Global Transfer Pricing Conference
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1 Global Transfer Pricing Conference A needle in a post-beps haystack: Are there still effective tax planning opportunities for multinationals? Fit for the future
2 Today s presenters Thomas Quinn, United States Carl Bellingham, Switzerland Steve Williams, United States Alenka Turnsek, United Kingdom Ben Lannan, Australia Slide 2
3 Agenda Introduction Polling questions Questions and answers Conclusion Slide 3
4 Activate Voting 1. Tap Voting in the app s main menu. 2. Select your voting session 3. To vote, tap on the number that corresponds to your choice. Your vote will be submitted and counted automatically. Slide 4
5 Question 1 The primary motivation for a Principal model is.. 1. Management of the effective tax rate 2. Grew out of natural business change (e.g., increased regional centralisation of key functions) 3. Others in the industry had moved to this structure Slide 5
6 Question 2 What is the main operational challenge in establishing a Principal or Global Trading model? 1. Defining roles and responsibilities of Principal personnel 2. Relocations 3. Moving control and decision-making away from operating companies 4. Retaining the structure and responsibilities over time 5. System / IT changes 6. Key decision makers are always on the road and work in a virtual organisation Slide 6
7 Question 3 What effect will BEPS have on Principal structures? 1. BEPS is focused on double non-taxation my principal structure earns the right income and pays taxes 2. Country-by-country reporting will put more focus on the principal I need to improve the substance and documentation 3. We will have to pay more attention to our IP structure and substance 4. Location of Principal companies Slide 7
8 Question 4 What is the key issue you have seen in tax audits relating to Principal structures? 1. Substance / decision making authority / functional analysis 2. Exit tax / indemnification payments 3. Post-restructuring transfer pricing Slide 8
9 Question 5 What is the key issue raised by the financial statement auditor? 1. Substance / decision making authority / functional analysis 2. Exit tax / indemnification payments 3. Post-restructuring transfer pricing Slide 9
10 Question 6 Which is the most significant non-tax pressure in maintaining an existing Principal structure? 1. Rising costs in the Principal 2. Management perception of the effectiveness of the Principal structure 3. Organic change in the business 4. Ownership for the model (operations vs tax) 5. Globalization of the business which erodes the regional model Slide 10
11 Question 7 Has the principal company structure resulted in sustainable benefits? 1. Yes because the Principal structure is led by strong leaders, recognized in the company 2. Yes because the Principal structure is supported by the CFO and executive. 3. Yes because the tax department does a great job of documentation. 4. We have not had a detailed tax audit yet. Slide 11
12 Question 8 If I had to do it all over again, I would 1. Rely on transactional and financial tax planning rather than a Principal model 2. Press for faster implementation of the Principal model 3. Wait for the business to insist on a Principal model 4. Take a more conservative approach to the implementation timeline Slide 12
13 Question 9 Our company has an active, robust process for regularly evaluating the effectiveness, strengths and weaknesses of our Principal 1. Yes 2. No Slide 13
14 Question 10 What is the key action you are doing to sustain your model? 1. Corporate governance framework / company charter 2. Minutes of board meetings / Board resolutions / Corporate resolutions 3. Define clear ownership of model 4. Perform regular health checks / monitoring processes (e.g. annual functional analysis, transfer pricing analysis, documentation) 5. Review end-to-end transfer pricing execution Slide 14
15 What is Governance all about? Principal Company Governance Board Reviews and resolves important issues Reviews and mitigates risks Ensures long-term governance Controls framework needed to identify changes that may result in tax risks in relation to HR, operations, legal etc. Control mechanisms for relevant model changes Model Compliance Reviews Continued education & training Corrective actions from reviews, audits Documentation of relevant meetings, Escalation processes, decisions, etc. Post go-live audit-type review to check whether day-to-day operations are in line with the model Living and breathing the new model underpins sustainability Slide 15
16 Guardians of the model Governance Board composition and activities During implementation Steering committee (project oversight and key decision making) Post Go Live Program Leadership Regional President/ Principal Company CFO Corporate Controller, Internal Audit Governance Board Regional Heads, BU Leaders Tax, Legal & HR Illustrative Governance Board quarterly meeting agenda Approval of annual compliance; Approval of the Risk Control framework; Review reports from the above and suggest corrective actions; Set expectations, goals and schedule for approved corrective actions; Review new business initiatives (i.e. proposed rebranding, planned system changes) and assess potential model impact; Reviews mid term strategic plan in order to assess strategic issues and risks; Succession planning/ location; Revise documentation. Slide 16
17 Questions & Answers? Slide 17
18 Thank you This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it All rights reserved. refers to the network and/or one or more of its member firms, each of which is a separate legal entity. Please see for further details.
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