EU STATE AID. An International Tax Perspective. Wednesday, December 7, :00 p.m. 5:00 p.m. GMT
|
|
- Edmund Webster
- 5 years ago
- Views:
Transcription
1 EU STATE AID An International Tax Perspective Wednesday, December 7, :00 p.m. 5:00 p.m. GMT *This presentation is offered for informational purposes only, and the content should not be construed as legal advice on any matter. Wednesday, December 7,
2 Table of Contents 1. Introduction EU state aid in an international tax landscape 2. State aid doctrine from legal principles to state aid tax rulings 3. Recent EU state aid tax rulings 4. EU state aid A US angle 5. Impact and next steps for (US) multinationals Wednesday, December 7,
3 Introduction
4 EU state aid from an international tax perspective EU Anti-Tax- Avoidance Directive Certain Uncertain US Tax Reform OECD BEPS (C)CCTB EU State Aid Local antiabuse rules MNC Country-by- Country reporting Audit position (FASB ASC 740) Increased transparency tax authorities Lux Leaks Sharing of Tax Rulings Fin48 Wednesday, December 7,
5 State Aid Doctrine
6 Why EU state aid control? State aid control is enshrined in the Treaty on the Functioning of the European Union (TFEU) which is the constitutional act of the European Union (EU). The TFEU has primacy over national law of the respective member states. The EU was originally intended to be a guarantee not only against war, but also for a better economy. The objective was the establishment of an internal market, i.e. one territory without any internal borders or other regulatory obstacles to the free movement of goods, services, capital and persons. To allow the creation of an internal market, the Founding Fathers generally prohibited member states from intervening in the economy with a view to favoring their national industries or attracting business to the detriment of other EU member states. To ensure that this prohibition is respected and exemptions are applied equally across the EU, the European Commission (EC) is in charge of ensuring that State aid complies with EU rules. Wednesday, December 7,
7 What is EU state aid? A European concept which may impact MNEs with operations in the EU EU state aid rules prohibit the granting by a public authority of selective advantages capable of distorting competition and affecting trade between EU Member States Intervention by the State and through State resources Some state aid measures may nevertheless be declared compatible with the internal market State aid measures can only be implemented after approval by the EC, unless exempted by a specific regulation because they would be presumed to be compatible with the internal market Likely to affect trade between Member States EU State Aid Competition has been or may be distorted Economic advantage on a selective basis Wednesday, December 7,
8 Examples of EU state aid Guarantee Subsidy Material Feed-in tariffs Material Infrastructure Exclusive or special rights Right to use a the payable bus lane bus lane for free Research facility Wednesday, December 7,
9 Tax as a priority of enforcement Competition Commissioner Margethe Vestager : priorities in state aid were tax investigations and the banking sector: o tax breaks granted by certain EU member states to multinationals (aggressive tax planning) o strict application of State aid rules by continuing the investigations started by the previous Commission stop any tax schemes found to constitute unlawful state aid State aid rules can cover tax arrangements entered into by MNEs o o EC assessment of 20 million 30 million 35 MNE - excess profit rulings (Belgium): EC assessment 700 million More than 1,000 tax rulings reviewed by the EC Wednesday, December 7,
10 Recent EU State Aid Rulings
11 Do EU state aid rules apply? Tax Arrangements with EU Member States Tax rulings, including, excess profit tax rulings Other agreements with local tax authorities Unilateral Advance Pricing Agreements Audit settlement agreements Even if a tax arrangement complies with national law, it may still constitute unlawful state aid Wednesday, December 7,
12 State aid investigations: EC perspective and scope Scope of state aid investigation into tax rulings according to EC publications 1. Transfer pricing Not reflecting conditions between unrelated parties Not reflecting economic reality 2. Profit allocation methods Allocation not based on factual or economic reality 3. Inconsistent application of national law Discretionary double non-taxation Wednesday, December 7,
13 State aid investigations: a pragmatic approach If the method endorsed by the ruling does not result in a reliable approximation of a marketbased outcome in line with the arm's length principle => State aid 1. Transfer pricing TP methodology not substantiated sufficiently Direct TP method preferred No comparables in benchmark Different tested party TP based on forecasts/hypotheticals 2. Profit allocation methods TP methodology not substantiated sufficiently 3. Inconsistent application of national law 4. Other factors No transfer pricing documentation Ruling appears negotiated Reverse engineering to desired transfer pricing outcome Ruling concluded for long or no fixed term Ruling granted quickly Transfer pricing margin dependent on increase in employment in jurisdiction Ruling granted in combination only with increase of operational activities in jurisdiction Wednesday, December 7,
14 State aid and transfer pricing A deviation from the arm's length principle, or a derivative thereof? There is no single interpretation of the arm's length principle The OECD Guidelines provide a useful and highly influential framework for the application of the arm's length principle as elaborated in Art. 9 of the OECD Model Tax Convention The way the arm's length principle and the concepts elaborated in the OECD Guidelines have been applied in practice has evolved over time: As country-specific practices develop As business operations change As experience with transfer pricing develops OECD Guidelines 1979 OECD Guidelines 1995 OECD Guidelines 2010 Most appropriate method BEPS amendments Accurately delineate the transaction Wednesday, December 7,
15 EU State Aid from a US Perspective
16 US perspectives US organizations critical of Commission activities US Chamber of Commerce letters in 2014 and 2015 that Commission actions retroactively call into question thousands of tax arrangements that were previously understood to be legal and appropriate. US government quite concerned and critical December 2015: Deputy Assistant for Tax Policy provides Congressional testimony that actions undermine our rights under our tax treaties. January 2016: Group of senators write to US Treasury, alarms us [that the Commission] target U.S. firms essentially to force its member states to impose taxes in a manner inconsistent with internationally accepted standards in place at the time. Senators ask Treasury to consider invoking existing IRC Section 891, doubling tax rates on citizens and residents of discriminatory countries. January 2016 letter from Secretary of Treasury to Commissioner Jean-Claude Juncker: Creates disturbing international precedents Respectfully urge you to reconsider (attaching copy of Congressional testimony) Wednesday, December 7,
17 US Treasury white paper on EC state aid investigations into transfer pricing (August 2016) States three major areas of concern: Commission actions are new and depart from status quo, second guessing country tax authorities Inappropriately collapsing advantage with selectivity simply due to MNE status Should not be retroactive Notes prior similar rulings were made prospective only Actions depart from OECD arm s length norms, thereby undermining international consensus, MAP procedures, and BEPS initiatives Notes Commission s analysis does not take place under OECD TP Guidelines, but rather equal treatment under TFEU. Concern re: Commission s competency to rule on arm s length norms. Seems to reject TNMM in favor of profit split Notes that US Treasury s impacted by US foreign tax credit provisions, but leaves open whether such required assessments are creditable Are the assessments valid taxes? Did the taxpayer pursue all practical remedies to reduce or eliminate the assessment? Wednesday, December 7,
18 US perspectives - MNE taxpayers US MNE taxpayers directly affected: Those with final decisions have appealed to EU General Court Those with initial assessment determinations will likely appeal once their final decisions are issued Other US MNEs Given the relatively new developments, highly unlikely any other US MNEs have established a specific tax exposure reserve (FIN 48). But likely to be a FYE 2016 issue probed by financial statement auditors US MNEs with APAs or other tax rulings might issue general cautions in public financial statement discussions Those with APAs or other tax rulings should ensure that all provisions and documentation follow the arm s length standard Work within established groups or separate lobbying critical of EC actions Calls for EU retaliation taxes seem unlikely. Rather, may be another impetus for US international tax reform with the new President / Congress Wednesday, December 7,
19 Impact and Next Steps
20 Potential impact of EU state aid rules Accounting and Disclosure M&A Investments Due Diligence Business Operations Reputation and brand EC Investigation Materiality (including damages) FIN48 Positioning Paper for uncertain tax positions in financial statements Consideration of EU State aid risk during due diligence Existing business models Restructuring of transactions (planning) Economic substance (people, functions, and risks) Public perception if investigations are on-going or finalised Mainstream media coverage Reimbursement requested by national Courts Negative decision requiring payment of back-taxes and compound taxes, for up to 10 years No suspensive effect of an appeal Wednesday, December 7,
21 What do you need to do? Assess vulnerability of international business model and tax structure to EU state aid concept Determine FIN48 financial accounting position and discuss with auditors Prepare EU State Aid Positioning Paper (FIN48 or other stakeholders) Consider solutions that will help you manage and mitigate state aid risk Plan for uncertainty and increased levels of controversy If the EC has already started to investigate, cooperate and provide with robust evidence against state aid allegations In case of a claim before a national court against your company due to alleged unlawful state aid granted by virtue of a tax arrangement, seek state aid assistance to defend your company in a way that would preserve your group s rights in potential upcoming procedures at EU level Wednesday, December 7,
22 Joel Cooper Co-Head, International Transfer Pricing Practice T: +44 (0) F: +44 (0) Bob Martens Global Co-Leader, International Trade, Regulatory and Government Affairs T: +32 (0) F: +32 (0) bob.martens@dlapiper.com Carole Maczkovics Lead Lawyer T: +32 (0) F: +32 (0) carole.maczkovics@dlapiper.com Pie Geelen Dutch Tax Advisor Head, European Tax Desk T: F: pie.geelen@dlapiper.com Eric Ryan Of Counsel, Co-Chair Global Transfer Pricing Practice T: F: eric.ryan@dlapiper.com DLA Piper is a global law firm operating through various separate and distinct legal entities. Further details of these entities can be found at This publication is intended as a general overview and discussion of the subjects dealt with, and does not create a lawyer-client relationship. It is not intended to be, and should not be used as, a substitute for taking legal advice in any specific situation. DLA Piper will accept no responsibility for any actions taken or not taken on the basis of this publication. This may qualify as "Lawyer Advertising requiring notice in some jurisdictions. Prior results do not guarantee a similar outcome. Copyright 2016 DLA Piper. All rights reserved. Wednesday, December 7,
Consequences Of EU's Belgium Tax Scheme Decision
Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com Consequences Of EU's Belgium Tax Scheme Decision Law360,
More informationIS YOUR TAX STRUCTURE
IS YOUR TAX STRUCTURE STATE AID PROOF? CONTENTS 1 2 3 4 5 6 What is EU State Aid? Do EU State Aid rules apply? Potential impact of EU State Aid rules What do you need to do? Meeting your needs DLA Piper
More informationTackling Aggressive Tax Planning in the European Union - Recent Developments
Tackling Aggressive Tax Planning in the European Union - Recent Developments Dr Christiana HJI Panayi Senior Lecturer in Tax Law Queen Mary University of London 1 Important recent developments Digital
More informationTransfer Pricing and State Aid in the EU : an OECD Perspective. IFA-YIN Conference
www.pwc.be Transfer Pricing and State Aid in the EU : an OECD Perspective Isabel Verlinden IFA-YIN Conference Agenda 1. Setting the scene 2. Concept of Transfer Pricing 3. State aid rules 4. Relationship
More informationEU state aid and other developments. 18 November 2016
EU state aid and other developments 18 November 2016 Disclaimer This presentation is provided solely for the purpose of enhancing knowledge on tax matters. It does not provide tax advice to any taxpayer
More informationKPMG Global Tax Webcast EU State Aid Developments. Wednesday 2 November 2016, 9-10am EDT
KPMG Global Tax Webcast EU State Aid Developments Wednesday 2 November 2016, 9-10am EDT Notices The following information is not intended to be written advice concerning one or more Federal tax matters
More informationIFA MUNICH. Strategic Approaches to Global Transfer Pricing Risk: the use of tax treaties through APA and MAP. 18 January 2018
IFA MUNICH Strategic Approaches to Global Transfer Pricing Risk: the use of tax treaties through APA and MAP 18 January 2018 www.dlapiper.com 86879547 18 January 2018 0 Agenda Current Environment / Current
More informationStrategic Dispute Resolution in a Post-BEPS World
Tax Management International Journal TM Reproduced with permission from Tax Management International Journal, 46 TM International Journal 317, 6/9/17. Copyright 2017 by The Bureau of National Affairs,
More informationBilateral Advance Pricing Agreement Guidelines
September 2016 Bilateral Advance Pricing Agreement Guidelines Page 1 Contents PART 1 INTRODUCTION...5 PART 2 BILATERAL APA PROGRAMME OVERVIEW...5 PART 3 PURPOSE AND SCOPE OF APA...7 What is an APA?...7
More informationAnalysis of Intellectual Property Tax Planning Strategies of Multinationals and the Impact of the BEPS Project
Analysis of Intellectual Property Tax Planning Strategies of Multinationals and the Impact of the BEPS Project Dr Ranjana Gupta Auckland University of Technology 1 Introduction The global economy and the
More informationTransfer Pricing Update
Transfer Pricing Update Ray Brown, Principal Economist, DLA Piper - Los Angeles Mike Patton, Partner, DLA Piper - Los Angeles Eric Ryan, Partner, DLA Piper - Silicon Valley *This presentation is offered
More informationThe European Commission s Case. Kelly Stricklin-Coutinho Barrister, 39 Essex Chambers Visiting Lecturer, King s College London
The European Commission s Case Kelly Stricklin-Coutinho Barrister, 39 Essex Chambers Visiting Lecturer, King s College London Justified? Tax sovereignty Conflict as to new principle Retroactivity Legal
More informationTax Obstacles in Cross Border Planning
International Fiscal Association USA Branch New York Region Fall Meeting Thursday, December 1, 2016 Tax Obstacles in Cross Border Planning Colleen O Neill Ernst & Young LLP Maarten P. Maaskant PricewaterhouseCoopers
More informationWhen tax attacks! Corporate tax arrangements under EU state aid scrutiny
Agenda Advancing economics in business When tax attacks! Corporate tax arrangements under EU state aid scrutiny In 2014 the European Commission began in-depth state aid investigations into the corporate
More informationTransfer Pricing Country Summary The Netherlands
Page 1 of 6 Transfer Pricing Country Summary The Netherlands June 2018 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines On 11 May 2018 the Dutch Ministry of Finance published a new
More informationOECD s Base Erosion and Profit Shifting (BEPS) initiative and the Global Tax Reset Full results of fourth annual multinational survey August 2017
OECD s Base Erosion and Profit Shifting (BEPS) initiative and the Global Tax Reset Full results of fourth annual multinational survey August 2017 OECD s BEPS initiative full results of fourth annual multinational
More informationAre the Final BEPS Reports on Actions 8-10 Effective Now? by Jason Osborn, Brian Kittle, and Kenneth Klein
taxnotes Are the Final BEPS Reports on Actions 8-10 Effective Now? by Jason Osborn, Brian Kittle, and Kenneth Klein Reprinted from Tax Notes Int l, August 22, 2016, p. 709 international Volume 83, Number
More informationHow BEPS fits in with the EU s tax agenda. The European Union (EU) has actively participated in the entire
How BEPS fits in with the EU s tax agenda Klaus von Brocke and Jurjan Wouda Kuipers look at how BEPS recommendations interact with EU tax laws. The European Union (EU) has actively participated in the
More informationTHE FUTURE OF TAX PLANNING: TRANSPARENCY AND SUBSTANCE FOR ALL? Friday, 26 February AM PM Conrad Hotel, Hong Kong
THE FUTURE OF TAX PLANNING: TRANSPARENCY AND SUBSTANCE FOR ALL? Friday, 26 February 2016 9.00AM - 12.00PM Conrad Hotel, Hong Kong THE DRIVE TOWARDS TRANSPARENCY: CHALLENGES AND OPPORTUNITIES IN INTERNATIONAL
More informationComments on Public Consultation Document Addressing the Tax Challenges of the Digitalisation of the Economy
Ernst & Young, LLP 1101 New York Avenue, NW Washington, DC 20005-4213 Tel: +202-327-6000 ey.com 6 March 2019 Organisation for Economic Co-operation and Development Centre for Tax Policy and Administration
More informationIBFD Course Programme International Tax Planning after BEPS and the MLI
IBFD Course Programme International Tax Planning after BEPS and the MLI Summary Recent developments such as the BEPS project and the Multilateral Instrument in international taxation, but also unilateral
More informationBase Erosion Profit Shifting (BEPS)
Base Erosion Profit Shifting (BEPS) Base Erosion Profit Shifting (BEPS) The world continues to evolve and nations are becoming increasingly connected. Domestic tax laws have not kept pace with the evolution
More informationThe OECD s 3 Major Tax Initiatives
The OECD s 3 Major Tax Initiatives 1. The Global Forum on Transparency and Exchange of Information for Tax Purposes Peer review of ~ 100 countries International standard for transparency and exchange of
More informationTransfer Pricing Country Summary Italy
Page 1 of 5 Transfer Pricing Country Summary Italy February 2018 Page 2 of 5 Legislation Existence of Transfer Pricing Laws/Guidelines Transfer pricing legislation is laid down in Article 110, Para. 7,
More informationAPA & MAP COUNTRY GUIDE 2017 UNITED STATES
APA & MAP COUNTRY GUIDE 2017 UNITED STATES Managing uncertainty in the new tax environment UNITED STATES KEY FEATURES Competent authority APA provisions/ guidance Types of APAs available APA acceptance
More informationFair and Effective Taxation
1 Fair and Effective Taxation Clear and Easy to Apply deducted at source e.g. on employees consumption taxes not so for self-employed and business Uncertain Based on Abstract Concepts income, residence,
More informationBEPS Action 14: Make Dispute Resolution Mechanisms More Effective
BEPS Action 14: Make Dispute Resolution Mechanisms More Effective The Organization for Economic Cooperation and Development on December 18, 2014, released a public discussion draft pursuant to Action 14,
More informationAudit Committee Bulletin
Issue 9 June 2015 Audit Committee Bulletin This bulletin reflects some of the issues that audit committee chairs of leading European companies are currently discussing with their advisors in EY. Foreword
More informationTAX ALERT AUSTRALIAN RECENT DEVELOPMENTS - AUSTRALIAN TRANSFER PRICING (TP) RULES: TIME TO STEP UP MARCH 2015
MARCH 2015 AUSTRALIAN TAX ALERT RECENT DEVELOPMENTS - AUSTRALIAN TRANSFER PRICING (TP) RULES: TIME TO STEP UP INTRODUCTION With the Australian Taxation Office's (ATO) escalating focus on international
More informationAPA & MAP COUNTRY GUIDE 2017 CROATIA
APA & MAP COUNTRY GUIDE 2017 CROATIA Managing uncertainty in the new tax environment CROATIA KEY FEATURES Competent authority APA provisions/ guidance Types of APAs available APA acceptance criteria Key
More informationServices and Capabilities. Financial Services Transfer Pricing
Services and Capabilities Financial Services Transfer Pricing Our team of experts offers an unmatched combination of economic credentials, industry expertise, and testifying experience. FINANCIAL SERVICES
More informationEvolving IRS Programs to Accelerate Issue Resolution. Douglas O Donnell Assistant Deputy Commissioner, International October 16, 2012
Evolving IRS Programs to Accelerate Issue Resolution Douglas O Donnell Assistant Deputy Commissioner, International October 16, 2012 Scope and Content Historical Perspective the Problem Early Solution
More informationTRANSNATIONAL TAX NETWORK 2015 HONG KONG CONFERENCE. Hong Kong 9 February David Russell QC Outer Temple Chambers London and Dubai
TRANSNATIONAL TAX NETWORK 2015 HONG KONG CONFERENCE Hong Kong 9 February 2015 David Russell QC Outer Temple Chambers London and Dubai B.E.P.S. for BEGINNERS OR MISERY LOVES COMPANY A TALE OF TWO CITIES
More informationThe EU draft anti-avoidance directive (ATAD) A focus on CFC rules from a Swiss perspective
The EU draft anti-avoidance directive (ATAD) A focus on CFC rules from a Swiss perspective Prof. Dr. Robert Danon Professor of Swiss and International Tax Law at the University of Lausanne Of counsel,
More informationGlobal Transfer Pricing Review kpmg.com/gtps
Global Transfer Pricing Review Czech Australia Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review Australia KPMG observation The transfer pricing landscape in Australia continues to be one of
More informationOECD releases final BEPS package
6 October 2015 Tax Flash OECD releases final BEPS package On 5 October 2015, the OECD published the final reports of the OECD/G20 Base Erosion and Profit Shifting ( BEPS ) project, which consist of a package
More informationSESSION 11B: COVETING THY NEIGHBOUR S TAX BASE AUSTRALIA S CHANGING APPROACH TO INTERNATIONAL TAXATION
SESSION 11B: COVETING THY NEIGHBOUR S TAX BASE AUSTRALIA S CHANGING APPROACH TO INTERNATIONAL TAXATION Peter Collins and Michael Bona Global Tax PwC Australia Contents International tax environment Financing
More informationAPA & MAP COUNTRY GUIDE 2017 MOROCCO
APA & MAP COUNTRY GUIDE 2017 MOROCCO Managing uncertainty in the new tax environment MOROCCO KEY FEATURES Competent authority APA provisions/ guidance Types of APAs available APA acceptance criteria Key
More informationOECD issues Action Plan on Base Erosion and Profit Shifting (BEPS)
22 July 2013 OECD issues Action Plan on Base Erosion and Profit Shifting (BEPS) Executive summary On 19 July 2013, the Organisation for Economic Cooperation and Development (OECD) issued its much-anticipated
More informationBack from the Dead: How to Revive Transfer Pricing Enforcement
University of Michigan Law School University of Michigan Law School Scholarship Repository Law & Economics Working Papers 1-1-2013 Back from the Dead: How to Revive Transfer Pricing Enforcement Reuven
More informationPOSITION PAPER EU CONSULTATION ON FAIR TAXATION OF THE DIGITAL ECONOMY
Opinion Statement FC 10/2017 POSITION PAPER EU CONSULTATION ON FAIR TAXATION OF THE DIGITAL ECONOMY Prepared by the CFE Fiscal Committee Submitted to the EU Institutions on 6 December 2017 The CFE (Confédération
More informationInternational Transfer Pricing
www.pwc.com/internationaltp International Transfer Pricing 2013/14 An easy to use reference guide covering a range of transfer pricing issues in nearly 80 territories worldwide. www.pwc.com/tptogo Transfer
More informationIndia revises Country Chapter comments in UN Practical Manual on Transfer Pricing Issues for Developing Countries
14 November 2016 Global Tax Alert News from Transfer Pricing India revises Country Chapter comments in UN Practical Manual on Transfer Pricing Issues for Developing Countries EY Global Tax Alert Library
More informationStanding in the Eye of the Tax Storm
Standing in the Eye of the Tax Storm Client Seminar Nick Skerrett Koen Platteau Peter Flipsen Pierre-Régis Dukmedjian 20 January 2015 Introduction Overview of current developments Introduction to state
More informationCHINA TRANSFER PRICING IMPLEMENTING MEASURES - BEYOND THE COMPLIANCE REQUIREMENTS
CHINA TRANSFER PRICING IMPLEMENTING MEASURES - BEYOND THE COMPLIANCE REQUIREMENTS JANUARY 2009 In our Newsletter of 12 January 2009, we reported that the China State Administration of Taxation ("SAT")
More informationApril 30, Re: USCIB Comment Letter on the OECD discussion draft on BEPS Action 3: Strengthening CFC Rules. Dear Mr. Pross, General Comments
April 30, 2015 VIA EMAIL Mr. Achim Pross Head, International Cooperation and Tax Administration Division Center for Tax Policy and Administration (CTPA) Organisation for Economic Cooperation and Development
More informationTRANSFER PRICING IN INDIA A REVENUE PERSPECTIVE
TRANSFER PRICING IN INDIA A REVENUE PERSPECTIVE A PRESENTATION BY AKHILESH RANJAN DIRECTOR OF INCOME TAX (INTERNATIONAL TAXATION), NEW DELHI 02.12.2005 HISTORICALLY Concept of transfer pricing always there
More information32nd Annual Asia Pacific Tax Conference November 2016 JW Marriott Hotel Hong Kong
32nd Annual Asia Pacific Tax Conference 10 11 November 2016 JW Marriott Hotel Hong Kong The consequences of real transparency: Reporting,documentation and reconsidering your Asian structures in light of
More information15/09/2017. Conseil des barreaux européens Council of Bars and Law Societies of Europe
Conseil des barreaux européens Council of Bars and Law Societies of Europe Association internationale sans but lucratif Rue Joseph II, 40 /8 1000 Bruxelles T. : +32 (0)2 234 65 10 Email : ccbe@ccbe.eu
More informationIntercompany financing facing new challenges. EY Africa Tax Conference September 2014
Intercompany financing facing new challenges EY Africa Tax Conference September 2014 Panel Moderator Ide Louw International Tax EY South Africa Panel Joseph Pagop Noupoue EY Jemimah Mugo EY Kenya Michael
More informationVODAFONE GROUP PLC TAX STRATEGY
VODAFONE GROUP PLC TAX STRATEGY In accordance with Para 16(2) Schedule 19 Finance Act 2016 this represents the Group s tax strategy in effect for the year ended 31 March 2018. 1 The areas below form the
More informationWhat is Transfer Pricing and Why is it Important?
UN-ATAF Workshop on Transfer Pricing Administrative Aspects and Recent Developments Ezulwini, Swaziland 4-8 December 2017 LEARNING OBJECTIVES What is transfer pricing? INTRODUCTION TO TRANSFER PRICING
More informationIMPACT OF TAX ON M&A. Simon Fletcher 14 October 2016
IMPACT OF TAX ON M&A Simon Fletcher AGENDA 1. Tax environment 2. Recent developments 3. Impact on M&A 4. Questions Disclaimer: this presentation is intended to be for general guidance on matters of interest,
More informationMANAGING TRANSFER PRICING ISSUES IN AN EVOLVING BEPS ENVIRONMENT
MANAGING TRANSFER PRICING ISSUES IN AN EVOLVING BEPS ENVIRONMENT ANTON HUME / DAN MCGEOWN / VEENA PARRIKAR / RICHARD VAN DER POEL / JAY TANG 2 JUNE 2015 AGENDA Control Over Transfer Pricing Policies and
More informationWHY TRANSFER PRICING? OR How Did We Get Here From There?
WHY TRANSFER PRICING? OR How Did We Get Here From There? Barbara J. Mantegani Mantegani Tax PLLC Julie Joy Bloomberg BNA Here - Where Are We Now? Transfer pricing one of the most significant (if not the
More informationOECD TRANSFER PRICING GUIDELINES FOR MULTINATIONAL ENTERPRISES AND TAX ADMINISTRATIONS
OECD TRANSFER PRICING GUIDELINES FOR MULTINATIONAL ENTERPRISES AND TAX ADMINISTRATIONS STEVEN A. MUSHER DEPUTY ASSOCIATE CHIEF COUNSEL (INTERNATIONAL-TECHNICAL) August 14, 2001 OECD WHERE TRANSFER PRICING
More informationAPA & MAP COUNTRY GUIDE 2017 CANADA
APA & MAP COUNTRY GUIDE 2017 CANADA Managing uncertainty in the new tax environment CANADA KEY FEATURES Competent authority APA provisions/ guidance Types of APAs available APA acceptance criteria Key
More information26th Annual Health Sciences Tax Conference
26th Annual Health Sciences Tax Conference International and offshore captive issues for exempt December 5, 2016 Disclaimer EY refers to the global organization, and may refer to one or more, of the member
More informationIBFD Course Programme BEPS Country Implementation
IBFD Course Programme BEPS Country Implementation Summary On 5 October 2015, the OECD published the final reports of its 15-point base erosion and profit shifting (BEPS) project. A bit more than a year
More informationIMF Revenue Mobilizations and Development Conference: Session on Business Taxation. Alan Carter (ITD) Washington DC, April 18, 2011
IMF Revenue Mobilizations and Development Conference: Session on Business Taxation Alan Carter (ITD) Washington DC, April 18, 2011 International Business Tax Issues - Why are international tax issues important?
More informationIn 2002 the arm s length principle was codified in the Netherlands by section 8b of the Corporate Income Tax Act (VPB) 1969.
This is an official English translation of a decree issued by the State Secretary for Finance. In the event of a dispute concerning discrepancies between this translation and the original version in the
More informationTransfer Pricing: Theory & Practice
Transfer Pricing: Theory & Practice TEI Houston Chapter Your Auditor and Transfer Pricing Randy G. Price, Deloitte Tax LLP Rupesh R. Vadapalli, Deloitte Tax LLP March 1, 2018 Agenda Impact of International
More informationBase erosion & profit shifting (BEPS) 25 May 2016
Base erosion & profit shifting (BEPS) 25 May 2016 Introduction Important to distinguish between: Tax avoidance Using legal provisions to minimise tax liability Covers interventions that are referred to
More informationOverview of OECD Action Plan on Base Erosion and Profit Shifting (BEPS)
Overview of OECD Action Plan on Base Erosion and Profit Shifting (BEPS) Monia Naoum, IBFD Research Associate Emily Muyaa, IBFD Research Associate 18 June 2015 1 Introduction: Globalization and its impact
More informationTransfer Pricing Country Summary Austria
Page 1 of 6 Transfer Pricing Country Summary Austria April 2018 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines On July 6, 2016, the Transfer Pricing Documentation Act (TPDA) has
More informationFair taxation of the digital European Commission DG TAXUD. economy
Fair taxation of the digital European Commission DG TAXUD economy The issue at stake Difficulty to tax/ opportunities for tax avoidance Lack of a level playing field and distortion of competition Less
More informationIBFD Course Programme Current Issues in International Tax Planning
IBFD Course Programme Current Issues in International Tax Planning Summary This intermediate-level course provides participants with an in-depth understanding of the current discussions relating to international
More informationTHE AUSTRALIAN GOVERNMENT INCREASES PRESSURE ON MULTINATIONAL TAX AVOIDANCE: 40% DIVERTED PROFITS TAX (DPT) INTRODUCED
THE AUSTRALIAN GOVERNMENT INCREASES PRESSURE ON MULTINATIONAL TAX AVOIDANCE: 40% DIVERTED PROFITS TAX (DPT) INTRODUCED 2 DECEMBER 2016 INTRODUCTION AND OVERVIEW The Australian Government released draft
More informationADDITIONAL GUIDANCE ON ATTRIBUTION OF PROFITS TO PERMANENT ESTABLISHMENTS
Tax Treaties, Transfer Pricing and Financial Transactions Division Organisation for Economic Cooperation and Development 2 rue André-Pascal 75775, Paris, Cedex 16 France September 15, 2017 William Morris
More informationJuly 27, Barbara Angus International Tax Counsel Department of the Treasury 1500 Pennsylvania Avenue, N.W. Washington, D.C.
July 27, 2001 Barbara Angus International Tax Counsel Department of the Treasury 1500 Pennsylvania Avenue, N.W. Washington, D.C. 20220 Patricia Brown Deputy International Tax Counsel Department of the
More informationPrivate sector members' paper outlining corporate tax transfer pricing risk assessment and management approaches.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Direct Taxation, Tax Coordination, Economic Analysis and Evaluation Unit D1 Company Taxation Initiatives Brussels, January 2012 Taxud/D1/
More informationTHE NEW WORLD OF STATE AID CHALLENGES BY THE EUROPEAN COMMISSION
THE NEW WORLD OF STATE AID CHALLENGES BY THE EUROPEAN COMMISSION THE APPLE DECISION AND OTHER RECENT CASES MITCH BLUMENFELD RAFAEL CALVO AXEL CORDEWENER KEITH O DONNELL SESSION OVERVIEW THE NEW WORLD OF
More informationwts study Global WTS PE Study A high-level overview of most discussed PE issues in EU, OECD and BRICS countries
wts study Global WTS PE Study A high-level overview of most discussed PE issues in EU, OECD and BRICS countries Table of Contents Preface 3 Conclusions at a glance 4 Summary from the survey 5 Detailed
More informationUK ANTI-HYBRID RULES AN OVERVIEW
UK ANTI-HYBRID RULES AN OVERVIEW Mark Burgess, Paul Rutherford and Sibel Owji 19 October 2016 If you cannot hear us speaking, please make sure you have called into the teleconference: US participants:
More informationUN Releases Practical Manual on Transfer Pricing for Developing Countries
UN Releases Practical Manual on Transfer Pricing for Developing Countries The United Nations Committee of Experts on International Cooperation in Tax Matters on October 15-19 adopted the Practical Manual
More informationWELCOME TO OUR WEBINAR
WELCOME TO OUR WEBINAR International Franchise Structures Tuesday, September 15, 2015 1:00 p.m. EDT If you cannot hear us speaking, please make sure you have called into the teleconference number on your
More informationCorporate tax and the digital economy Response by the Chartered Institute of Taxation
Corporate tax and the digital economy Response by the Chartered Institute of Taxation 1 Introduction 1.1 We refer to the government s position paper on Corporate tax and the digital economy published in
More informationEUROPEAN COMMISSION PRESENTS ANTI-TAX AVOIDANCE PACKAGE
EUROPEAN COMMISSION PRESENTS ANTI-TAX AVOIDANCE PACKAGE tax.thomsonreuters.com On January 28, 2016, the European Commission presented its Communication on the Anti-Tax Avoidance Package (ATA Package).
More informationAmCham EU s position on the Commission Anti-Tax Avoidance Package
AmCham EU s position on the Commission Anti-Tax Avoidance Package Executive summary AmCham EU welcomes attempts to ensure that adoption of the OECD s recommendations is consistent across the EU and with
More informationP ractitioners. Corner. Multinational enterprises doing business in. Italy s International Tax Ruling Procedure. by Marco Rossi
P ractitioners Corner Italy s International Tax Ruling Procedure Marco Rossi is the founding member of Marco Q. Rossi & Associati in Italy and New York. Multinational enterprises doing business in Italy
More informationA Guide To Changes In Irish Tax Rules
A Guide To Changes In Irish Tax Rules - The Global Tax Reform Agenda 6 September 2016 THE FACTS YOU NEED TO KNOW ON IRISH TAX CHANGES 1 INTERNATIONAL TAX RULES HAVE BEEN CHANGING - IRELAND HAS BEEN PARTICIPATING
More informationTransfer Pricing Administration in Italy 2.0: Are all the Questions Finally Answered?
Milan, 23 February 2018 Transfer Pricing Administration in Italy 2.0: Are all the Questions Finally Answered? On February 21, 2018, the Italian Ministry of Economy and Finance ( MEF ) launched a public
More informationCoversheet: BEPS transfer pricing and permanent establishment avoidance rules
BEPS documents release - August 2017: #18 Coversheet: BEPS transfer pricing and permanent establishment avoidance rules Advising agencies Decision sought Proposing Ministers The Treasury and Inland Revenue
More informationU.S. Tax Consequences of EU State Aid Recoupment
U.S. Tax Consequences of EU State Aid Recoupment IRS Issues Notice Treating Certain Payments of Prior-Year Foreign Taxes as Splitter Arrangements SUMMARY On September 15, the IRS and Treasury Department
More informationThe new global tax environment. What the global focus on Base Erosion and Profit Shifting (BEPS) means for your business
The new global tax environment What the global focus on Base Erosion and Profit Shifting (BEPS) means for your business Changing business environment Macroeconomic megatrends, mobility of capital and growth
More informationTransfer Pricing Country Summary United Kingdom
Page 1 of 9 Transfer Pricing Country Summary United Kingdom April 2018 Page 2 of 9 Legislation Existence of Transfer Pricing Laws/Guidelines The UK transfer pricing legislation is contained in Part 4 of
More informationKenya Dispute Resolution Profile. (Last updated: 15 February 2018) General Information
1 Kenya Dispute Resolution Profile (Last updated: 15 February 2018) General Information Kenya s tax treaties are available at: http://www.treasury.go.ke/avoidanceofdoubletaxation.html MAP request should
More informationBase Erosion and Profit Sharing Action Plan 11, 12, 14 & 15. Mr. S.P. Singh, Ex-IRS 7th November, 2015
Base Erosion and Profit Sharing Action Plan 11, 12, 14 & 15 Mr. S.P. Singh, Ex-IRS 7th November, 2015 Contents Action 11 - Establishing Methodologies to Collect and Analyze Data on BEPS Action 12 Requiring
More informationCOMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL
EUROPEAN COMMISSION Brussels, 21.3.2018 COM(2018) 146 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL Time to establish a modern, fair and efficient taxation standard
More informationProfit monitoring and management system of multinational corporations launched in Jiangsu
EY China TP Alert Profit monitoring and management system of multinational corporations launched in Jiangsu Executive summary On 17 March 2017, the State Administration of Taxation (SAT) issued the Administrative
More informationInternational. Contact us to learn more about our International Tax practice. Partnering With Our Colleagues. U.S. corporate tax directors and
International Tax U.S. corporate tax directors and background, tactical judgment, and Caplin & Drysdale s international tax lawyers individuals holding foreign assets face problem-solving savvy to resolving
More informationKPMG LLP 2001 M Street, NW Washington, D.C Comments on the Discussion Draft on Cost Contribution Arrangements
KPMG LLP 2001 M Street, NW Washington, D.C. 20036-3310 Telephone 202 533 3800 Fax 202 533 8500 To Andrew Hickman Head of Transfer Pricing Unit Centre for Tax Policy and Administration OECD From KPMG cc
More informationTransfer Pricing Country Summary Pakistan
Page 1 of 7 Transfer Pricing Country Summary Pakistan July 2018 Page 2 of 7 Legislation Existence of Transfer Pricing Laws/Guidelines There is a general anti-avoidance rule in the Pakistani tax law that
More informationCreating cross-border tax efficiencies. Global Transfer Pricing Services. skpgroup.com
Creating cross-border tax efficiencies Global Transfer Pricing Services skpgroup.com With the rise in cross-border transactions between group companies and stringent norms imposed by governments across
More informationComments on the United Nations Practical Manual on Transfer Pricing Countries for Developing Countries
To: United Nations From: Repsol, S.A. Date: 02/28/2014 Comments on the United Nations Practical Manual on Transfer Pricing Countries for Developing Countries REPSOL appreciates the opportunity to contribute
More informationParaguay Dispute Resolution Profile. (Last updated: 27 June 2017)
1 Paraguay Dispute Resolution Profile (Last updated: 27 June 2017) General Information Paraguay tax treaties are available at: Under request at the Ministry of Foreign Affairs. MAP request should be made
More informationValue chain perspectives and their increased importance under BEPS, tax policy and technological change
Value chain perspectives and their increased importance under BEPS, tax policy and technological change February 22, 2017 FOR DISCUSSION PURPOSES ONLY Disclaimer This material has been prepared for general
More informationTHE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA SENATE TREASURY LAWS AMENDMENT (COMBATING MULTINATIONAL TAX AVOIDANCE) BILL 2017
2016-2017 THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA SENATE TREASURY LAWS AMENDMENT (COMBATING MULTINATIONAL TAX AVOIDANCE) BILL 2017 DIVERTED PROFITS TAX BILL 2017 REVISED EXPLANATORY MEMORANDUM
More informationThe Controlled Foreign Company Regime in the EU CCTB Proposal
The Controlled Foreign Company Regime in the EU CCTB Proposal Werner Haslehner Professor for European and International Tax Law ATOZ Chair for European and International Taxation University of Luxembourg
More informationStatement for the Record
Statement for the Record of Dorothy Coleman Vice President, Tax & Domestic Economic Policy National Association of Manufacturers For the Hearing of the Senate Finance Committee on International Tax: OECD
More information