January/February 2015  
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International Transfer Pricing Journal
 
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Issue No. 1 - 2015 of the International Transfer Pricing Journal is now available online.

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Number 1 - 2015 contains the following:
ARTICLES
United Kingdom
The OECD’s New Transfer Pricing Documentation Standard: An Overview and UK Implementation
Andrew Casley, Kevin Norton and Michael Krhoda

The authors consider various issues that businesses are grappling with as they contemplate how to deal with the future OECD transfer pricing documentation standard.

International/Netherlands
BEPS Guidance on Transfer Pricing Aspects of Intangibles and the Need for Substance and Transfer Pricing Documentation
Eduard Sporken and Peter Visser

The authors discuss the guidance released by the OECD and G20, under the Base Erosion and Profit Shifting initiative, with regard to transfer pricing aspects of intangibles. In the context of intangibles and OECD developments, the authors also discuss Dutch transfer pricing regulations as issued in November 2013.

India
Transfer Pricing Provisions Not Applicable to Allotment of Shares
P. Raj Kumar Jhabakh

The author discusses the recent decision of the Bombay High Court in the Vodafone India Services Pvt. Ltd case, in which the Court held that the issuance of shares at a premium by a subsidiary to its non-resident parent company does not give rise to any income and, as a consequence, the provisions of chapter X relating to avoidance of tax (transfer pricing) of the Indian Income Tax Act 1961 is not applicable.

RECENT DEVELOPMENTS
Brazil
Developments Regarding the Transfer Pricing Method for Exports of Commodities
Rodrigo Cesar Caldas de Sá

The author considers developments and advantages in the use of the PECEX method, which is used to determine transfer prices for exports of commodities, as well as challenges taxpayers may still face when applying this method.

Finland
Landmark Case on the Ability of Tax Authorities To Disregard and Recharacterize Transactions
Merja Raunio
The author considers a 2014 ruling by the Supreme Administrative Court regarding the possibility for the tax authorities to recharacterize a taxpayer’s transactions – specifically, the classification of a hybrid loan as debt or equity for tax purposes.
Indonesia
Transfer Pricing Audits of Manufacturing Companies in Indonesia: Quo Vadis?
Andreas Adoe

The author looks into approaches taken by the tax authorities during tax audits, and attempts to clarify transfer pricing issues in the manufacturing sector through an analysis of various Tax Court rulings.

Italy
Unresolved Issues Surrounding Transfer Pricing Legislation: The Anti-Avoidance Purpose and Penalty Protection – Part 1
Alessandro Albano

This article, the first of a series of two, presents the results of research based on trends observed in Italian tax audits which focus more and more on transfer picing issues when dealing with MNEs. Recent decisions by the Supreme Court are also discussed.

Mexico
Transfer Pricing Implications of Second-Brand Strategies in the Pharmaceutical Industry in Light of the OECD Report on Action 8 of the BEPS Action Plan
Marta Milewska and Eliel Amaya

The authors analyse the impact of specific Mexican requirements on the transfer pricing structure and intercompany transactions in the pharmaceutical industry in light of Action 8 of the Action Plan on Base Erosion and Profit Shifting.

Turkey
Turkish Perspective on OECD Action Plan on Base Erosion and Profit Shifting
Ramazan Biçer and Mehmet Erginay

The OECD Action Plan on Base Erosion and Profit Shifting (BEPS) is a focal point of international tax debate. Although there are now a limited number of countries taking action against BEPS arising from activities of multinational groups, the authors believe that many other developed and developing countries will do the same. This article examines the Action Plan from a Turkish perspective, focusing on the most relevant actions of the BEPS Action Plan to Turkey.

United Kingdom
Profit Shifting and the United Kingdom
Andrew Casley, Szymon Wlazlowski and Simon Wood

The Finance Bill 2014 enacted new legislation on so-called “profit transfers” and on certain other specific transactions. One thing that these have in common is that they may cut straight across the application of the arm’s length principle. Certainly, they have the potential to do so. This article looks at the background to these new rules, the rules themselves, and their potential application

GLOBAL COVERAGE OF TRANSFER PRICING ISSUES