. Some issues, e. g. the valuation of the arm’s length compensation for the restructuring itself in connection with the relocation of functions and risks, are still left open by the guidelines. This article only covers the new chapter IX of the transfer pricing guidelines regarding business restructurings. Sabine Bernegger, Werner Rosar and Theresa Stradinger deal with questions which are important for the Austrian tax system.