Associated person definition clarifies control, voting power, board appointment and borrowing guarantee criteria for related-party status.

Associated person identifies four alternative bases for related-party status: participation in management, control or capital (directly, indirectly, or through intermediaries); ownership of substantial voting power in the capital; power to appoint a majority of the board or one or more executive board members; and provision of a material proportion of guarantees for the assessee's borrowings.

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