Pricing Knowledge Network
This newsletter provides alerts and analysis of major inter-company pricing issues and related developments from around the world.
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Previous issues
April 2013
- India: government issued a notification specifying the tolerance band to be 1% for wholesale traders and 3% in all other cases for FY 2012-13
- Venezuela: Transfer pricing Impact of currency devaluation and new exchange control regime
- La Cour fédérale du Canada a rendu sa décision dans l’affaire Soft-Moc Inc. (« Soft-Moc ») c. M.R.N. 2013 FC 291
- Argentina: New digital signature and electronic data submission requirements for filing transfer pricing report
- India: Circulars issued providing guidance on issues relating to transfer pricing of development centres and application of profit split method
March 2013
- Italy: Statistics show APA programme gathering momentum and finding increasing acceptance
- Canada: Court upholds foreign documents request in transfer pricing audit
- US: IRS annual APA report shows dramatic increase in productivity, record number of APAs concluded
- Poland: 2012 Polish pharmaceutical sector regulations may impact transfer pricing documentation
- U.S. Competent Authority statistics: reveal high level of double tax relief, but faster processing times, but jump in U.S.-initiated tp cases
- Votre documentation des prix de transfert préparée à l'étranger résistera-t-elle à l'examen minutieux de l'ARC?
- Germany: Fed Tax Court rules on Article 9 of the OECD Model Tax Agreement
February 2013
- Japan National Tax Agency transfer pricing update – Update on audit procedures
- Greece: New tax law in Greece amends existing transfer pricing framework and introduces a new APA program
- Australia: New TP Rules Introduced into Parliament
- Australia:Tax audit and controversy trends and key issues
- Chile: Annual Informative Return 2012
- Hong Kong-Insights from first case accepted into Hong Kong’s APA process
- New Philippine transfer pricing rules
- Ecuadorian - New requirements for domestic intercompany transactions.
January 2013
- U.S.-Japan tax treaty protocol to introduce mandatory arbitration
- Global: 'Sixth method' raises transfer pricing concerns in developing countries
- Chile-Changes in requirements regarding derivative transactions between related parties
- India - Special bench ruling on marketing intangibles in case of LG Electronics India Pvt. Ltd.
- Brazilian Federal Revenue Service does not authorize a currency exchange adjustment for exports for fiscal year 2012 — Safe Harbour rule is confirmed
- Belgium - Shifting gears towards transfer pricing audits
- Canada: 2012 programme prix de transfert (« APP »)
- L’ARC appuie les modifications aux principes de l’OCDE applicables en matière de prix de transfert
- Canada: PTM-13: Renvois au Comité de revue des prix de transfert
- Update on India General Anti Avoidance Rules (GAAR)
- Canadian tax authorities issue 2012 annual report on the Advance Pricing Arrangement (APA) program
- Colombian Tax Authority issues dates for filing transfer pricing study and information return for fiscal year 2012
- Brazilian Federal Revenue Department issues further guidance on changes introduced by Law 12715
- Law 12766/12 introduces changes in Brazilian transfer pricing regulations regarding interest
December 2012
- Canada - CRA endorses update of the OECD Transfer Pricing Guidelines
- Canada - TPM-13: Referrals to the transfer pricing review committee
- Australia: Members of specialist reference group on multinational taxation announced
November 2012
- Ireland releases details of a new Transfer Pricing Compliance Review programme
- Australia - Exposure draft of new transfer pricing rules released
- Canada - L'autorité fiscale canadienne publie le rapport annuel de 2012 sur le programme de la procédure amiable au Canada (« PA »)
- Canada - Lancement d'un cours sur les prix de transfert
- Canadian tax authorities issue 2012 annual report on the Canadian Mutual Agreement Procedure (MAP) program
- China concludes its second bilateral advance pricing arrangement with the US
- Nigeria releases transfer pricing regulations
- Australia - Discussion Paper on review of tax arrangements applying to permanent establishments released by the Board of Taxation
- Canada - Transfer pricing course now launched
October 2012
- Australia - Terms of reference released for Inspector-General review of ATO transfer pricing practices
- China formally announces its transfer pricing position
- Canada - La Cour suprême du Canada rend son jugement dans le dossier des prix de transfert de GlaxoSmithKline
- Nigerian transfer pricing rules become law
- Transfer pricing documentation leading practices for multinational enterprises
- Supreme Court of Canada releases decision in GlaxoSmithKline transfer pricing case
- Australia - Inspector-General of Taxation announces review of transfer pricing in 2012-13
- UN releases new and updated chapters of its Practical Manual on Transfer Pricing for Developing Countries
- European Commission adopts final report of the EU Joint Transfer Pricing Forum on cost contribution arrangements on services not creating Intangible Property
September 2012
- India - Arm’s length price for sourcing services - cost based remuneration model adjudged most appropriate for limited risk procurement support service provider
- Conversion of the Provisional Measure 563 into Law 12,715 ratifies the introduction of changes in Brazilian transfer pricing regulations
- Panama amends transfer pricing legislation
- Panamá reajusta la legislación de precios de transferencia
- Transfer pricing reform passed by Chilean Parliament
- Brazilian Government launches system to monitor cross-border transactions involving services and intangibles - SISCOSERV
- Advance Pricing Agreement rules notified in India
August 2012
- Requerimientos de Precios de Transferencia en Colombia - Obligacion de entregar el estudio de precios y fechas de entrega del informe correspondiente al 2011
- Transfer pricing requirements in Colombia - Mandatory filing of TP report and due date to file the TP study of FY 2011
- U.S. Customs issues revocation of ban on retroactive adjustments to transfer pricing - Opening the door for routine duty refunds
- APA modifications in Colombia
- Modificaciones a los APA en Colombia
July 2012
- 10 key points affecting Mexico in the draft of the new Chapter VI of the OECD TP Guidelines, pertaining to intangibles
- Bill enacted: Danish government initiatives to tighten the grip on multinational enterprises
- Transfer pricing highlights from the 2012 OECD international conference
- Japan National Tax Agency transfer pricing update - Introduction of transfer pricing survey to evaluate taxpayer efforts to manage transfer pricing
June 2012
- Alerte PKN sur le projet de l’OCDE sur les biens incorporels
- Belgium: Draft legislation with a proposed amendment to the Belgian thin capitalisation rule for certain financing activities
- OECD project on intangibles: OECD releases highly anticipated Discussion Draft of Chapter VI of the OECD Guidelines on "Intangibles"
May 2012
- India: Sixth method ("other method") for determination of arm's length price prescribed
- Danish government initiatives to tighten the grip on multinational enterprises
- Proposed tax reform in Chile introduces detailed transfer pricing bill with new compliance requirements
- Australia: New bill introduced to retrospectively amend transfer pricing rules
- Nigeria releases transfer pricing regulations
- Guatemala passes transfer pricing legislation for transactions in 2013
April 2012
- Australia: Clarification on when an International Dealings Schedule will be required for income tax returns lodged in June/July 2012
- Alerte PKN Canada - Retenue d’impôt canadien dorénavant exigée sur le «dividende réputé» résultant d’un redressement des prix de transfert
- Amendments to the South African transfer pricing legislation
- El Salvador passes transfer pricing regulations resulting in immediate compliance requirements
- Provisional measure introduces significant changes in Brazilian transfer pricing regulations
- Canadian withholding taxes to be payable on "deemed dividends" from transfer pricing adjustments
March 2012
- New Swedish interest stripping restrictions to apply from 2013?
- New draft legislation on Belgian thin cap rules has been published and potential changes have been announced
- Exposure draft of law granting Commissioner taxing power under Australia's tax treaties
- Cameroon - Transfer pricing: automatic documentation requirement
- Germany publishes first official draft on separate entity approach for permanent establishments and other amendments to transfer pricing legislation
- Uganda - New transfer pricing regulations
February 2012
- PwC comments on the report released by the OECD Forum on Tax Administration on Dealing Effectively with the Challenges of Transfer Pricing
- Single brand retail - Foreign direct investment (FDI) liberalisation in India
- Dutch tax court finds for Dutch tax administration in captive insurance company case
January 2012
- Australia: International Dealings Schedule not required for 31 December 2011 income tax returns lodged before July 2012
- Vietnam - Tax authorities to ramp up tax and transfer pricing audits
- Brazil authorizes the use of the 2011 currency appreciation factor for transfer pricing calculation on exports
- Indonesia - A revision of transfer pricing regulation
- Transfer pricing takes a step forward in Hong Kong with the launch of an APA program
December 2011
- First APA in South America just signed in Uruguay
- IRS creating efficiencies in transfer pricing enforcement and compliance
- IRS officials discuss transfer pricing pilot cases, joint audits, and taxpayer initiated adjustments
- Competent Authorities respond to increased mutual agreement procedure cases
- IRS issues final cost sharing regulations and temporary and proposed regulations on the application of the income method
- Compliance with Brazilian transfer pricing rules poses a challenge: how to mitigate double taxation issues
- Canada - L’administration fiscale canadienne publie son rapport annuel 2011 sur le programme des arrangements préalables en matière de prix de transfert (APP)
- Canadian tax authorities issue 2011 annual report on the Advance Pricing Arrangement (APA) program
November 2011
- Venezuela: Ley de Costos y Precios Justos: Decreto con Rango, Valor y Fuerza
- Venezuela: New law on fair costs and prices (price controls)
- ATO extends consultation on the new International Dealings Schedule
October 2011
- Recent developments within the IRS LB&I transfer pricing program
- Australian and Japanese tax authorities agree on new streamlined APA process for certain cases
- ATO seeks feedback on the new International Dealings Schedule
- Obama Administration releases draft legislative language for excess returns and intangibles proposals
September 2011
- United States - Maruca makes further statements regarding the development of the new Advance Pricing Agreement and Mutual Agreement Program
- China's State Administration of Taxation shares valuable insights into strategy and practices to combat tax avoidance
- L'administration fiscale canadienne publie le rapport annuel de 2011 sur le programme canadien de procédure amiable (PA)
- Update on the work of the EU Joint Transfer Pricing Forum on cost contribution arrangements (CCAs)
- Australia: Decision Impact Statement issued for SNF appeal decision
- Australian mining tax – updated draft legislation tightens domestic transfer pricing rules
- Canadian tax authorities issue 2011 annual report on the Canadian Mutual Agreement Procedure (MAP) program
- Australian mining tax - domestic transfer pricing rules further modified
- Former PwC partner Joe Andrus appointed Head of OECD Transfer Pricing Unit
- Review of Australia’s transfer pricing rules: PwC
July 2011
- IRS moves APA program out of Chief Counsel's office; creates new Advance Pricing and Mutual Agreement Program
- New requirement: Malaysian Inland Revenue Board ("MIRB") issues form on cross border related party transactions to taxpayers
- Japanese transfer pricing legislation change to abolish hierarchy among transfer pricing methods and implement the ‘Most Appropriate Method’ rule, in alignment with the revised OECD Transfer Pricing Guidelines
- Dominican Republic to require contemporaneous documentation beginning with fiscal year 2011
- Transfer pricing bill passes second and third readings in Russian Parliament
- Australia - ATO continues its focus on transfer pricing outlined in its 2011/12 compliance program
Contacts
- Garry Stone
- Global transfer pricing network leader
- Tel: +1 (312) 298 2464
- David Swenson
- Tax controversy and dispute resolution network global leader
- Tel: +1 (202) 414 4650
- Steven Tseng
- Global value chain transformation leader
- Tel: +1 646 471 8285
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