The impact of transfer pricing in corporate tax planning
|
|
- Trevor Floyd
- 5 years ago
- Views:
Transcription
1 The impact of transfer pricing in corporate tax planning Presentation by Pactrick Chege CPA Chief Manager International Tax unit - KRA 16 th August 2018 Public PUBLIC
2 PUBLIC
3 Tax quote Secrecy, complex organizational structures, tax havens and profit hungry accountancy firms are the key ingredients of the tax avoidance industry. They all come together in the biggest tax avoidance scheme of all known as transfer pricing. The name of the game is to shift profits to low tax jurisdictions and avoid taxes in countries where corporations have substantial trading operations (Prem Sikka: Shifting Profit across border- 2009)
4 SCOPE OF PRESENTATION Meaning of transfer pricing Drivers of transfer pricing schemes How MNC s exploits transfer pricing for tax planning Impact of BEPS on transfer mis-pricing schemes
5 Meaning of transfer pricing A transfer price is a price adopted for book keeping purposes which is used to value transactions between affiliated enterprises integrated under the same management at artificially high or low levels in order to effect unspecified income payment or capital transfer between those enterprises (OECD Glossary of statistical terms) price- consideration- payment in kind- offsets foregone rights- future obligations etc
6 Drivers of transfer (mis)-pricing 1) Increase in tax rates and multiple taxation - welfare state argument - Cases of double taxation ( absence of DTA, Failed MAP) China Case: low taxes and other incentives. 70% of MNE s making losses?
7 2) Globalization Drivers of transfer (mis)-pricing Integration of national economies and markets Free movement of capital especially IP Shift of mfg bases from high cost to low cost locations ( case of china and Vietnam ) Removal of trade barriers, technological and communication developments ( Google case European sales done from Ireland) Relaxation of forex controls repatriation of cash
8 Drivers of transfer (mis)-pricing 3) Existence of different tax rules in different countries- creates gaps and frictions Gap double non taxation ( Apple case) U.S residence, Ireland - mgt Friction double taxation Consequence: room for arbitrage by taxpayers Need to develop clear & predictable international rules
9 Drivers of transfer (mis)-pricing 4) Shift from country specific operating models to global models Matrix managing orgs & integrated supply chains Centralization of functions at regional or global levels Increased importance of service component & digital products delivered over internet
10 4) Shift from country specific operating models to global models
11 4) Shift from country specific operating models to global models
12 4) Shift from country specific operating models to global models
13 Drivers of transfer (mis)-pricing 5)Upsurge in multinational / transnational enterprises Mergers and takeovers- economies of scale Diminishing comparables- MNC dominated markets Divisionalization, joint ventures, subsidiaries and affiliates necessitates estimations of costs to measure performance and taxable profits Corporations enjoy considerable discretion in allocating costs and profits to products/services and geographical jurisdictions
14 Drivers of transfer (mis)-pricing 5) Upsurge in multinational / transnational enterprises cont..d Top 500 transnational corporations control 70% of the world wide trade, 30% of the global GDP, 75% of all commodities trade and 80% of the trade in management and technical services 6 MNC s hold 70% of wheat trade One MNC controlled 98% of the production of packed tea 80% of the entire production of world grain is distributed by just two companies (Prem Sikka and Hugh Willmot, 2010)
15 Drivers of transfer (mis)-pricing 6) Transfer Pricing Schemes as a business The sale of potentially abusive and illegal tax shelters is a lucrative business accounting firms... have been major participants in the development, mass marketing, and implementation of generic tax products sold to multiple clients ( US Senate Permanent Subcommittee on Investigations-2005)
16 Drivers of transfer (mis)-pricing 6) Transfer Pricing Schemes as a business A former senior PwC employee admitted that the firm s policy was that it would sell a tax avoidance scheme which had only a 25% chance of withstanding a legal challenge (UK House of Commons Committee of Public Accounts, (2013). The other three firms admitted to selling schemes that they consider only to have a 50% chance of being upheld in court (UK House of Commons Committee of Public Accounts, (2013).
17 Drivers of transfer (mis)-pricing 6) Transfer Pricing as a business PwC is credited with developing Ireland as a tax haven and particularly with refining a scheme which subsequently became known as the Double Irish Dutch Sandwich (Bloomberg, Man Making Ireland Tax Avoidance Hub Proves Local Hero, 28 October 2013; ) The UK Supreme Court - Commissioners for Her Majesty s Revenue and Customs v Pendragon plc and others; [2015] UKSC 37. It related to a VAT avoidance scheme designed and marketed by KPMG. The scheme would have enabled car retailing companies to recover VAT input tax paid while avoiding the payment of output tax. The scheme was declared unlawful and abuse of law
18 Exploitation of transfer pricing Rules MNE s for tax purposes are not viewed as one even where they are owned by the same share holders and are trading together Due to the weaknesses of International tax Rules, profits are easily shifted to low tax jurisdictions through: Manipulation of intra group pricing manipulation of Arms Length Principle (ALP) in (1)cost contribution arrangements (2) Artificial shifting of Risk
19 Exploitation of Transfer of Transfer Pricing Rules30 Pricing Rules30 1) Manipulation of Price Cost per Unit $ 200 Selling Price to S.co $ 250 Gross margin $ 50 Tax $ 50*30%= $ 15 P co. COMPUTER MANUFACTURER Goods State A Tax Rate - 30% Invoices/ payment Rest of the world State B Tax Rate - 0% S co. Distributor Customers Price $ 500 Gross margin $ 250
20 Exploitation of Transfer of Transfer Pricing Rules30 Pricing Rules30 2) Manipulation of ALS through CCA CCA in development of IP P.Co = 20% S.Co = 80% P co. IP exploited State A by P.co and Tax Rate - 30% 3 rd party manufacturers S co. Total Income = $100m S.Co = $ 80m P.Co = $ 20m S.Co is 100% owned by P.Co Financing = Equity No Employees State B Tax Rate - 0%
21 Exploitation of Transfer of Transfer Pricing Rules30 Pricing Rules30 3) Manipulation of ALS by shifting of Risk S. Co contracts P. Co to develop an intangible asset P.Co compensated at cost- plus 10% S.Co retains risk of investment P co. IP exploited by P.co and 3 rd party manufacturers State A Tax Rate - 30% Total Income = $100m S.Co = $ 100m P.Co = $ zero S co. S.Co is 100% owned by P.Co Financing = Equity S. Co has no Employee State B Tax Rate - 0%
22 Amendments to Chapter 1 of OECD TP Guidelines Action 8, 9 and 10- targeted cash-boxes Capital-rich entities without any other relevant economic activities Seen as primary cause of BEPS No special measures were prescribed All measures are consistent with the ALS Cash-boxes are likely to be eliminated /08/2018
23 Action 8, 9 &10 Amendment to chapter 1 of OECD TP Guidelines 1) Delineation of the actual transaction between associated enterprises written contracts versus conduct issue In identifying the transaction, start with the written contract Written contract can be clarified, supplemented or even replaced by the conduct of the parties Who won the debate? Conduct! /08/2018
24 Action 8, 9 &10 Amendment to chapter 1 of OECD TP Guidelines 2) Risk should be allocated between the parties, using the same delineation of the actual transaction approach Start with the contractual allocation of risk Then validate (or change) that contractual allocation, by reference to the conduct of the parties Contractual allocation of risk to a party will be respected only if that party: Controls the risk Has the financial capacity to assume the risk /08/2018
25 Action 8, 9 &10 Amendment to chapter 1 of OECD TP Guidelines 2) Risk should be allocated between the parties, using the same delineation of the actual transaction approach (Cont d) A party will be considered to control a risk if it satisfies two requirements: The capacity to make decisions to take on, lay off, or decline a riskbearing opportunity, together with the actual performance of that decision-making function The capacity to make decisions on whether and how to respond to the risks associated with the opportunity, together with the actual performance of that decision-making function /08/2018
26 Action 8, 9 &10 3) Non-recognition of the accurately delineated transaction Contracts have always been important, they are now more than ever Ambiguous, incomplete or not-followed. Contracts opens door to recharacterization Non-recognition is permitted only if the parties are not acting in a commercially rational manner Re-characterization can occur when The behavior of the parties is inconsistent with the contract Control of financial capacity fails on specific risks /08/2018
27 Action 8, 9 &10 4) location savings and other local market features These items are not intangibles -they are comparability factors The amendments describe a 4 step analysis to determine the impact (if any) of these features on the pricing. Consequently, it is necessary to consider: whether location savings exist; the amount of any location savings; the extent to which location savings are either retained by a member or members of the MNE group or are passed on to independent customers or suppliers; and where location savings are not fully passed on to independent customers or suppliers, allocate the savings in the manner in which independent enterprises operating under similar circumstances would allocate any retained net location savings /08/2018
28 5) MNE group synergies Action 8, 9 &10 Incidental benefits from membership of a group (e.g., a supplier offers an entity a discount because the entity is a member of the ABC group)- should not be compensated However, benefits which are derived from deliberate concerted group actions (e.g., establishment of a centralized procurement company in order to obtain volume discounts from suppliers) should be shared by the group members according to their contribution to the synergy. In the procurement example, this would suggest that the centralized procurement company would not be able to keep the benefits, other than a return for its functions /08/2018
29 Action 12: Disclosure of aggressive tax planning To augment disclosures intended to address domestic tax avoidance e.g. U.K Disclosure of tax Avoidance Schemes Rules (2004) Not a minimum standard. Allows promoters and users of aggressive tax arrangements to be identified and deterrent measures put in place disclosure regimes considered: Transaction based Promoter based Hybrid /08/2018
30 Action 12: Disclosure of aggressive tax planning Test: whether obtaining a tax advantage is a main benefit of the arrangement A de minimis rule e.g. transaction size/ materiality Domestic tax schemes: Use main benefit test as a precondition, and de minimis rule attached to specific hallmarks/characteristics International tax schemes: Use specific hallmark only. May not always be clear in one jurisdiction whether tax advantage has been obtained in another jurisdiction Penalties for non-compliance /08/2018
31 Re-examine transfer pricing documentation (Action 13) Objectives: Ensure Consideration of Tp Requirements Taxpayers must give appropriate consideration to TP requirements in establishing prices Tp Risk Assessment Provide tax administrations with the information necessary to conduct an TP AUDIT informed TP risk assessment. Provide tax administrations with useful information to employ in conducting a TP audit. Additional information might be delivered during audit progress /08/2018
32 Re-examine transfer pricing documentation (Action 13) Proposals: A three-tier approach to transfer pricing documentation: (1) a master file containing information relevant for all group members; (2) a local file referring to material transactions of the local taxpayer; (3) a Country-by-Country Report ( CbCR ) containing data on the global allocation of income and taxes, and certain other measures of economic activity. The first two apply to all multinational groups. The CbCR applies only to groups with a turnover above 750m /08/2018
33 QUESTIONS
SUBSTANCE IS KING IN THE NEW WORLD ORDER TAX EXECUTIVES INSTITUTE, INC. MARCH 1, 2018
CPAs & ADVISORS experience direction // SUBSTANCE IS KING IN THE NEW WORLD ORDER TAX EXECUTIVES INSTITUTE, INC. MARCH 1, 2018 William D. James Principal Transfer Pricing & David H. Whitmer Director Transfer
Base 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
The 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
Headline Verdana Bold International Tax matters ICPAU Tax Seminar, Hotel Africana November, 2017
Headline Verdana Bold International Tax matters ICPAU Tax Seminar, Hotel Africana November, 2017 Contents Related party transactions 3 URA practice on international tax 14 OCED Action Plan on BEPS 30 2017
Overview 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
OECD TP Guidelines July 2017 Brief synopsis
OECD TP Guidelines July 2017 Brief synopsis Introduction to the OECD TP Guidelines Snapshot OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations Commonly referred to as
BEPS & transfer pricing
BEPS & transfer pricing May 2015 Suchint Majmudar, Taxand India Amit Rana, GE Polly Mak, Michelin Tim Wach, Taxand Global Contents 1. Introduction: background to BEPS 2. What is BEPS? 3. Key BEPS concerns
Tax Seminar: Transfer Pricing A Customs Perspective. Peter Caxton Kinuthia Director, Tax Services KPMG Kenya. 30 April 2015
Tax Seminar: Transfer Pricing A Customs Perspective Peter Caxton Kinuthia Director, Tax Services KPMG Kenya 30 April 2015 Presentation Outline Background TP and Customs Valuation Worldwide Developments
Functions, Assets and Risk Analysis under Transfer Pricing
Functions, Assets and Risk Analysis under Transfer Pricing September 23, 2017 Jigna P. Talati CONTENTS What is Functions, Assets and Risk ( FAR ) Analysis Why do a FAR Analysis How to do a FAR Analysis
CPA Esther Wahome. Thursday, 16 August 2018
Current trends in international tax planning (focus on BEPS). Presentation by: CPA Esther Wahome Senior Manager Taxation Services Deloitte & Touche Thursday, 16 August 2018 Uphold public interest Contents
THE 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
Transfer Pricing Perspectives: The new normal: full TransParency. The post BEPS world in the automotive industry
The post BEPS world in the automotive industry 43 The automotive industry has followed a global footprint strategy since many years and it represents now the industry with the highest cross border intercompany
CA T. P. OSTWAL. T. P. Ostwal & Associates LLP
CA T. P. OSTWAL BEPS strategies may not necessarily be illegal Increased globalisation enables companies to exploit gaps arising on interaction of domestic tax systems and treaty rules within the boundary
Korean Tax Update BEPS Implementation
Presentation for KGCCI Korean Tax Update BEPS Implementation May 2018 CONTENTS I. BEPS: Backgrounds What is BEPS? Backgrounds for OECD BEPS Project BEPS Action plans II. BEPS Implementation in Korea I.
Chapter 2. Business Framework
Agenda Item 2 Working Draft Chapter 2 Business Framework [This paper is based on a paper prepared by Members of the UN Tax Committee s Subcommittee on Practical Transfer Pricing Issues, but includes Secretariat
Transfer pricing of intangibles
32E30000 - Tax Planning of International Enterprises Transfer pricing of intangibles Aalto BIZ / May 2, 2016 Petteri Rapo Alder & Sound Mannerheimintie 16 A FI-00100 Helsinki firstname.lastname@aldersound.fi
Theory of the Firm and Development of Multinational Enterprises
A.1. Introduction A.1.1. This chapter provides background material on Multinational Enterprises (MNEs); MNEs are a key aspect of globalization as they have integrated cross-border business operations.
BEPS Impact on Manufacturing
BEPS Impact on Manufacturing Base Erosion and Profit Shifting India has emerged as the seventh largest economy. Favorable demographics, a burgeoning domestic market and an annual growth rate in excess
Institute of Certified Public Accountants Transfer Pricing Workshop
Institute of Certified Public Accountants Transfer Pricing Workshop Transfer Pricing Post BEPS by Antony Munanda Ag. Manager, International Tax Office, KRA. 6 th June 2018 1 www.kra.go.ke 08/06/2018 Outline
Practical Implications of BEPS
www.pwc.com/il Practical Implications of BEPS Vered Kirshner, Tax Partner, PwC Israel Ben Blumenfeld, Tax and Transfer Pricing Senior Manager, PwC Israel Aim of BEPS Action plan backed by the OECD and
Update on Transfer Pricing Documentation Local File, Master File & CbCR
Update on Transfer Pricing Documentation Local File, Master File & CbCR 6 th February, 2018 TABLE OF CONTENTS Sr. No. Particulars 1 Transfer pricing Documentation 2 Local File Indian Regulations 3 Applicability
Intra-Group Services & Intangibles
Intra-Group Services & Intangibles Mbiki Kamanjiri @ 2016 Grant Thornton All rights reserved. What is covered under Intangible Property Definition: Property with no physical existence but whose value depends
WHY 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
1. New decree on transfer-pricing documentation requirements
THE NETHERLANDS 1. New decree on transfer-pricing documentation requirements 1.1. Introduction As from 1 January 2016, Netherlands-resident entities (and Netherlands permanent establishments) that are
Transfer Pricing Country Summary Israel
Page 1 of 11 Transfer Pricing Country Summary Israel September 2018 Page 2 of 11 Legislation Existence of Transfer Pricing Laws/Guidelines The current legal framework in Israel is based mainly upon Section
TRANSNATIONAL 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
32nd 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
Recent Transfer Pricing Developments
Recent Transfer Pricing Developments CA Rachesh Kotak September 08, 2017 Setting the context Old world New world Compliance driven Reliance on local documentation One-sided approaches Protracted litigation
Value 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
The OECD report on base erosion and profit shifting (BEPS) and EU measures against aggressive tax planning and tax fraud
The OECD report on base erosion and profit shifting (BEPS) and EU measures against aggressive tax planning and tax fraud Pere M. Pons New York, May 6 th, 2013 Agenda I. Background II. Key pressure areas
Post-BEPS application of the arm s length principle: India charts a new course
Post-BEPS application of the arm s length principle: India charts a new course India Tax Insights Rajendra Nayak Partner Tax & Regulatory Services, EY India An updated version of the United Nations Transfer
M&A OUTLOOK - POST BEPS. International Tax Refresher Course
M&A OUTLOOK - POST BEPS International Tax Refresher Course WHY BEPS? AND BEPS IMPACT Dell case (Spain SC) Restructured to low-risk distribution: FAR transferred to Principal Principal no substance no employees/office
Value Chain Planning post BEPS
Value Chain Planning post BEPS Tax Executives Institute Houston Chapter TS1815 Transfer Pricing Planning after BEPS Thursday, May 10, 2018 Agenda 1 Defining a Supply Chain 3 2 Impact of Transfer Pricing
Impact of BEPS and Other International Tax Risks on the Jersey Funds Industry
www.pwc.com/jg November 2015 Impact of BEPS and Other International Tax Risks on the Jersey Funds Industry Current International Tax Environment 1 2 The current environment The ability to achieve tax certainty
HONG KONG BEPS AND NEW TRANSFER PRICING LAW
10 July 2018 HONG KONG BEPS AND NEW TRANSFER PRICING LAW Executive summary Hong Kong's Legislative Council on 4 July 2018 passed the Inland Revenue (Amendment) (No. 6) Bill 2017), which became effective
BEPS Action Report 8-10 s impact on existing Dutch investment structures.
BEPS Action Report 8-10 s impact on existing Dutch investment structures. Effect on MNE s and possible solutions 22 February 2016 Robert Jan van Lie Peters BEPS Action 8 10 Action Plan What is it about?
OECD 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
BEPS Country-by-Country Reporting Rules and New Documentation Requirements
BEPS Country-by-Country Reporting Rules and New Documentation Requirements, EY LLP, Couzin Taylor LLP 67 th Annual Tax Conference 67e Conférence fiscale annuelle 2015 Agenda 1. The BEPS project: Action
Internal or external comparables can be used to determine the gross profit margin.
Question 1 Part 1 The Resale Price Minus Method(RPM) is a transfer pricing method use generally by distribution companies in order to determine the arm's length price of transactions with related parties.
OECD 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
Deloitte TaxMax The 43 rd series One bold step in the right direction. Theresa Goh & Subhabrata Dasgupta l 22 November 2017 By Deloitte Tax Academy
Deloitte TaxMax The 43 rd series One bold step in the right direction Theresa Goh & Subhabrata Dasgupta l 22 November 2017 By Deloitte Tax Academy What are we discussing today? 01 02 Emerging trends Key
Global FS view on BEPS latest developments for asset managers. Event Date: Thursday 22 October Event Time: 9am EDT/3pm CET
Global FS view on BEPS latest developments for asset managers Event Date: Thursday 22 October Event Time: 9am EDT/3pm CET Notice The following information is not intended to be written advice concerning
VOLUME 18, NUMBER 1 >>> JANUARY 2016
VOLUME 18, NUMBER 1 >>> JANUARY 2016 Turkey Abdulkadir Kahraman KPMG, Turkey As a member of the G-20, Turkey is still an attractive market for MNEs. This article addresson Turkey s current tax climate,
IP BOX TAX REGIMES. Rod Donnelly Thursday, September 14, 2017
IP BOX TAX REGIMES Rod Donnelly Thursday, September 14, 2017 AGENDA 2 IP Box basics Tax sticks and carrots International landscape harmful tax practices OECD BEPS 2015 action final report topics OECD BEPS
Chapter 2 - Business Framework: The Theory of the Firm and the Reasons for the Existence of Multinational Enterprises
This is a working draft of a Chapter of the Practical Manual on Transfer Pricing for Developing Countries and should not at this stage be regarded as necessarily reflecting finalised views of the UN Committee
Transfer pricing. Emerging issues in T.P. Handling KRA audits regarding T.P. Resolving T.P disputes
Transfer pricing Emerging issues in T.P Handling KRA audits regarding T.P Resolving T.P disputes Emerging issues BEPS Effects of BEPS: Loss of revenue by governments and increase in tax administration
transfer pricing documentation
Mai Nomura Summary Headline on Verdana CbC reporting Bold and transfer pricing documentation Mai Nomura 24 October, 2017 New transfer pricing compliance requirements in Hungary: Country-by-Country Reporting
Transfer Pricing Principles By Wilfred Alambo KPMG Advisory Services Limited
Transfer Pricing Principles By Wilfred Alambo KPMG Advisory Services Limited Introduction, African overview and TP methods Table of contents 1. Background & introduction 2. Overview TP in Africa 3. TP
COUNTRY BY COUNTRY REPORTING LOCAL FILE WEBINAR 16 November 2017 ZARA RITCHIE - BDO NATALYA MARENINA - BDO JOANNE TING THOMSON REUTERS
COUNTRY BY COUNTRY REPORTING LOCAL FILE WEBINAR 16 November 2017 ZARA RITCHIE - BDO NATALYA MARENINA - BDO JOANNE TING THOMSON REUTERS OUTLINE OF SESSION 1 Background and requirements for SGEs 2 Country
Country by country (CbC) reporting reaches Indian shores. By Paresh Parekh, Partner, EY March 2, 2016
Country by country (CbC) reporting reaches Indian shores By aresh arekh, artner, EY March 2, 2016 Contents CbC reporting BES Action 13 - background Budget 2016 proposals Global overview age 2 BES - What
Chapter -1. An Introduction to Transfer Pricing
United Nations Geneva Meeting 16 th October 2012 Chapter -1 An Introduction to Transfer Pricing - Mr. T. P. Ostwal (India) October 2012 1 SYNOPSIS Section No. Title 1 What is Transfer Pricing? 2 Basic
Welcome to the EFS-seminar. BEPS and transfer pricing, but what about VAT and Customs? Conference Chairman: René van der Paardt
Welcome to the EFS-seminar BEPS and transfer pricing, but what about VAT and Customs? Conference Chairman: René van der Paardt Rotterdam February 3, 2016 Agenda Seminar An update on the transfer pricing
India 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
Digest TRANSFER PRICING REGULATIONS IN NIGERIA
Digest TRANSFER PRICING REGULATIONS IN NIGERIA As Nigeria continues to experience the influx of multinational companies setting up branch offices or operating subsidiaries and the globalization of trade,
BEPS Action 8: Revisions to Chapter VIII of the Transfer Pricing Guidelines on Cost Contribution Arrangements (CCAs)
NERA Economic Consulting 155 N. Wacker Drive, Suite 1450 Chicago, Illinois 60606 Tel: +1 312 573 2806 www.nera.com Andrew Hickman Head of Transfer Pricing Unit Centre for tax Policy and Administration
Planning for Intangible Property Migration in an Uncertain Environment. ABA Section of Taxation Mid Year Meeting January 25, 2013
Planning for Intangible Property Migration in an Uncertain Environment ABA Section of Taxation Mid Year Meeting January 25, 2013 1 Presenters Moderator Kenneth Christman, Ernst &Young Panelists Chris Bello,
Transfer Pricing. General Department of Taxation. Presented by: Mr.Traing Lay Mr. Chea Chantra. 18 January 2018
General Department of Taxation Transfer Pricing Presented by: Mr.Traing Lay Mr. Chea Chantra 18 January 2018 All rights reserved by General Department of Taxation 1 Content 1- Overview of Transfer Pricing
Fair 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,
Recent developments in international tax
Recent developments in international tax Disclaimer EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate
IV. Transfer Pricing 2
IV. Transfer Pricing 2 Panelists Bill Sample Microsoft Ian Brimicombe Astra Zeneca Rocco Femia Miller & Chevalier Philippe Penelle Deloitte Michael McDonald US Treasury Joe Andrus - OECD 3 BEPS TP Work
Transfer 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
SESSION 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
Update of the General Guidelines for Applying the Arm s Length Principle a New Section D in Chapter I of the Guidelines
ABA Consulting Update of the General Guidelines for Applying the Arm s Length Principle a New Section D in Chapter I of the Guidelines Daniel IOVESCU Partner, ABA Consulting Content: 1.OECD/G20 Base Erosion
US Outbound Investment
US Outbound Investment Denise Magyer Senior Vice President Allied Irish Bank Agenda AGENDA 3 U.S.Outbound Investment US Outbound Investment = Foreign Direct Investment (FDI) U.S. Outbound Investment: Why
KPMG 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
TAX EFFICIENT GLOBAL SUPPLY CHAINS IN 2018
TAX EFFICIENT GLOBAL SUPPLY CHAINS IN 2018 Michael Hardgrove Paul Flignor June 14, 2018 www.dlapiper.com 0 1 Global Supply Chain: Transactional Flow and Principal Concepts Global Supply Chain: Operational
Transfer Pricing: The New Frontier Transfer Pricing Documentation in a Post-BEPS World: Evolution or Revolution? November 8, 2018
Transfer Pricing: The New Frontier Transfer Pricing Documentation in a Post-BEPS World: Evolution or Revolution? November 8, 2018 Today s Speakers Astrid Pieron Partner, Brussels apieron@mayerbrown.com
What 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
New Dutch transfer pricing decree implements OECD guidelines
from Transfer Pricing New Dutch transfer pricing decree implements OECD guidelines May 18, 2018 In brief On May 11, the Dutch Ministry of Finance published its new Transfer Pricing Decree (IFZ2018/6865).
BUSINESS IN THE UK A ROUTE MAP
1 BUSINESS IN THE UK A ROUTE MAP 18 chapter 02 Anyone wishing to set up business operations in the UK for the first time has a number of options for structuring those operations. There are a number of
Engaging title in Green Descriptive element in Blue 2 lines if needed
BEPS Impact on TMT Sector January 2016 Engaging title in Green Descriptive element in Blue 2 lines if needed Second line optional lorem ipsum B Subhead lorem ipsum, date quatueriure Let s be crystal clear:
When The Dust Has Settled (Part 1)
www.pwc.com/sg When The Dust Has Settled (Part 1) Elaine Ng, Tax Partner 15 August 2017 Let s shake up the dust ITA NOA GST IRAS DTA SDA EEIA 2 Let s shake up the dust CbCR PPT AEOI MAAL BEPS DPT MLI FHTP
Transfer Pricing Country Summary Turkey
Page 1 of 8 Transfer Pricing Country Summary Turkey August 2018 Page 2 of 8 Legislation Existence of Transfer Pricing Laws/Guidelines Formal transfer pricing rules were introduced in Turkey on 21 June
Analysis 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
BEPS. Ações Relacionadas a Preços de Transferência. Reporter: Daniel Rybnik (Argentina) Chair President: Luís Eduardo Schoueri (Brasil)
BEPS Ações Relacionadas a Preços de Transferência Reporter: Daniel Rybnik (Argentina) Chair President: Luís Eduardo Schoueri (Brasil) São Paulo, 27 outubro (quinta-feira) de 2016 Aligning TP with Value
Transfer Pricing Country Summary Russia
Page 1 of 6 Transfer Pricing Country Summary Russia March 2018 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines The Transfer pricing ( TP ) rules are fixed in the Russian Tax Code
KPMG s general comments on the Discussion Draft are as follows:
KPMG International To Andrew Hickman Head of Transfer Pricing Unit Centre for Tax Policy and Administration OECD From KPMG Date Ref Comments to the OECD: BEPS Action 10 Discussion Draft on the Transfer
Resolving transfer pricing controversies, handling audits and queries, and best practices in TP documentation: A practical guide
Resolving transfer pricing controversies, handling audits and queries, and best practices in TP documentation: A practical guide Douglas Fone Global Partner, Transfer Pricing Associates 1 Content 1. Introduction
Transfer Pricing in a Post -BEPS World
Transfer Pricing in a Post -BEPS World Intangibles Perspective Ajit Kumar Jain About the Author Ajit is a Chartered Accountant and Company Secretary. He has done his graduation from Jai Narayan Vyas University,
OECD s Base Erosion and Profit Shifting (BEPS) Action Plan
OECD s Base Erosion and Profit Shifting (BEPS) Action Plan Joanne Theodorides Senior Manager Tax Advisory Services, PWC Email: joanne.theodorides@cy.pwc.com OECD s BEPS Action Plan The G20 finance minsters
Transfer Pricing Country Summary Brazil
Page 1 of 8 Transfer Pricing Country Summary Brazil June 2018 Page 2 of 8 Legislation Existence of Transfer Pricing Laws/Guidelines Brazil has a specific transfer pricing regime governed by the Law 9,430/96,
IBFD 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
BUSINESS MODELS IN THE CURRENT BEPS ENVIRONMENT DO YOU NEED TO CHANGE? Lyndon James, Partner Pete Rhodes, Senior Manager PwC
BUSINESS MODELS IN THE CURRENT BEPS ENVIRONMENT DO YOU NEED TO CHANGE? Lyndon James, Partner Pete Rhodes, Senior Manager PwC Agenda The current environment and the case for change Australian measures most
Statement 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
Mini-Panel: International Reporting Heavy Compliance Burden Ahead. Amit Chadha KPMG JP Borman PwC Wally Horak Bowman Gilfillan Franz Tomasek SARS
Mini-Panel: International Reporting Heavy Compliance Burden Ahead Amit Chadha KPMG JP Borman PwC Wally Horak Bowman Gilfillan Franz Tomasek SARS Country-by-Country Reporting (CbyCR) Background On October
Presentation by Shigeto HIKI
Presentation by Shigeto HIKI Co-chair of Forum on Harmful Tax Practices Director International Tax Policy Division, Tax Bureau Ministry of Finance, Japan The Fifth IMF-Japan High-Level Tax Conference For
Action 8 Assure that transfer pricing outcomes are in in line with value creation
Action 8 Assure that transfer pricing outcomes are in in line with value creation Aim is to ensure that the attribution of value for tax purposes is consistent with economic activity generating that value.
BEPS: What does it mean for funds and asset managers?
BEPS: What does it mean for funds and asset managers? Client Seminar Martin Shah René van Eldonk Malcolm Richardson, M&G 10 March 2015 Overview Background to and progress to date of BEPS Action Plan More
A 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
Simplifying BEPS Action Plan
Simplifying BEPS Action Plan BEPS and GST Conference 2 nd September 2016 1 About the pic: 16 Nov 2015, In Antalya, Leaders expressed support for the package of measures developed under the G-20/OECD Base
Residual Profit Allocation Proposal
Residual Profit Allocation Proposal Michael Devereux July 14, 2016 Aim Incremental change to existing separate accounting system Aim to reduce: opportunities for profit shifting sensitivity of location
Principles of Transfer Pricing
Summary This intermediate-level five-day course introduces participants to transfer pricing principles and methodologies and then covers the application of these principles and methodologies to specific
Country-by-country Reporting
CIYPERC Working Paper Series 2017/02 Country-by-country Reporting An exploration of the data potential for tax authorities Richard Murphy City Political Economy Research Centre City, University of London
Tax in China Newsletter Autumn 2017
Tax in China Newsletter Autumn 2017 Contact CBBC Lise Bertelsen E: lise.bertelsen@cbbc.org Contact PwC in the UK Mike Curran E: mike.curran@uk.pwc.com T: 0207 213 8190 Contact PwC In China Anthea Wong
Arm s Length Principle. Kavita Sethia Gambhir
Arm s Length Principle Kavita Sethia Gambhir January 2017 Introduction 2 Background Economic Globalization Multinational Structure Different Objectives Top Management/Key Personnel Shareholders Tax Authorities
concerning the perceived abuse of commissionaire structures
The OECD report on BEPS concerning the perceived abuse of commissionaire structures Commissionaire structures are to brought under the working of the permanent establishment article of tax treaties, Jos
THE INTERSECTION OF TAX & TREASURY
THE INTERSECTION OF TAX & TREASURY 1 INTRODUCTIONS Denise Magyer Senior Vice President, Allied Irish Bank BEATRIZ SALDIVAR MBA & CTP Consultant & Member of the Federal Reserve Faster Payments Task Force
IBFD Course Programme Principles of Transfer Pricing
IBFD Course Programme Principles of Transfer Pricing Price: 1,300 (US$ 1560) Price for full IBFD Members: 1,040 (US$ 1,248) Early Bird Discount: A 30% discount will be applied to registrations for this
A holding company belonging to an equity investor group was not considered as an equity investor
Tax news PwC Finland 2.10.2014 Corporate Income Tax FINLAND A holding company belonging to an equity investor group was not considered as an equity investor Decision 14/1367/3 of the Administrative Court
Our commentary focuses on five main issues. Supplementary comments relating to specific paragraphs or issues are provided in the appendix.
Comments on the Revised Discussion Draft on Transfer Pricing Aspects of Intangibles by the Confederation of Netherlands Industry and Employers (VNO-NCW) We are pleased to see the significant progress which