According to the “Action Plan on Base Erosion and Profit Shifting”, issued on July 19^th, 2013, the OECD was directed to develop rules regarding transfer pricing documentation to enhance transparency for tax administrations, taking into account the compliance costs for businesses (Action 13). On January 30^th, 2014, the OECD issued the “Discussion Draft on Transfer Pricing Documentation and CbC Reporting”, which provides for an initial draft of revised guidance on transfer pricing documentation and country-by-country reporting. The discussion draft aims at standardizing transfer pricing documentation requirements and will replace Chapter V of the OECD Transfer Pricing Guidelines 2010 on transfer pricing documentation. In the following article, Clemens Nowotny and Gerhard Steiner critically examine the transfer pricing documentation requirements currently applicable in Austria and question whether the proposed revision of the OECD Transfer Pricing Guidelines 2010 necessitates enacting specific legal documentation requirements in Austria.