Transfer Pricing

Latest worldwide transfer pricing news, updates, and analysis

Delving into Hong Kong’s New Transfer Pricing Landscape

Posted on by in BEPS, India, Latest, Multinational Tax, OECD, Tax, Tax Avoidance, Transfer Pricing and tagged .
Delving into Hong Kong’s New Transfer Pricing Landscape

By Maulik Doshi (Partner, Head of Transfer Pricing & International Tax, SKP Group) and Kamlesh Kaltari (Principal, Transfer Pricing Services, SKP Group)

On July 4, 2018, Hong Kong’s Inland Revenue Department passed the country’s final Inland Revenue (Amendment) (No. 6) Bill 2017, (the Amendment Bill). 

This Amendment Bill (which became law on July 13, 2018) specified the documentary requirements from a transfer pricing perspective and also introduced measures to address various recommendations under BEPS Action Plans.Continue Reading

Manuel Koch joins transfer pricing specialist Questro’s Stuttgart office

Posted on by in Americas, Europe, Germany, Latest, Multinational Tax, Switzerland, Tax, Transfer Pricing, US and tagged .

Transfer pricing specialist Questro International has hired Manuel Koch as a Partner for the firm’s office in Stuttgart, Germany.

Koch brings significant experience of over ten years specialization in transfer pricing consulting. Koch has wide experience in international tax planning engagements for international corporates including holding and principal structures as well as Swiss finance branches and IP boxes.Continue Reading

Jill Weise to lead Duff & Phelps’ transfer pricing practice

Posted on by in Americas, Latest, Multinational Tax, Tax, Transfer Pricing, US and tagged .

Global advisory firm Duff & Phelps has announced that Jill Weise will succeed Michael Heimert as the Global Leader for the firm’s transfer pricing practice.

Weise has nearly 25 years of expertise in transfer pricing. She previously served as the firm’s transfer pricing practice leader for North America.
  Continue Reading

Indian tax authority sets new CbC reporting deadline for US subsidiaries

Posted on by in Americas, Asia Pacific, BEPS, India, Latest, Multinational Tax, OECD, Tax, Tax Avoidance, Transfer Pricing, US and tagged .
Indian tax authority sets new CbC reporting deadline for US subsidiaries

By Maulik Doshi (Partner, Head of Transfer Pricing & International Tax, SKP Group) and Kamlesh Kaltari (Senior Manager, SKP Group)

In India, the 2016 Finance Act introduced a three-tiered transfer pricing documentation regime with a view to aligning the Indian transfer pricing documentation rules with Action 13 of the OECD’s base erosion and profit shifting (BEPS) project.

Accordingly, Indian subsidiaries of multinational groups were required to comply with new “master” and “local” files requirements and a new country-by-country reporting requirement from the 2016-17 financial year.Continue Reading

Transfer pricing expert Mark Madrian joins Valentiam Group

Posted on by in Americas, Latest, Multinational Tax, Tax, Transfer Pricing, US and tagged .

Transfer pricing expert Mark Madrian has joined Valentiam Group as a Partner in the firm’s West Coast practice.

Madrian has advised clients on complex cross-border transfer pricing and other international tax issues. He was recently recognized as a Leading Transfer Pricing Adviser by Legal Media.
Continue Reading

Saudi tax authority publishes draft transfer pricing bylaws

Posted on by in BEPS, Latest, Multinational Tax, OECD, Tax, Tax Avoidance, Transfer Pricing and tagged .
Saudi tax authority publishes draft transfer pricing bylaws

By Anas Salhieh  (Senior Tax Executive, Al Tamimi & Company, Riyadh, Saudi Arabia)

Saudi Arabia’s General Authority for Zakat and Income Tax has published for public comments draft transfer pricing bylaws as part of the Kingdom of Saudi Arabia’s commitment to the OECD’s base erosion and profit shifting (BEPS) project.Continue Reading

BEPS MLI to enter into force in Australia in January 2019

Posted on by in Asia Pacific, Australia, BEPS, Latest, Multinational Tax, OECD, Tax, Tax Avoidance, Transfer Pricing and tagged .
BEPS MLI to enter into force in Australia in January 2019
From January 1, 2019, the BEPS MLI will operate to modify six of Australia’s 44 bilateral tax treaties. These include tax treaties with France, Japan, New Zealand, Poland, the Slovak Republic, and the UK.Continue Reading

Gibraltar provided illegal tax benefits to MNEs: EU Commission

Posted on by in BEPS, Europe, Latest, Multinational Tax, Tax, Tax Avoidance, Transfer Pricing and tagged .
EU Commission says Gibraltar provided illegal tax benefits to MNEs

Gibraltar must recover unpaid taxes of around EUR100m from companies that benefited from the corporate tax exemption regime for interest and royalties as well as from the five tax rulings.Continue Reading

Bulgaria introduces new interest limitation and CFC regimes

Posted on by in BEPS, Europe, Latest, Multinational Tax, Tax, Tax Avoidance, Transfer Pricing and tagged .
Bulgaria introduces new interest limitation and CFC regimes

By Elizabeth Sidi (Senior Tax Consultant, PwC, Bulgaria) 

Bulgaria is introducing new interest limitation rules and a new controlled foreign corporation regime from January 1, 2019. 

Continue Reading

Belgium publishes draft transfer pricing guidance for public comments

Posted on by in BEPS, Europe, Latest, Multinational Tax, OECD, Tax, Tax Avoidance, Transfer Pricing and tagged .
Belgium publishes draft transfer pricing guidance for public comments

By Bram Markey (Director, Transfer Pricing, PwC Belgium)

The Belgian tax authority has issued a draft Circular on the 2017 update to the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations.Continue Reading

Mauritius tax authority issues guidance on place of effective management

Posted on by in Asia Pacific, BEPS, Latest, Mauritius, OECD, Tax, Tax Avoidance, Transfer Pricing and tagged .
Mauritius tax authority issues guidance on place of effective management

The majority of the Board of Directors’ meetings must be held in Mauritius, or the executive management of the company must be regularly exercised in Mauritius.

Continue Reading

India, Hong Kong tax treaty to take effect from April 2019

Posted on by in Asia Pacific, BEPS, Hong Kong, India, Latest, Tax, Transfer Pricing and tagged , .
India, Hong Kong tax treaty to take effect from April 2019

The tax treaty provides for a low withholding tax rate of five percent for dividend payments. Interest, royalties, and fees are subject to a low withholding tax rate of ten percent.Continue Reading

Netherlands to Deny Tax Rulings to ‘Letterbox’ Companies

Posted on by in BEPS, Europe, Latest, Netherlands, Transfer Pricing and tagged .
Netherlands to Deny Tax Rulings to ‘Letterbox’ Companies

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable at editor@transferpricingnews.com  

Netherlands will be putting into place stricter requirements for the issue of international tax rulings by the end of June 2019.
Continue Reading

Ireland, Malta Close ‘Single Malt’ Tax Avoidance Structure

Posted on by in BEPS, Europe, Latest, Transfer Pricing, UK and tagged .
Ireland, Malta Close ‘Single Malt’ Tax Avoidance Structure

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable at editor@transferpricingnews.com  

Ireland and Malta have agreed to close the “Single Malt” – an aggressive tax planning structure in which some multinational corporations use a company incorporated in Ireland but tax-resident in Malta.
Continue Reading

BDO Melbourne Gets New Tax Partner in Michael Smith

Posted on by in Americas, Asia Pacific, Australia, BEPS, Europe, Latest, Transfer Pricing, UK, US and tagged .

Michael Smith has joined BDO Melbourne’s transfer pricing team as a partner.

Smith has nearly 20 years’ of transfer pricing experience from around the world. He has worked in London, New York, and Sydney.   Continue Reading

Transfer Pricing Regime in Panama: Present and Future

Posted on by in Americas, BEPS, Latest, Transfer Pricing and tagged .

Dealing with cases that have potential transfer pricing implications in Panama requires a high level of expertise in the realm and an extended experience in cases where the common OECD practices are not applicable (Panama is not a member of the OECD).

Panama’s transfer pricing regime constitutes a hybrid insofar as OECD Transfer Pricing Guidelines are concerned. While the OECD Transfer Pricing Guidelines cannot be applied directly, they could be relied upon for interpreting rules provided they are not in conflict with the Panamanian Tax Law. Thus, a transfer pricing study undertaken by one experienced in non-OECD tax jurisdictions – such as www.transferpricing.com.cy – is recommended.Continue Reading

EU Joint Transfer Pricing Forum Issues Recommendations on Multilateral Transfer Pricing Audits

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
EU Joint Transfer Pricing Forum Issues Recommendations on Multilateral Transfer Pricing Audits

By Bram Markey (Director, Transfer Pricing, PwC Belgium)

The EU Joint Transfer Pricing Forum has published a report, which aims to address the lack of guidance on bilateral and multilateral transfer pricing audits.
Continue Reading

Global Solution Needed to Tax Digital Economy: DIGITALEUROPE

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
Global Solution Needed to Tax Digital Economy: DIGITALEUROPE

DIGITALEUROPE, which represents the digital technology industry in Europe, has called upon governments to negotiate a comprehensive, global, long-term tax solution at the OECD-level to address the tax challenges of the digital economy.
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OECD’s Work on Harmful Tax Practices on Track

Posted on by in Africa, Americas, Asia Pacific, Australia, BEPS, China, Europe, Hong Kong, Kenya, Latest, Mauritius, Spain, Transfer Pricing and tagged .
OECD’s Work on Harmful Tax Practices on Track

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The OECD has published a report covering the assessment of 53 preferential tax regimes as part of its work under base erosion and profit shifting (BEPS) Action 5, on harmful tax practices.
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Australian Taxation Office, BHP Settle Transfer Pricing Dispute

Posted on by in Asia Pacific, Australia, BEPS, Latest, Singapore, Transfer Pricing and tagged .
Australian Taxation Office, BHP Settle Transfer Pricing Dispute

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Australian tax authority has settled a transfer pricing dispute with BHP in relation to the mining giant’s marketing operations in Singapore.
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Google, Facebook to Appear Before EU Tax Committee

Posted on by in Americas, BEPS, Europe, Latest, Transfer Pricing and tagged .
Google, Facebook to Appear Before EU Tax Committee
European Parliament’s Special Committee on Tax Avoidance (TAX3) is going to hold a hearing on November 27 with representatives from the Kering Group, Google, and Facebook.
 

The aim of the hearing is to assess the progress made by these multinational enterprises in the implementation of the base erosion and profit shifting project.Continue Reading

Ireland Consulting on Corporate Anti-Tax Avoidance Measures

Posted on by in BEPS, Europe, Ireland, Latest, Transfer Pricing, UK and tagged .
Ireland Consulting on Corporate Anti-Tax Avoidance Measures

On November 14, 2018, Ireland’s Department of Finance published for public comments a consultation document on the hybrid mismatch and interest limitation measures to be introduced as part of the implementation of the EU Anti-Tax Avoidance Directives (ATAD and ATAD2).
Continue Reading

Barbados to Align Tax Regime with BEPS Proposals from December 2018

Posted on by in Americas, BEPS, Latest, Transfer Pricing and tagged .
Barbados to Align Tax Regime with BEPS Proposals from December 2019

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

Barbados Cabinet has decided to put in place new measures to ensure that the country’s tax regime is compliant with the OECD’s base erosion and profit shifting (BEPS) recommendations, Minister of International Business and Industry, Ronald Toppin, said on November 15.
Continue Reading

Transfer Pricing Compliance in China: Preventing Disputes is Key

Posted on by in Asia Pacific, BEPS, China, Cyprus, Latest, Transfer Pricing and tagged .

China’s colossal economy and its predominant role within the global market result in the emergence of an increasing interest towards China’s transfer pricing regime. Since China is not a member of the OECD, any transfer pricing endeavor goes far beyond the classic transfer pricing practices, though.Continue Reading

Transfer Pricing Regulation in Albania and Recent Developments

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
Transfer Pricing Regulation in Albania and Recent Developments

By Erinda Xhaferraj (Tax Manager, PwC, Albania) and Edland Graci (Transfer Pricing Senior Associate, PwC, Spain)

The amendment in 2014 of Albania’s Income Tax Law and the release of the Transfer Pricing Instruction introduced changes that are of importance to Albanian taxpayers performing cross-border transactions. For the first time taxpayers were faced with a complex and sophisticated legislation, which required the application of arm’s length in intra-group transactions.Continue Reading

OECD Issues Guidance on the Impact of BEPS MLI

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
OECD Issues Guidance on the Impact of BEPS MLI

The OECD has published new guidance for the development of synthesised texts to facilitate the interpretation and application of tax agreements modified by the Multilateral Convention to Implement Tax Treaty Measures to Prevent Base Erosion and Profit Shifting (BEPS MLI).Continue Reading

Countries Discuss Implementation of BEPS Minimum Standards

Posted on by in Asia Pacific, BEPS, Europe, Latest, Transfer Pricing, US and tagged .
Countries Discuss Implementation of BEPS Minimum Standards

More than 60 delegates from 16 countries met recently at the regional meeting of the Inclusive Framework on base erosion and profit shifting (BEPS) in Eastern Europe and Central Asia to discuss implementation of the BEPS measures.Continue Reading

Manal Corwin to Lead KPMG’s Washington National Tax practice

Posted on by in Americas, BEPS, Latest, Transfer Pricing, US and tagged .

Audit, tax, and advisory firm KPMG LLP has named Manal S. Corwin as the principal-in-charge of the firm’s Washington National Tax practice.

Corwin is based in Washington DC and succeeds Joe Pari. Corwin has served the firm for over five years as national leader of the firm’s International Tax practice and principal-in-charge of international tax policy.Continue Reading

Curtis Best Joins Andersen Tax as Managing Director

Posted on by in Americas, BEPS, Latest, Transfer Pricing, US and tagged .

Curtis Best has joined the New York office of Andersen Tax as Managing Director. 

Curtis has over 26 years of experience in several areas, including international tax structuring. Best will be a part of the firm’s Commercial Practice group, with a particular focus in international services.Continue Reading

Former US Committee on Ways and Means Tax Counsel Joins Miller & Chevalier

Posted on by in Americas, BEPS, Latest, Transfer Pricing, US and tagged .

Loren Ponds has joined US law firm Miller & Chevalier as a Member in the firm’s tax department.

Previously, Ponds served as Tax Counsel to the US House of Representatives Committee on Ways and Means, where she was instrumental in the development of the international tax provisions included in the Tax Cuts and Jobs Act of 2017.Continue Reading

Hong Kong Gazettes Enhanced R&D Deduction

Posted on by in Asia Pacific, BEPS, Hong Kong, Latest, Transfer Pricing and tagged .
Hong Kong Gazettes Enhanced R&D Deduction

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

Hong Kong Government has gazetted law to allow enhanced tax deduction for expenses incurred by business enterprises on research and development (R&D) activities in Hong Kong.

The measure was announced by Carrie Lam, Chief Executive of Hong Kong, in her 2017 Policy Address.Continue Reading

Indian Tax Tribunal Allows Claim of Expenses by Mauritian PE

Posted on by in Asia Pacific, BEPS, India, Latest, Transfer Pricing and tagged .
Indian Tax Tribunal Allows Claim of Expenses by Mauritian PE

By Ritu Shaktawat (Partner, Khaitan & Co, India) and Shabnam Shaikh (Principal Associate, Khaitan & Co, India)

In a decision delivered on October 5, India’s Income Tax Appellate Tribunal, New Delhi ruled that the Indian Income Tax Act cannot limit the claim of expenses of a permanent establishment in the absence of such limitation in the India-Mauritius tax treaty.Continue Reading

UK Announces 2% Digital Services Tax From 2020

Posted on by in BEPS, Europe, Latest, Transfer Pricing, UK and tagged .
UK Announces 2% Digital Service Tax From 2020

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

UK would introduce a two percent digital services tax (DST) to ensure digital businesses pay tax that reflects the value they derive from UK users, UK Chancellor Philip Hammond announced in his October 29 Budget Speech.Continue Reading

Global Solution Needed to Tax Digital Economy: Policy Paper

Posted on by in Americas, BEPS, Latest, Transfer Pricing, US and tagged .
Global Solution Needed to Tax Digital Economy: Policy Paper

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The US-based Association of International Certified Professional Accountants has called for international coordination to develop a global solution to the tax challenges posed by the digital economy.Continue Reading

Ukraine Publishes Draft Tax Law to Implement BEPS Proposals

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
Ukraine Publishes Draft Tax Law to Implement BEPS Proposals

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

Ukraine has published a draft law aimed at implementing some of key measures proposed under the OECD’s base erosion and profit shifting (BEPS) project.
Continue Reading

Ireland Signs Order to Ratify BEPS Convention

Posted on by in BEPS, Europe, Ireland, Latest, Transfer Pricing, UK and tagged .
Ireland Signs Order to Ratify BEPS Convention

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

Ireland’s Government has signed an Order to facilitate ratification of the OECD’s Multilateral Instrument to implement tax treaty-related measures to prevent base erosion and profit shifting (BEPS).Continue Reading

Further Three Jurisdictions Join BEPS Inclusive Framework

Posted on by in Americas, BEPS, Europe, Latest, Transfer Pricing and tagged .
Further Three Jurisdictions Join BEPS Inclusive Framework

Antigua and Barbuda, Dominica, and Saint Vincent and the Grenadines have newly joined the OECD’s Inclusive Framework on base erosion and profit shifting (BEPS).

The Inclusive Framework on BEPS allows interested countries and jurisdictions to work with the OECD and Group of Twenty nations on monitoring the implementation of the BEPS proposals.Continue Reading

Switzerland Expands Country List for Exchange of CbC Reports

Posted on by in BEPS, Europe, Latest, Switzerland, Transfer Pricing and tagged .
Switzerland Expands Country List for Exchange of CbC Reports

The Swiss Federal Council on October 17 decided to expand the list of countries with which Switzerland would exchange country-by-country (CbC) reports.

The legal basis for the exchange of CbC reports entered into force for Switzerland on December 1, 2017. Switzerland had then submitted to the OECD a list of 108 countries with which the Government will exchange CbC reports.Continue Reading

Mutual Agreement Procedure Statistics Published for 2017

Posted on by in Africa, Americas, Argentina, Asia Pacific, Australia, Austria, BEPS, Brazil, Canada, Chile, China, Denmark, Europe, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Italy, Japan, Kenya, Latest, Luxembourg, Mauritius, Mexico, Netherlands, New Zealand, Norway, Russia, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Transfer Pricing, Turkey, UK, US and tagged .
Mutual Agreement Procedure Statistics Published for 2017

The OECD on October 10 published its 2017 mutual agreement procedure (MAP) statistics covering 85 tax jurisdictions.

According to the 2017 MAP statistics, new transfer pricing MAP cases are up by 25 percent and other MAP cases by 50 percent. Anecdotal evidence suggests that the increase in new MAP cases is due to a range of factors including the effects of the new reporting framework and increased awareness of and expectations from taxpayers about MAP, the OECD noted.Continue Reading

Liberia: Where Transfer Pricing is in Full Bloom

Posted on by in Cyprus, Europe, Latest, Transfer Pricing and tagged .

Liberia is a typical example amongst developing African countries making noticeable effort to expand their tax base to the size it should appropriately be, therefore collecting more taxes and adapting to the fast-changing local and global business environment.Continue Reading

Belgium Announces Cooperative Tax Compliance Program

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
Belgium Announces Cooperative Tax Compliance Program

By Bram Markey (Director, Transfer Pricing, PwC Belgium)

The Large Enterprises Division of the Belgian tax administration has announced the launch of a two-year pilot project aimed at transforming the traditional approach of ex-post tax investigations towards a system of proactive, real-time, and constructive dialogue on corporate tax affairs.

Continue Reading

Ireland Finance Bill 2018 to Include International Tax Measures

Posted on by in BEPS, Europe, Ireland, Latest, Transfer Pricing and tagged .
Ireland Finance Bill 2018 to Include International Tax Measures

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

Ireland would introduce key international tax measures in Finance Bill 2018 to comply with the EU Anti-Tax Avoidance Directive, Finance Minister Paschal Donohoe said in his 2019 Budget Statement released on October 9. The Finance Bill 2018 is due to be published on October 18.Continue Reading

Norway’s Budget 2019 Includes BEPS Measures

Posted on by in BEPS, Europe, Latest, Norway, Transfer Pricing and tagged .
Norway’s Budget 2019 Includes BEPS Measures

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Norwegian Government on October 8 presented the country’s National Budget 2019, which includes a series of measures to tackle base erosion and profit shifting (BEPS).Continue Reading

New Zealand Reveals Details of New R&D Tax Incentive

Posted on by in BEPS, Latest, New Zealand, Transfer Pricing and tagged .
New Zealand Reveals Details of New R&D Tax Incentive

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

New Zealand Government has revealed details about the new research and development (R&D) tax incentive aimed at encouraging businesses to invest more in R&D activities.

The rate for the tax incentive will be set at 15 percent for income years starting 2019-20. All businesses, regardless of legal structure, will be eligible to claim the tax incentive.Continue Reading

Australia Seeking Input on Digital Economy Taxation

Posted on by in Asia Pacific, Australia, BEPS, Latest, Transfer Pricing and tagged .
Australia Seeking Input on Digital Economy Taxation

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Australian Government on October 2 launched for public comments a consultation document aimed at creating a fairer and more sustainable corporate tax system for the digitalized economy.Continue Reading

Countries Share Ideas on Country by Country Reporting Implementation

Posted on by in Asia Pacific, BEPS, China, Europe, Latest, Transfer Pricing and tagged .
Countries Share Ideas on Country by Country Reporting Implementation

Senior tax officials from over 20 countries recently met at a workshop to share experiences from the first year of country-by-country (CbC) reporting and explore how information can be used most effectively in the tax risk assessment of MNE groups.Continue Reading

Aruba Newest to Join BEPS Inclusive Framework

Posted on by in BEPS, Europe, Latest, Netherlands, Transfer Pricing and tagged .
Aruba Newest to Join BEPS Inclusive Framework

Aruba has now joined the OECD’s Inclusive Framework on base erosion and profit shifting (BEPS).

The Inclusive Framework on BEPS allows interested countries and jurisdictions to work with the OECD and Group of Twenty nations on monitoring the implementation of the BEPS proposals.Continue Reading

More Countries Ratify BEPS Convention

Posted on by in Asia Pacific, Australia, BEPS, Europe, France, Japan, Latest, New Zealand, Sweden, Transfer Pricing, UK and tagged .
More Countries Ratify BEPS Convention

Australia, France, Japan, and the Slovak Republic have deposited their instruments of ratification of the OECD’s Multilateral Convention to implement tax treaty-related measures to prevent base erosion and profit shifting (BEPS).

For these four countries, the BEPS Convention would enter into force from January 1, 2019. The Convention entered into force last month for New Zealand, Serbia, Sweden, and the UK.Continue Reading

Cameco Wins Transfer Pricing Tax Dispute

Posted on by in BEPS, Canada, Latest, Transfer Pricing and tagged .
Cameco Wins Transfer Pricing Tax Dispute

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Tax Court of Canada has ruled in favour of leading uranium miner Cameco in a CAD2.2bn transfer pricing dispute with the Canada Revenue Agency (CRA).

Cameco had disputed reassessments issued by CRA for the 2003, 2005, and 2006 tax years.Continue Reading

Israel Introduces New Transfer Pricing Safe Harbor Rules

Posted on by in Asia Pacific, BEPS, Latest, Transfer Pricing and tagged .
Israel Introduces New Transfer Pricing Safe Harbor Rules

By Adv. (Eco.) Eyal Bar-Zvi (Partner and Head of Transfer Pricing, Herzog Fox & Neeman)

The Israel Tax Authority, on September 5, 2018, published two safe harbor Circulars (which remained in draft mode for several months), noting the tax authority’s expected profit levels for marketing services and for low-risk distributorship activities carried out in Israel by multinational entities (MNEs), and providing guidance on non-value-added services.Continue Reading

EU Commission to Drop Infringement Proceedings in Ireland-Apple State Aid Decision

Posted on by in BEPS, Europe, Ireland, Latest, Transfer Pricing, UK and tagged .
EU Commission to Drop Infringement Proceedings in Ireland-Apple State Aid Decision

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The EU Commission is now to withdraw infringement proceedings against Ireland as the Government has now completed full recovery of the alleged State aid from Apple.Continue Reading

Saudi Arabia Signs OECD’s BEPS Multilateral Instrument

Posted on by in Asia Pacific, Austria, BEPS, Europe, Jersey, Latest, New Zealand, Sweden, Transfer Pricing and tagged .
Saudi Arabia Signs OECD’s BEPS Multilateral Instrument

Saudi Arabia has become the 84th tax jurisdiction to sign the base erosion and profit shifting (BEPS) Multilateral Convention.

The BEPS Convention, negotiated by over 100 countries and jurisdictions, updates the existing network of 1,400 bilateral tax treaties and reduces opportunities for tax avoidance by multinational enterprises.Continue Reading

No Sweet Tax Deal between Luxembourg, McDonald’s: EU Commission

Posted on by in Americas, BEPS, Europe, Latest, Luxembourg, Transfer Pricing, US and tagged .
No Sweet Tax Deal between Luxembourg, McDonald’s: EU Commission

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The EU Commission on September 19 decided that Luxembourg’s tax treatment of McDonald’s Europe Franchising does not violate the Luxembourg-US tax treaty and that tax rulings granted to McDonald’s do not infringe EU State aid rules.

The decision follows an in-depth investigation launched in December 2015, based on doubts that Luxembourg might have misapplied its tax treaty with the US.Continue Reading

ICC Welcomes OECD Draft on Transfer Pricing Aspects of Financial Transactions

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
ICC Welcomes OECD Draft on Transfer Pricing Aspects of Financial Transactions

The International Chamber of Commerce (ICC) has largely welcomed the OECD’s public discussion draft on the transfer pricing aspects of financial transactions.

The discussion draft deals with follow-up work in relation to base erosion and profit shifting (BEPS) Actions 8-10, on assuring that transfer pricing outcomes are in line with value creation.Continue Reading

Former OECD Transfer Pricing Head Joins Squire Patton Boggs

Posted on by in Americas, BEPS, Europe, Latest, Transfer Pricing, US and tagged .

Former OECD Head of Transfer Pricing, Jefferson P. VanderWolk, has joined international law firm Squire Patton Boggs as a partner in the Tax Strategy & Benefits Practice. VanderWolk will work from the firm’s Washington DC office.Continue Reading

BEPS Instrument to Enter into Force in January 2019 for Israel, Lithuania

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
BEPS Instrument to Enter into Force in January 2019 for Israel, Lithuania

Israel and Lithuania have newly deposited with the OECD their instrument of ratification for the Multilateral Instrument to implement tax treaty-related base erosion and profit shifting (BEPS) measures.Continue Reading

Transfer Pricing Regulations Revised in Nigeria: Some Highlights

Posted on by in Africa, BEPS, Latest, Nigeria, Transfer Pricing and tagged .
Transfer Pricing Regulations Revised in Nigeria: Some Highlights

By Amaka Samuel Onyeani (Senior Manager, Transfer Pricing, Andersen Tax, Nigeria) & Abisola Agboola (Assistant Manager, Transfer Pricing, Andersen Tax, Nigeria)

Nigeria’s Federal Inland Revenue Service (FIRS) recently released the revised Income Tax (Transfer Pricing) Regulations, 2018 (the Transfer Pricing Regulations). The Transfer Pricing Regulations are one of the efforts of the FIRS in improving the administration of transfer pricing in the country, increasing revenue collection via taxes, and protecting Nigeria’s tax base.Continue Reading

Transfer Pricing Aspects of Financial Transactions: Read TEI’s Comments

Posted on by in Americas, BEPS, Latest, Transfer Pricing, US and tagged .
Transfer Pricing Aspects of Financial Transactions: Read TEI’s Comments

The Tax Executives Institute has responded to the OECD’s public discussion draft on the transfer pricing aspects of financial transactions.

The discussion draft deals with follow-up work in relation to base erosion and profit shifting (BEPS) Actions 8-10, on assuring that transfer pricing outcomes are in line with value creation.Continue Reading

OECD Transfer Pricing Profiles for 7 More Countries Published

Posted on by in Africa, Asia Pacific, BEPS, Europe, Latest, South Africa, Transfer Pricing, Turkey and tagged .
OECD Transfer Pricing Profiles for 7 More Countries Published

The OECD has published new transfer pricing country profiles for Costa Rica, Greece, Republic of Korea, Panama, Seychelles, South Africa, and Turkey. The OECD has also updated the information contained in Singapore’s profile.Continue Reading

Draft Tax Proposal Drastically Expands Scope of Finnish CFC Regime

Posted on by in BEPS, Europe, Finland, Latest, Transfer Pricing and tagged .
Draft Tax Proposal Drastically Expands Scope of Finnish CFC Regime

By Mika Ohtonen (Head of Tax, Roschier, Finland) & Laura Puro (Senior Associate, Roschier, Finland)

Finland’s Ministry of Finance last month published a draft proposal on amending the Finnish controlled foreign corporation (CFC) statute. While the purpose of the draft is to implement the CFC provisions of the Anti-Tax Avoidance Directive (ATAD), the proposed changes are materially stricter than required by the ATAD.Continue Reading

Ireland to Expand Transfer Pricing Rules by 2020, Introduce CFC Law

Posted on by in BEPS, Europe, Ireland, Latest, Transfer Pricing, UK and tagged .
Ireland to Expand Transfer Pricing Rules by 2020, Introduce CFC Law

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

Ireland’s Finance Minister Paschal Donohoe has published the country’s Corporation Tax Roadmap outlining the steps that the Government will take in the area of international tax law over the next few years.Continue Reading

Hybrid Mismatch Rules Enacted in Australia

Posted on by in Asia Pacific, Australia, BEPS, Latest, Transfer Pricing and tagged .
Hybrid Mismatch Rules Enacted in Australia

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Treasury Laws Amendment (Tax Integrity and Other Measures No.2) Act, 2018 – which gives effect to the OECD Hybrid mismatch rules in Australia – received Royal Assent on August 24.Continue Reading

India Concluding More Bilateral Advance Pricing Agreements

Posted on by in Asia Pacific, BEPS, India, Latest, Transfer Pricing and tagged .
India Concluding More Bilateral Advance Pricing Agreements

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Indian tax authority, Central Board of Direct Taxes, has published its second annual report on advance pricing agreement (APA) highlighting the progress made in 2017-18.Continue Reading

MAP Peer Review Reports Out for Australia, Ireland, Japan, Five Others

Posted on by in Australia, BEPS, Europe, Ireland, Japan, Latest, Mexico, New Zealand, Transfer Pricing, UK and tagged .
MAP Peer Review Reports Out for Australia, Ireland, Japan, Five Others

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The OECD on August 30 published stage 1 mutual agreement procedure (MAP) peer review reports of the following eight jurisdictions: Australia, Ireland, Israel, Japan, Malta, Mexico, New Zealand, and Portugal.Continue Reading

Indian Tax Authority Extends ‘Significant Economic Presence’ Consultation Deadline

Posted on by in Asia Pacific, BEPS, India, Latest, Transfer Pricing and tagged .
Indian Tax Authority Extends ‘Significant Economic Presence’ Consultation Deadline

India’s tax authority has extended the earlier deadline of August 10 to submit comments on the newly introduced “significant economic presence” test to tax profits of foreign businesses.Continue Reading

New Zealand Issues Draft BEPS Guidance

Posted on by in BEPS, Latest, New Zealand, Transfer Pricing and tagged .
New Zealand Issues Draft BEPS Guidance

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

New Zealand Inland Revenue is seeking public input on draft tax guidance aimed at helping businesses comply with the Taxation (Neutralising Base Erosion and Profit Shifting) Act, which was enacted earlier this year.Continue Reading

Switzerland Adopts Dispatch on BEPS Convention

Posted on by in Africa, Argentina, BEPS, Chile, Europe, Italy, Latest, Luxembourg, Mexico, South Africa, Switzerland, Transfer Pricing, Turkey and tagged .
Switzerland Adopts Dispatch on BEPS Convention

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Swiss Federal Council on Wednesday adopted the dispatch on the OECD’s Multilateral Convention to implement tax treaty-related base erosion and profit shifting (BEPS) measures.Continue Reading

MNE Tax Avoidance Law a ‘Major Victory’ for Australia

Posted on by in Asia Pacific, Australia, BEPS, Latest, Transfer Pricing and tagged .
MNE Tax Avoidance Law a ‘Major Victory’ for Australia

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

Over 40 multinational enterprises (MNEs) have restructured their business operations in response to Australia’s crack down on MNE tax avoidance law, ATO Deputy Commissioner Mark Konza has said.Continue Reading

Finland Consulting on Draft Controlled Foreign Corporation Rules

Posted on by in BEPS, Europe, Finland, Latest, Transfer Pricing and tagged .
Finland Consulting on Draft Controlled Foreign Corporation Rules

By Sami Tuominen (Partner, Head of Tax, Bird & Bird, Finland) &  Marianna Santamala (Associate, Bird & Bird, Finland)

The Finnish Ministry of Finance recently proposed amendments to the current Finnish legislation concerning controlled foreign corporations (CFC). On August 6, 2018, the Finance Ministry submitted a proposal for Government Bill on the amendments to the Act on taxation of members of controlled foreign companies (Act). The Act is currently going through a consultation round and the Ministry would accept input until the end of this month. The purpose of the Act is to prevent the avoidance of taxation in Finland by utilizing corporations established in states with low taxation.Continue Reading

Transfer Pricing Adjustment Rules Amended in Mexico

Posted on by in Americas, BEPS, Latest, Mexico, Transfer Pricing and tagged .
Transfer pricing adjustment rules amended in Mexico

By Ricardo Rendón (Partner, Chevez, Ruiz, Zamarripa y Cía, S.C., Mexico)

The Mexican tax authorities last month issued the Second Resolution of modifications to the 2018 Miscellaneous Tax Resolution (MTR) in which the rules regarding transfer pricing adjustments were amended and certain additional provisions were included. This article discusses the relevant modifications to the miscellaneous tax rules on transfer pricing adjustments.Continue Reading

Australia Passes Law to Give Force to BEPS Convention

Posted on by in Asia Pacific, Australia, BEPS, Latest, Transfer Pricing and tagged .
Australia Passes Law to Give Force to BEPS Convention

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Australian Parliament on August 16 passed a legislation to give the force of law to the OECD’s Multilateral Convention to implement tax treaty-related measures to tackle base erosion and profit shifting (BEPS).Continue Reading

Country by Country Reporting Guidance Updated in Bermuda

Posted on by in Americas, BEPS, Latest, Transfer Pricing and tagged .
Country by Country Reporting Guidance Updated in Bermuda

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Government of Bermuda has issued an updated tax guidance to assist businesses on complying with Bermuda’s country-by-country (CbC) reporting requirement.Continue Reading

Transfer Pricing Documentation: Belgium Gazettes Administrative Fines

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
Transfer Pricing Documentation: Belgium Gazettes Administrative Fines

By Stefaan De Ceulaer (Director, Tax and Legal Support, PKF International)

The Belgian Parliament on June 29 adopted the Programme Act, which introduces in Belgian tax law specific transfer pricing documentation requirements, that is, in article 321/1 to 321/7 of the Income Tax Code (Programme law of July 1, 2016 gazetted on July 4, 2016), in response to Action 13 of the OECD’s base erosion and profit shifting (BEPS project.  Continue Reading

Transfer Pricing Documentation Regime Being Revised in Poland

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
Transfer Pricing Documentation Regime Being Revised in Poland

By Marcin Jamroży (Associate Professor, Warsaw School of Economics, and Partner, Rödl & Partner, Poland)

Poland’s Finance Ministry recently published a draft tax Bill to implement key changes to the country’s transfer pricing documentation rules. The draft Bill is aimed at simplifying Poland’s transfer pricing regulations and lowering the bureaucratic and administrative burden for enterprises. The philosophy of a simple, transparent, and friendly tax system should be written into the law. At the same time, it is underlined that the draft Bill should be sealed against loopholes and incorporate the new OECD recommendations. The new regulation is proposed to be effective from January 1, 2019.Continue Reading

Spain’s Patent Box Regime Aligned with BEPS Action 5

Posted on by in BEPS, Europe, Latest, Spain, Transfer Pricing and tagged .
Spain's Patent Box Regime Aligned with BEPS Action 5

By Mario Ortega Calle (Partner, Garrigues, Madrid) and Laura Jiménez (Associate, Garrigues, Madrid)

Spain’s General State Budget for 2018, published by Law 6/2018 of July 3, 2018, in the Official Gazette, has amended the country’s patent box regime to bring it in further alignment with the “nexus approach” developed by the OECD under Action 5 of the base erosion and profit shifting (BEPS) project.Continue Reading

Australian Taxation Office Issues Draft Guidance on Related Party Financing Arrangements

Posted on by in Asia Pacific, Australia, BEPS, Latest, Transfer Pricing and tagged .
Australian Taxation Office Issues Draft Guidance on Related Party Financing Arrangements

The Australian Taxation Office (ATO) has published for public comments Schedule 2 to Practical Compliance Guideline (PCG) 2017/4DC, which discusses the tax authority’s  compliance approach to tax issues relating to cross-border, related-party financing arrangements and related transactions.Continue Reading

US Transfer Pricing Examination Process: A Critique

Posted on by in Americas, BEPS, Latest, Transfer Pricing, US and tagged .
US Transfer Pricing Examination Process: A Critique

By Ross B. Newman (CEO and Chief Economist with Altus Economics and Chairman of the Altus Transfer Pricing Network) 

The US Internal Revenue Service (IRS) on June 29 issued the Transfer Pricing Examination Process (TPEP), which replaces the 2014 Transfer Pricing Audit Roadmap (Roadmap) and provides a guide to best practices and processes involved in the three phases of a transfer pricing examination: planning, execution, and resolution.

Continue Reading

Taiwan Begins International Tax Training for 2018

Posted on by in Asia Pacific, BEPS, China, Latest, Transfer Pricing and tagged .
Taiwan Begins International Tax Training for 2018

Taiwan’s Finance Ministry is holding the 2018 International Tax Academy from July 30 to August 17 this year.

The event was launched in 1984 and is conducted every year in cooperation with the School of Law of Southern Methodist University.Continue Reading

Tax Bill Seeks to Improve Australia’s Thin Capitalization Regime

Posted on by in Australia, BEPS, Latest, Transfer Pricing and tagged .
Tax Bill Seeks to Improve Australia’s Thin Capitalization Regime

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Australian Treasury has published for comments a draft tax Bill that would implement two key changes to improve the country’s thin capitalization regime. The changes – first proposed in the 2018-19 Budget – are intended to apply from income years beginning on July 1, 2019.Continue Reading

UK Raises £388 million from Diverted Profits Tax Law in 2017-18

Posted on by in BEPS, Europe, Latest, Transfer Pricing, UK and tagged .
UK Raises £388 million from Diverted Profits Tax Law in 2017-18

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The UK tax authority, HM Revenue and Customs (HMRC), raised GBP388m from the diverted profits tax (DPT) legislation in 2017-18, according to the Transfer Pricing and Diverted Profits Tax Statistics published on July 31.Continue Reading

New Mexican Transfer Pricing Adjustment Regulations Explained

Posted on by in Americas, BEPS, Latest, Mexico, Transfer Pricing, UK and tagged .
New Mexican Transfer Pricing Adjustment Regulations Explained

By Guillermo Villaseñor-Tadeo (Partner, Sánchez Devanny, Mexico) and Pedro Palma-Cruz (Attorney, Sánchez Devanny, Mexico)

Mexico’s Tax Administration Service on July 11, 2018, updated the country’s existing regulations concerning transfer pricing adjustments as set out in rules 3.9.1.1 to 3.9.1.5 of the Resolución Miscelánea Fiscal. The changes are aimed at clarifying many questions that arose from the enactment of the first set of regulations on transfer pricing adjustments last year. In broad terms, the regulations can be classified as: definition and types, application, requirements, and timing issues and deadlines. These are discussed below.Continue Reading

Franka Sturm Joins Houthoff’s Tax Practice as Counsel

Posted on by in Europe, Latest, Netherlands, Transfer Pricing and tagged .

Houthoff, one of the largest law firms in the Netherlands, has hired Franka Sturm as Counsel for the firm’s tax practice.

Sturm has over 13 years of experience as a tax specialist in international practice with a focus on M&A and oil and gas.

Before joining Houthoff, Sturm worked with the Dutch Tax and Customs Administration and with PwC as a Senior Tax Manager.

‘Significant Economic Presence’ – Missing Pieces of the Indian Tax Puzzle!

Posted on by in Asia Pacific, BEPS, India, Latest, Transfer Pricing and tagged .
‘Significant Economic Presence’ – Missing Pieces of the Indian Tax Puzzle!

By Ritu Shaktawat (Associate Partner, Khaitan & Co, India) and Krutika Chitre (Associate, Khaitan & Co, India)

Ritu Shaktawat and Krutika Chitre of Khaitan & Co discuss the consultation document addressing the tax challenges of digital economy released by Indian’s Central Board of Direct Taxes on July 13, 2018.

Soon after having introduced ‘Google Tax’ in 2016, India becomes one of the first tax jurisdictions to treat ‘significant economic presence’ of a foreign enterprise as its taxable presence in India (effective from April 1, 2018 (that is, from assessment year 2019-20)).Continue Reading

Altera and the Arm’s Length Standard

Posted on by in Americas, BEPS, Latest, Transfer Pricing, US and tagged .
Altera and the Arm’s Length Standard

By Reuven Avi-Yonah (Irwin I. Cohn Professor of Law, University of Michigan)

On July 24, 2018, the Ninth Circuit Court of Appeals reversed the US Tax Court decision in Altera Corp. v. Commissioner, 145 T.C. 91 (July 27, 2015), which had invalidated Treas. Reg. § 1.482- 7A(d)(2).[1]Continue Reading

MNE Tax Avoidance Thing of the Past, OECD Tells G-20

Posted on by in Americas, BEPS, Europe, Latest, Transfer Pricing and tagged .
MNE Tax Avoidance Thing of the Past, OECD Tells G-20

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

Multinational enterprises (MNEs) are “changing their behavior” as a direct result of recent tax measures taken to tackle base erosion and profit shifting (BEPS), the OECD has told the Group of Twenty (G-20) Finance Ministers.Continue Reading

Australia Revising ‘Significant Global Entity’ Definition

Posted on by in Australia, BEPS, Latest, Transfer Pricing and tagged .
Australia Revising ‘Significant Global Entity’ Definition

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Australian Government is consulting stakeholders on a law that would extend the definition of a “significant global entity” to ensure multinational tax laws apply uniformly to all relevant entities.Continue Reading

OECD Briefs G-20 on BEPS Implementation

Posted on by in Americas, Argentina, BEPS, Europe, Latest, Transfer Pricing and tagged .
BEPS Project Already Having an Impact: OECD Tells G-20

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The OECD has published a progress report setting out the major tax developments that took place in the last year concerning the OECD’s base erosion and profit shifting (BEPS) project.Continue Reading

BusinessEurope Calls for Global Agreement on Digital Economy Taxation

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
BusinessEurope Calls for Global Agreement on Digital Economy Taxation

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Confederation of European Business (BusinessEurope) has said that a global agreement is needed on changes to international tax rules concerning the digital economy to ensure a global level-playing field encompassing all major tax jurisdictions.Continue Reading

Baker McKenzie Elects New Tax Partners

Posted on by in Americas, Asia Pacific, Australia, Europe, Latest, Russia, Singapore, Transfer Pricing, UK, US and tagged .

Law firm Baker McKenzie has announced the election of 13 new tax partners.

The newly elected partners are: Michael Nixon (Singapore), Simone Bridges (Sydney), Kirill Vikulov (Moscow), David Jamieson (London), Jessica Eden (London), Rodrigo Castillo Cottin (Bogota), Paul F. DePasquale (New York), Tatyana Johnson (New York), Victor Alejandro Morales-Chavez (Mexico City), Jonathan Welbel (Chicago), Joshua Nixt (New York), Andrew C. O’Brien-Penney (Chicago), and Ivan Tsios (Chicago).Continue Reading

WZ Advogados Gets New Tax Partner in Artur Braga

Posted on by in Americas, Brazil, Latest, Transfer Pricing and tagged .

Artur Braga has joined São Paulo firm WZ Advogados as a Tax Partner.

Braga joined WZ Advogados after a 20-year career at Ernst and Young (EY). Braga specializes in advising clients in cross-border tax planning, tax litigation, audit reviews, mergers and acquisitions, and corporate restructurings.Continue Reading

New Italian Transfer Pricing Guidelines Explained

Posted on by in BEPS, Europe, Italy, Latest, Transfer Pricing and tagged .
New Italian Transfer Pricing Guidelines Explained

By Diletta Fuxa (Senior Manager), Studio Associato Servizi Professionali Integrati, Member of Fieldfisher

On May 14, 2018, Italy’s Ministry of Economy and Finance issued a Decree, which lays down new transfer pricing guidelines in compliance with the provisions set forth in article 110 (7) of the Income Tax Code (Testo Unico delle Imposte sui Redditi).Continue Reading

US Tax Authority Issues Final Inversion Regulations

Posted on by in Americas, BEPS, Latest, Transfer Pricing, US and tagged .
US Tax Authority Issues Final Inversion Regulations

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The US Internal Revenue Service (IRS) has issued final regulations on inversions and related transactions.

The final regulations – issued on July 12 – address transactions that are structured to avoid the purposes of sections 7874 and 367 of the Internal Revenue Code and certain post-inversion tax avoidance transactions.Continue Reading

EU Committee Calls For Fair, Uniform Taxation of Digital Economy

Posted on by in Europe, Latest, Transfer Pricing and tagged .
EU Committee Calls For Fair, Uniform Taxation of Digital Economy

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The European Economic and Social Committee (EESC) has called for a fair, consensus-based international solution at the OECD-level to tackle tax challenges posed by the digital economy. 

The EU advisory body said that contrary to common international corporate taxation practice, the European Commission’s proposals aims to tax businesses’ turnover instead of profits, and to levy taxes where sales take place instead of where value is created. This approach, it noted, could jeopardize the integrity of the EU single market and lead to double taxation.Continue Reading

Hong Kong Implements BEPS Minimum Standards

Posted on by in Asia Pacific, BEPS, Hong Kong, Latest, Transfer Pricing and tagged .
Hong Kong Implements BEPS Minimum Standards

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Hong Kong Government today gazetted the Inland Revenue (Amendment) (No.6) Ordinance 2018, to implement the minimum standards agreed under the base erosion and profit shifting (BEPS) project and to codify the transfer pricing principles into the Inland Revenue Ordinance (Cap. 112).Continue Reading

UK to Amend Corporate Interest Restriction Rules

Posted on by in BEPS, Europe, Latest, Transfer Pricing, UK and tagged .
UK to Amend Corporate Interest Restriction Rules

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The UK Government has published draft legislation that would make technical amendments to the country’s corporate interest restriction rules to ensure the corporation tax regime works as intended.Continue Reading

No Indian Permanent Establishment for Nokia, But Concerns Remain

Posted on by in Asia Pacific, BEPS, Finland, India, Latest, Transfer Pricing and tagged .
No Indian Permanent Establishment for Nokia, But Concerns Remain

By Daksha Baxi (Head of International Taxation, Cyril Amarchand Mangaldas) and Jyoti Anumolu (Associate, Cyril Amarchand Mangaldas)

India’s Income Tax Appellate Tribunal (ITAT) at New Delhi last month delivered a significant decision in the case of Nokia Networks OY (taxpayer) on the issue of whether it’s Indian subsidiary, Nokia India Private Limited (NIPL) (which was assigned installation contracts by the taxpayer or entered into independent installation contracts with customers) constituted a permanent establishment (PE) for the taxpayer.Continue Reading

OECD Consulting on Transfer Pricing Aspects of Financial Transactions

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
OECD Consulting on Transfer Pricing Aspects of Financial Transactions

The OECD today called for stakeholders’ input on a discussion draft on financial transactions, which deals with follow-up work in relation to base erosion and profit shifting (BEPS) Actions 8-10, on assuring that transfer pricing outcomes are in line with value creation.
Continue Reading

Nigeria CbC Reporting Tax Regulations Explained

Posted on by in Africa, BEPS, Latest, Nigeria, Transfer Pricing and tagged .
Nigeria CbC Reporting Tax Regulations Explained

By Josh Bamfo (Partner & Head, Transfer Pricing Services, Andersen Tax, Nigeria)

The Federal Government of Nigeria finally published the much anticipated Income Tax (Country-by-Country Reporting) Regulations, 2018 (the CbC Regulations) on June 19, 2018 (with a commencement date of January 1, 2018). This is in line with Nigeria’s signing of the OECD’s Multilateral Competent Authority Agreement on January 27, 2016, providing for automatic exchange of CbC reports.

As a sequel to my earlier publication on the potential implications of the draft CbC reporting Regulations to affected taxpayers, which was published four months ago, this article presents the key highlights of the CbC reporting Regulations and re-assesses the potential implications based on the content of the final, published version.Continue Reading

Selective Tax Advantage to Starbucks: EU Court Hears the Netherlands

Posted on by in Europe, Latest, Netherlands, Transfer Pricing and tagged .
Selective Tax Advantage to Starbucks: EU Court Hears the Netherlands

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

At a hearing of the General Court of the European Union on July 2, the Dutch Government put forward three points to demonstrate that it did not provide selective tax advantages to Starbucks in violation of the EU state aid rules.Continue Reading

New OECD Guidance on Hard-to-value Intangibles, Profit Split Method

Posted on by in BEPS, Latest, Transfer Pricing and tagged .

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On June 21, 2018, the OECD released two reports setting out key guidance on the application of the approach to hard-to-value intangibles, and on the application of the transactional profit split method, as part of its work on base erosion and profit shifting (BEPS) project.Continue Reading

Switzerland to Exchange 109 CbC Reports With 35 nations

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
Switzerland to Exchange 109 CbC Reports With 35 nations

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The Swiss Federal Tax Administration (FTA) will exchange this month 109 country-by-country (CbC) reports of multinational enterprises’ (MNEs) with 35 foreign tax jurisdictions.Continue Reading

OECD Report Card on CbC Reporting Implementation Out

Posted on by in BEPS, Latest, Transfer Pricing and tagged .
OECD Report Card on CbC Reporting Implementation Out

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

60 out of 90 countries have introduced tax legislation to implement country-by-country (CbC) reporting obligation for multinational enterprises (MNEs), in line with Action 13 of the base erosion and profit shifting (BEPS) project, according to a May 24 OECD report.Continue Reading

Transfer Pricing: The Intangible Assets Case

Posted on by in Cyprus, Europe, Latest, Transfer Pricing and tagged .

Introduction

The transfer pricing of intangible properties has always been a significant issue for multinational enterprises (MNEs). The excellent idea devoted to this matter with the current drive of the OECD to counter tax base erosion is dim long over-due. Indeed, the case with transfer pricing is technically considered a neutral concept but erroneously taken as an offensive action of MNEs that permits them to transfer profits generated by intangibles to so-called tax havens. Although, the arm’s length principle enshrine in the OECD Model has been misidentified as the primary instrument to tackle such abusive behavior of MNEs.Continue Reading

CCCTB: The concept and the effects in Cyprus and Malta

Posted on by in BEPS, Cyprus, Europe, Latest, Transfer Pricing and tagged .

Introduction

When states attain membership of the European Union (EU), the governments are in charge of enacting and implementing their local direct taxation policy. The tax framework of the member-states shall not contravene or interfere the laid down policies and directives of the EU institutions; therefore, the sovereignty of member states is extremely safeguarded. Although the EU faces difficulties to come up with results that would be generally accepted by all member states, it has taken every step to integrate all Member States’ corporate direct taxation systems since the 1950s.Continue Reading

India’s CbC Reporting Requirement Clarified

Posted on by in Asia Pacific, BEPS, India, Latest, Transfer Pricing, US and tagged .
Maulik Doshi discusses CBDT's clarification issued in relation to the timeline for furnishing of Country-by-Country Report

By Maulik Doshi (Partner, Head of Transfer Pricing & International Tax, SKP Group) and Kamlesh Kaltari (Senior Manager, SKP Group)

As an active participant in the OECD’s base erosion and profit shifting (BEPS) project, India has implemented nearly all the BEPS recommendations and has taken several steps to amend the country’s domestic tax laws appropriately. The Indian Finance Act, 2016 implemented BEPS Action Item 13 by introducing a three-tiered transfer pricing documentation structure and made it effective from the 2016-17 financial year.Continue Reading

Countries Agree to Reach Consensus on Digital Taxation by 2020

Posted on by in BEPS, Europe, Latest, Transfer Pricing, US and tagged .
Countries Agree to Reach Consensus on Digital Taxation by 2020

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The OECD on March 16 released its Interim Report on the Tax Challenges Arising from Digitalisation, noting a lack of consensus among countries on either the merit or the need for interim measures to address the tax challenges posed by the digital economy.Continue Reading

Australia Consulting on Draft Hybrid Mismatch Tax Rules

Posted on by in Australia, BEPS, Latest, Transfer Pricing and tagged .
Australia Consulting on Draft Hybrid Mismatch Tax Rules

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On March 8, 2018, the Australian Government released for public comments revised exposure draft legislation aimed at tackling hybrid mismatch arrangements.Continue Reading

MNEs Using Irish, Dutch Tax Systems to Avoid Tax: Commission Report

Posted on by in Cyprus, Europe, Ireland, Latest, Luxembourg, Netherlands, Transfer Pricing and tagged .
MNEs Using Irish, Dutch Tax Systems to Avoid Tax: Commission Report

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

In a first, the European Commission has stressed that tax rules in seven EU member states facilitate corporate tax avoidance by multinational enterprises (MNEs).Continue Reading

How Will Brazil’s OECD Membership Affect Its Transfer Pricing Regime?

Posted on by in Americas, Brazil, Latest, Transfer Pricing and tagged .
How Will Brazil’s OECD Membership Affect Its Transfer Pricing Regime?

By Debora De Souza Correa Talutto (Group Transfer Pricing Manager, Temenos Banking Software Co.)

The Brazilian transfer pricing rules were created to address the maximum tax deductible costs or expenses when domestic taxpayers buy goods and services from foreign suppliers, and the minimum taxable revenues when local companies sell goods and services to foreign customers.Continue Reading

Applying the Transfer Pricing CUP Method

Posted on by in Cyprus, Europe, Latest, Transfer Pricing and tagged .

The arm’s length principle treats the members of a multinational enterprise (MNE) as operating in separate entities, rather than as inseparable parts of a single, unified business. Therefore, it is required that MNEs follow the same pricing policy for intra-group and uncontrolled transactions, under comparable circumstances. Otherwise, the controlled companies shall take the necessary measures and adjust their profits by reference to the conditions, which would have obtained between independent enterprises.Continue Reading

Netherlands Underlines Plan to Tackle Tax Avoidance

Posted on by in BEPS, Europe, Latest, Netherlands, Transfer Pricing and tagged .
Netherlands Underlines Plan to Tackle Tax Avoidance

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

In a 24-page long letter to the country’s Parliament, Dutch State Secretary for Finance, Menno Snel, has set out a detailed tax plan to tackle multinational tax avoidance, including measures to prevent the internationally-oriented Dutch tax system from being used as a conduit to tax havens.Continue Reading

Italy’s Transfer Pricing Overhaul Will Boost Taxpayer Confidence

Posted on by in BEPS, Europe, Italy, Latest, Transfer Pricing and tagged .
Italy’s Transfer Pricing Overhaul Will Boost Taxpayer Confidence

By Marco Greggi (Professor, International Tax Law, University of Ferrara)

The Italian Finance Ministry, on February 21, 2018, published for stakeholders’ comments two draft transfer pricing regulations. The first Regulation is a proposed decree that deals with substantive aspects of transfer pricing regulations (analyzed in this article), while the second Regulation concerns corresponding adjustments (procedural aspects). The second Regulation on corresponding adjustments will be analyzed in a forthcoming article.Continue Reading

Brazil to Revisit Transfer Pricing Regime

Posted on by in Americas, BEPS, Brazil, Europe, Latest, Transfer Pricing and tagged .
Brazil to Revisit Transfer Pricing Regime

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The OECD is working with Brazil to examine the similarities and gaps between the Brazilian and OECD approaches to valuing related-party, cross-border transactions for tax purposes.Continue Reading

South Africa’s 2018 Budget: Unpacking International Tax Measures

Posted on by in Africa, BEPS, Latest, South Africa, Transfer Pricing and tagged .
South Africa’s 2018 Budget: Unpacking International Tax Measures

By Ahmed Jooma (Independent Tax, Legal, and Public Policy Consultant)

On February 21, 2018, South Africa’s Finance Minister, Malusi Gigaba, presented the country’s National Budget, which will be tougher on the populace than on multinational corporations. Most of the tax changes that will affect cross-border transactions are of a technical nature. A continued focus on base erosion and profit shifting is expected to assist in arresting the deteriorating fiscal environment. This is further exacerbated by pressure to maintain a relatively low corporate tax rate in the face of tax competition.
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Accountants Concerned About New Zealand’s BEPS Tax Bill

Posted on by in Asia Pacific, BEPS, Latest, New Zealand, Transfer Pricing and tagged .
Accountants Concerned About New Zealand’s BEPS Tax Bill

Chartered Accountants Australia and New Zealand (CA-ANZ) has stressed that by implementing the Taxation (Neutralising Base Erosion and Profit Shifting) Bill in its current form, the New Zealand Government would be “going further than most other OECD countries.”Continue Reading

EC Publishes Non-confidential Version of Luxembourg-Amazon State Aid Decision

Posted on by in Europe, Latest, Luxembourg, Transfer Pricing and tagged .
EC Publishes Non-confidential Version of Luxembourg-Amazon State Aid Decision

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On February 26, 2018, the European Commission published the non-confidential version of its decision concluding that Luxembourg granted undue tax benefits worth around EUR250m to Amazon.Continue Reading

The Future of the Dutch Tax Ruling Practice

Posted on by in Europe, Latest, Netherlands, Transfer Pricing and tagged .
The Future of the Dutch Tax Ruling Practice

By Jian-Cheng Ku (Legal Director, DLA Piper Nederland N.V.) and Jeroen Swart, (Tax Adviser, DLA Piper Nederland N.V.)

On February 18, 2018, the Dutch State Secretary of Finance announced that it will revise the Dutch tax ruling practice in light of results from a review conducted to examine if Dutch tax rulings met Dutch procedural requirements. Over 4,000 Dutch tax rulings were reviewed.

Current practice and review

A tax ruling provides Dutch taxpayers with the opportunity to obtain advance certainty on the tax consequences of proposed legal transactions. Taxpayers and the tax authorities are able to avoid potential disputes through tax rulings, which provide upfront assurance. The Dutch tax ruling practice is considered an important pillar of the Dutch business climate.Continue Reading

Singapore Updates Transfer Pricing Guidance

Posted on by in Asia Pacific, Latest, Singapore, Transfer Pricing and tagged .
Singapore Updates Transfer Pricing Guidance

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On February 23, 2018, the Inland Revenue Authority of Singapore (IRAS) published key updates and amendments to the country’s transfer pricing guidelines, including new transfer pricing documentation requirements.Continue Reading

UK Publishes Tax Guidance on MAP Framework

Posted on by in BEPS, Europe, Latest, Transfer Pricing, UK and tagged .
UK Publishes Tax Guidance on MAP Framework

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On February 20, 2018, the UK Government published “Statement of Practice 1 (2018)” on the country’s mutual agreement procedure (MAP) framework. The Statement supersedes “Statement of Practice 1 (2011).”Continue Reading

Belgium Initiating New Wave of Transfer Pricing Audits

Posted on by in Europe, Latest, Transfer Pricing and tagged .
Belgium Initiating New Wave of Transfer Pricing Audits

By  Bram Markey (Director, Transfer Pricing, PwC Belgium)

The Belgian tax authorities are increasing their manpower, shifting focus areas, and stepping up national and international cooperation with other tax authorities, with a clear view to audit transfer pricing and other international tax matters in a more targeted and efficient way, writes Bram Markey, Director, Transfer Pricing at PwC Belgium. Continue Reading

France Gazettes Revised Transfer Pricing Documentation Requirements

Posted on by in BEPS, Europe, France, Latest, Transfer Pricing and tagged .
Terence WILHELM of CARA Avocats, France discusses Transfer Pricing Documentation Requirements in France

By Terence WILHELM (Attorney at Law, Managing Partner, CARA Avocats, France) 

On December 31, 2017, the French Government gazetted Finance Act, 2018, which revises the current transfer pricing documentation requirements in France. Accordingly, companies falling within the ambit of the new requirements will need to newly submit to the tax authority a two-fold documentation comprising “master” and “local” files, developed under Action 13 of the OECD’s base erosion and profit shifting (BEPS) project. The revised transfer pricing documentation requirement is inserted in Article L13AA of the French Procedural Tax Book (Livre des procedures fiscales) and is applicable to fiscal years beginning January 1, 2018.
Continue Reading

Australia to Retrospectively Amend MAAL

Posted on by in Asia Pacific, Australia, Latest, Transfer Pricing and tagged .
Australian Government publishes draft Bill, which would retrospectively amend the Multinational Anti-Avoidance Law (MAAL)

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On February 12, 2018, the Australian Government published for stakeholders’ comments a draft Bill, which would retrospectively amend the Multinational Anti-Avoidance Law (MAAL) to prevent multinationals from avoiding the application of the MAAL through the use of foreign trusts and partnerships in corporate structures.Continue Reading

US Tax Authority Increases APA User Fees

Posted on by in Americas, Latest, Transfer Pricing, US and tagged .
The US Internal Revenue Service (IRS) has increased user fees for advance pricing agreement (APA) requests filed from July 1, 2018, with a further increase from January 1, 2019.

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The US Internal Revenue Service (IRS) has increased user fees for advance pricing agreement (APA) requests filed from July 1, 2018, with a further increase from January 1, 2019.Continue Reading

Norway Publishes Taxpayer Guidance on MAP Framework

Posted on by in Europe, Latest, Norway, Transfer Pricing and tagged .
On February 7, 2018, the Norwegian Government published detailed taxpayer guidance on the mutual agreement procedure (MAP) framework set out in Norway’s tax treaties.

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On February 7, 2018, the Norwegian Government published detailed taxpayer guidance on the mutual agreement procedure (MAP) framework set out in Norway’s tax treaties.Continue Reading

OECD Issues Further CbC Guidance, Updates Preferential Regime Reviews

Posted on by in BEPS, Canada, Europe, Latest, Transfer Pricing and tagged .
The OECD today released additional guidance for tax administrations and multinational corporations on the implementation of country-by-country (CbC) reporting requirement.

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The OECD today released additional guidance for tax administrations and multinational corporations on the implementation of country-by-country (CbC) reporting requirement.Continue Reading

Bermuda Updates CbC Reportable Tax Jurisdictions List

Posted on by in Americas, BEPS, Latest, Transfer Pricing and tagged .
Bermuda CbC Reporting Tax Jurisdictions

On January 31, 2018, Bermuda’s Finance Ministry released an updated list of tax jurisdictions that will be treated as “reportable jurisdictions” for the purposes of the country-by-country (CbC) reporting standard for the 2016 and 2017 reporting periods.Continue Reading

Legislative Proposal on EU Rules on Digital Economy Taxation Likely in March 2018

Posted on by in Europe, Latest, Transfer Pricing and tagged .
EU List of Non-cooperative tax jurisdictions

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The European Commission is likely to table a legislative proposal on EU rules on taxation of profits of multinational corporations in the digital economy by March 2018.Continue Reading

Indian 2018 Budget Introduces Virtual PE Concept to Tax Business Profits

Posted on by in Asia Pacific, BEPS, India, Latest, Transfer Pricing and tagged .
TP News India Tax

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On February 1, 2018, India’s Finance Minister, Arun Jaitley, issued the country’s 2018 Budget, which introduces a new permanent establishment (PE) nexus based on virtual economic presence to tax business profits of foreign enterprises.Continue Reading

Indian Budget 2018: Transfer Pricing Expectations

Posted on by in Asia Pacific, India, Latest, Transfer Pricing and tagged .
Maulik Doshi of SKP Group stresses what India's 2018 Budget must cover on the transfer pricing front

By Maulik Doshi (Partner, Head of Transfer Pricing & International Tax, SKP Group) and Kamlesh Kaltari (Senior Manager, SKP Group)

The Indian Government has, in recent past, taken bold and practical measures to align the Indian transfer pricing regulations with global best practices by introducing country-by-country reporting and “master” file regulations; interest limitation provisions; revising the rates under the safe harbor rules; rationalizing specified domestic transactions; and introduction of range concept and use of multiple-year data. Additionally, the Government has made several attempts on the administrative side to reduce litigation and introduce a taxpayer-friendly regime. Having said that, there are certain ambiguities that need to be resolved.

In the 2018 Budget, which is due to be presented on February 1, 2018, we hope to see appropriate steps being taken to address these ambiguities, some of which are listed below.Continue Reading

CbC Reporting Regulations in Nigeria: Potential Implications For Taxpayers

Posted on by in Africa, BEPS, Latest, Nigeria, Transfer Pricing and tagged .
Joshua Bamfo of Andersen Tax discusses CbC Reporting Regulations in Nigeria

By Josh Bamfo (Partner & Head, Transfer Pricing Services, Andersen Tax, Nigeria)

Since the signing of the Multilateral Competent Authority Agreement by the Federal Inland Revenue Service (FIRS) and its subsequent ratification by the Federal Executive Council in 2016, most Nigerian taxpayers and tax practitioners have been keenly waiting for the implementation of a country-by-country (CbC) reporting requirement, developed under Action 13 of the base erosion and profit shifting (BEPS) project. Nonetheless, we were still surprised by the FIRS’ communication via its official Twitter handle on 24 January, 2018, that the Income Tax (Country-by-Country Reporting) Regulations, 2018, (CbC Regulations) has now been signed by the Federal Government of Nigeria, and will be gazetted soon.Continue Reading

Hong Kong, French Tax Administrations to Exchange CbC Reports

Posted on by in Asia Pacific, BEPS, Europe, France, Hong Kong, Latest, Transfer Pricing and tagged .
Hong Kong Bill implements transfer pricing, BEPS rules

On January 15, 2018, the Government of Hong Kong announced that it has entered into a bilateral arrangement with France to automatically exchange country-by-country (CbC) reports filed by multinational corporations.Continue Reading

US IRS Issues Five New Transfer Pricing Directives

Posted on by in Americas, Latest, Transfer Pricing, US and tagged .
US Internal Revenue Service publishes tax directives on key transfer pricing matters

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On January 16, 2018, the US Internal Revenue Service published five new tax directives, which provide instructions to Large Business & International (LB&I) examiners on key transfer pricing matters.Continue Reading

New South Africa Tax Guidance on Prohibition of Deductions for “Tainted” IP

Posted on by in Africa, Latest, South Africa, Transfer Pricing and tagged .
South Africa guidance on prohibition of deductions for tainted intellectual property

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

The South African Revenue Service has issued detailed guidance on the interpretation and application of section 23I of the Income Tax (IT) Act, which relates to the prohibition of deductions for “tainted” intellectual property (IP).Continue Reading

Malaysian Tax Authority Issues Taxpayer Guidance On MAP

Posted on by in Asia Pacific, Latest, Transfer Pricing and tagged .
Malaysian taxpayer guidance on MAP

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On January 11, 2018, the Inland Revenue Board of Malaysia released detailed taxpayer guidance on the mutual agreement procedure (MAP) framework contained in tax treaties.Continue Reading

Indian IT Giant Infosys Signs APA with US

Posted on by in Americas, Asia Pacific, India, Latest, Transfer Pricing, US and tagged .
TP News India Tax

Indian IT giant Infosys Limited has announced the successful conclusion of an advance pricing agreement (APA) with the US Internal Revenue Service (IRS), a move that will enhance predictability of the company’s tax obligations in respect of its US operations.Continue Reading

Hong Kong Implements Country-by-Country Reporting Requirement

Posted on by in Asia Pacific, BEPS, Hong Kong, Latest, Transfer Pricing and tagged .
Hong Kong Bill implements transfer pricing, BEPS rules

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On December 29, 2017, Hong Kong gazetted the Inland Revenue (Amendment) (No. 6) Bill, 2017, which provides for an implementation framework for country-by-country (CbC) reporting in Hong Kong.Continue Reading

Hong Kong Gazettes Transfer Pricing Changes

Posted on by in Asia Pacific, Hong Kong, Latest, Transfer Pricing and tagged .
Hong Kong Bill implements transfer pricing, BEPS rules

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On December 29, 2017, Hong Kong gazetted the Inland Revenue (Amendment) (No. 6) Bill, 2017, which codifies transfer pricing principles into the Inland Revenue Ordinance (Cap. 112) and implements the OECD’s BEPS minimum standards.Continue Reading

2017 Update to OECD Model Tax Convention Released

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
Tax administration commit to exchanging CbC reports

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

On December 18, 2017, the OECD released the 2017 edition of the OECD Model Tax Convention, which incorporates significant changes developed under BEPS project.Continue Reading

Over 1,400 automatic exchange relationships in place

Posted on by in BEPS, Europe, Latest, Transfer Pricing and tagged .
Tax administration commit to exchanging CbC reports

The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also  regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597). 

There are now over 1,400 automatic exchange relationships in place among tax administrations committed to exchanging country-by-country (CbC) reports as of mid-2018.Continue Reading