By December 28, 2010 the tax administration received 1,300 transfer pricing documentation filings. Italy has introduced transfer pricing documentation requirements and Dec. 28 was the first deadline for taxpayers to notify that they have adopted transfer pricing documentation for past tax years. The notice for the year 2010 shall be due with the regular deadline for filing the annual corporate income tax return. Of the 1,300 filings, 500 came from foreign enterprises with Italian business operations and 340 were "major taxpayers" (companies with total revenue in excess of 100 million). The total number of "major taxpayers" operating in Italy is 4,000 and an estimated 60 percent is involved in transfer pricing issues. The tax administration considers the initial response to the new law a reasonable success and expects an increasing compliance from taxpayers. Fling the transfer pricing documentation notice protects from penalties both civil and criminal in case of transfer pricing audits and adjustments.