Are you in control - TP Compliance Deadlines to look out for in 2018
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1 Are you in control - TP Compliance Deadlines to look out for in 2018 Margie van der Valk Avisha Sood January 25, 2018 Amsterdam, The Netherlands 1 Taking control of the future tpa-global.com
2 Index Tax in the post-beps world A global approach to tax risk management Risks of compliance without risk management BEPS Action Calendar What is a BEPS Action Calendar What benefits does it bring BEPS Action Calendar: Why? Increased work burden Urge for consistency between financial, operating and governance models Urge for synchronisation of financial and tax data analytics Urge for complete transparency A global approach to tax/tp compliance Your post-beps plan to be fully in control 2 Taking control of the future tpa-global.com
3 Tax in the post-beps world 3 Taking control of the future tpa-global.com
4 Tax in the post-beps world 4 Taking control of the future tpa-global.com
5 Risks of compliance without risk management 5 Taking control of the future tpa-global.com
6 BEPS Action Calendar 6 Taking control of the future tpa-global.com
7 BEPS Action Calendar: What? Country CIT Deadline/ Extended deadlines CIT Deadline Country TP form Required? Y/N Name of the form Description of TP form threshold/ Triggering Conditions TP form Deadline TP form Filing Method (link or soft copy of form attached) Language required TP Form(s) Country Local File Required? Y/N Prepare / file Local File Deadline (Date + exceptions/ extensions, if any) Local File Threshold Penalty Language Required Local file Country Master File Required? Y/N Prepare / file Description of Master file deadline Master File Deadline Master File Threshold Penalty Language required Master file Country CbCR Required? Y/N Prepare / file Description of CbCR deadline (Date + exceptions/ extensions, if any) CbCR Deadline Notification Deadline CbCR Threshold Penalty Language required CbCR 7 Taking control of the future tpa-global.com
8 BEPS Action Calendar: What? Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Country A (parent entity) Submission of a TP form Master/ Local file deadline CbCR notification Filling of the CbCR Country B Local file deadline Country C Submission of a TP form CbCR notification Country D CbCR notification Country E Local file submission CbCR notification Country F Master file notification Local file deadline Level of importance/risk: high low 8 Taking control of the future tpa-global.com
9 BEPS Action Calendar: Benefits Can be used as a basis for companies to prepare a strategic calendar to define, among other, the below tasks and responsibilities: - Chalk out all the compliance deadlines for the financial year - Run and synchronise financial and tax data analytics including CbCR ratio analyses before your first filing deadline to identify red flags in time to mitigate their impact - Define and enforce clear reporting lines to ensure countries don t work in siloes and that there is no misalignment between financial, operating and governance model - Prepare and file routine/ repetitive documents using a software to reduce chances of human error - Communicate efficiently with your stakeholders 9 Taking control of the future tpa-global.com
10 BEPS Action Calendar: Why? 10 Taking control of the future tpa-global.com
11 Increased work burden What will the tax inspector receive after the end of financial year? Prior FY2016 Local TP documentation CIT return / Local TP forms 11 Taking control of the future tpa-global.com
12 Increased work burden What will the tax inspector receive after the end of financial year? After FY Taking control of the future tpa-global.com
13 Increased work burden Local files to be prepared for FY2017: 19 countries; 65 Legal entities Mar 7-Mar 31-Mar 25-Apr 30-Apr 3-May 31-May 25-Jun 30-Jun 15-Jul 31-Jul 31-Aug 30-Sep 31-Dec 13 Taking control of the future tpa-global.com
14 Increased work burden-example - Company X headquartered in Country A crosses the EUR 750 million threshold and is required to file a CbCR in Country A. - Country A has agreed for spontaneous exchange of CbCR with the Republic of South Korea. - However, South Korea requires MNEs to file, 6 months in advance of the date of filing of CbCR with the parent jurisdiction, a CbCR notification indicating the entity and the country where the CbCR will be filed by the group. - The penalty for not filing this CbCR notification is having to actually file the CbCR in South Korea. - In this case, Country A extended its deadline to allow MNEs one more month to complete their filings. - Now, Company X, which did not file the CbCR notification has to file the CbCR in South Korea even before it files it in the parent jurisdiction or pay the penalty. 14 Taking control of the future tpa-global.com
15 Urge for consistency between financial, operating and governance models Pre BEPS Functional Analysis Economic Reality Legal Reality Financial Reality Move from Pre to Post BEPS PostBEPS Value Chain Analysis Operating model Corporate Governance Finance/Tax/TP Model 15 Taking control of the future tpa-global.com
16 Urge for consistency between financial, operating and governance models: Example? 16 Taking control of the future tpa-global.com
17 Urge for synchronisation of financial & tax data analytics 17 Taking control of the future tpa-global.com
18 Urge for synchronisation of financial & tax data analytics: Example 18 Taking control of the future tpa-global.com
19 Urge for full transparency BEPS EU Local country Data CbCR LF MF AEOI ATAD APA Tax Ruling APA Tax Rulings CIT Return VAT Return Customs Duty Return Profit from related parties x x x x Financial information x x x x Paid income tax x x Related party transactions x x x Price setting policy x x Tax rulings x x APAs x x Ultimate beneficial owners x Total gross amount of interest, dividends and other income generated x 19 Taking control of the future tpa-global.com
20 Urge for full transparency: Example Rio Tinto Projections China 0% Canada 8% Others 7% US 1% EU 4% UK 1% Asia 8% Japan 0% Australia 71% Sales revenue by location FTEs by location Tax paid by location 20 Taking control of the future Source: Annual Report 2016 Rio Tinto AND Annual Tax Paid Report 2016 Rio Tinto (publicly available) tpa-global.com
21 A global tax/tp compliance approach 21 Taking control of the future tpa-global.com future
22 A global tax/tp compliance approach Value Chain Analysis - Holistic Corporate Income Tax Return - Transactional - Master file - Country-by-country - Local file - TP Forms Probability 10% Controversy Instruments - Disputes Negotiations Mediation Probability 5% Courts - Litigation 22 Taking control of the future tpa-global.com
23 A global tax/tp compliance approach Reported and taxed X Y (not) Reported and not (yet) taxed Returns Z e.g. Stateless income Tax provisions Reported and not taxed 23 Taking control of the future tpa-global.com
24 A global tax/tp compliance approach: Journey Towards Full Control 24 Taking control of the future Source: TPA Global Dispute Avoidance and Resolution Matrix
25 Your post-beps plan to be fully in control 1. Chalk out your yearly plan 2. Move away from a siloed approach 3. Gain control over financial data 4. Organization & governance 5. Use software for routine/ repetitive tasks 6. Communicate 25 Taking control of the future tpa-global.com
26 Questions? 26 Taking control of the future tpa-global.com
27 Contact For more information on this topic and to customize a BEPS Action Calendar for your company, please contact: TP 27 Taking control of the future tpa-global.com
28 TPA Global serves international businesses with integrated and value-added solutions. To ensure the highest quality and seamless service provision, thereby meeting international standards and regulations, a global network of dedicated professionals and specialists is a key and determining factor. Please select the region and contact our specialist in the country of choice.
29 TPA Global provides international businesses with integrated and value-added solutions in improving financial performance, operational efficiency, strategic development and talent coaching through a cross-border and cross-discipline team of professionals which identifies the right solutions for customers and targets; efficient and streamlined advisory and implementation processes which cut through operational complexities across functions and borders; and superior customer service and support which proactively anticipate the evolving needs of the clients. H.J.E. Wenckebachweg AS Amsterdam. The Netherlands. +31 (0) tpa-global.com The views expressed and the information provided in this material are of general nature and is not intended to address the circumstances of any particular individual or entity. The above content should neither be regarded as comprehensive nor sufficient for making decisions. No one should act on the information or views provided in this publication without appropriate professional advise. It should be noted that no assurance is given for any loss arising from any actions taken or to be taken or not taken by anyone based on this publication Transfer Pricing Associates Holding B.V. All Rights Reserved. 29 Taking control of the future tpa-global.com
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