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   November/December 2015  
ITPJ Preview IBFD, Your Portal to
Cross-Border Tax Expertise
International Transfer Pricing Journal
 
This free e-mail service informs you about the contents of the forthcoming edition of International Transfer Pricing Journal.

Issue No. 6 - 2015 of the International Transfer Pricing Journal is now available online.

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4 December 11:00 AM CET
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Foundation for International Taxation's Jubilee Conference
3-5 December 2015, Mumbai, India.
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Number 6 - 2015 contains the following:
ARTICLES
International
The European Commission Action Plan for a Fair and Efficient Tax System in the European Union: What Should Be Expected?
Isabel Verlinden and Pieter Deré

On 17 June 2015, the European Commission (the Commission) published its Action Plan for fair and efficient corporate taxation in the European Union. The authors discuss the Action Plan and place the Action Plan into the landscape of ongoing developments in the international tax realm. Critical comments are offered with regard to the merits and limits of the actions proposed by the Commission in the Action Plan.

Australia
Draft Legislation Released for “Anti-Google” Tax
Michael Butler and Marianna Danby

The Australian government has released draft legislation that would prevent international corporations from avoiding Australian tax liability by artificially limiting their taxable presence in Australia.

United States
Proposal to Introduce a US Patent Box Regime
Sabera Choudhury

A discussion draft of the Innovation Promotion Act of 2015 was released in July 2015 by the US House Ways and Means Committee.

International
Transfer Pricing Aspects of Intra-Group Financial Guarantees in Light of the BEPS Action Plan

Vera Averyanova and Jigna Sampat

The main objective of this article is to provide an overview of the transfer pricing aspects of intra-group financial guarantees. The article discusses the current approach to the determination of the arm’s length level of the guarantee fee outlined in the OECD Guidelines and the Canadian court case General Electric. The article analyses the approach proposed in the 2014 Deliverable on Action 8 of the BEPS Action Plan “Guidance on TP Aspects of Intangibles”, including its compatibility with the authoritative statement of the arm’s length principle, as well as the practical considerations in the post-BEPS environment and the potential suggestions for further improvements to be made to the OECD Guidelines.

RECENT DEVELOPMENTS
Brazil
Ruling Issued on Transfer Pricing Applicable to Commodities
Elen Peixoto Orsini and Daniel Gustavo Peixoto Orsini Marcondes

A ruling recently issued by the Brazilian tax authorities, while purporting to offer clarity to taxpayers, will likely lead to increased litigation and compliance costs for companies.

Germany
New Profit Attribution Rules for Construction and Exploration Permanent Establishments
Susann van der Ham, Kati Fiehler, Daniel Retzer and Frank Otte

The authors consider an ordinance that contains detailed profit attribution rules for permanent establishments and industry-specific rules. In that respect, they focus on construction and exploration sectors and outline possible consequences for taxpayers operating in these industries.

Iceland
Revised Transfer Pricing Rules as from 15 June 2015
Simon Thor Jonsson and Haraldur I. Birgisson

The OECD Transfer Pricing Guidelines were legislatively implemented in Iceland with effect from 1 January 2014 through new articles in the Income Tax Act. A regulation on the topic was issued in December 2014 and the above-mentioned articles were also amended in June 2015. The authors consider these changes, effects on domestic related entities, documentation requirements and tax return disclosures.

India
Proposal on Determination of the Arm’s Length Price Using the Range Concept
Vispi T. Patel, Suresh Dhoot and Bhavya D. Haria

While presenting the Union Budget 2014-15, the Finance Minister proposed the introduction of the concepts of “range” and “multiple-year data” in Indian transfer pricing, with the objective of reducing transfer pricing litigation in India. The Central Board of Direct Taxes has developed a draft scheme, which contains detailed provisions as regards the application of “range concept” and the use of “multiple year data” for transactions undertaken for financial years 2014-15 and onwards.

Italy
Supreme Court Case on the Denial of Access to the Arbitration Convention
Giorgio Beretta

The author considers a landmark decision rendered by the United Sections of the Italian Supreme Court which grants a taxpayer access to domestic legal remedies where the taxpayer’s request for opening a mutual agreement procedure under the Arbitration Convention is denied by the competent tax authority.

Russia
Suzuki Case on the Application of Russian Transfer Pricing Rules to Wholesale Trade
Svetlana Stroykova

This article provides an overview of the ongoing transfer pricing dispute between a Russian subsidiary of the Suzuki group, Suzuki Motor Rus LLC (Suzuki Rus) and the Russian tax authorities, regarding losses incurred by Suzuki Rus from the resale of imported vehicles to Russian dealers in 2009 and 2010, at prices below their purchase price.

Turkey
Draft APA Guidelines

Ramazan Biçer

The Turkish tax authorities recently issued “Draft Guidelines on Advance Pricing Agreements” with the aim of assisting corporate taxpayers that envisage filing an advance pricing agreement. It is obvious that these informative guidelines are beneficial for corporate taxpayers to ensure proper transfer pricing with their related parties. This article provides insights from the Draft Guidelines and discusses the significant issues surrounding advance pricing agreement procedures in Turkey.

United States
Cost-Effective Approach To Manage Country-by-Country Reporting Compliance
Moises Dorey and Michael V. Sala

While there is significant uncertainty surrounding the implementation of country-by-country reporting in the United States, US multinationals should begin to address this now, in light of global developments on the issue. The authors provide a framework for cost-effective resource deployment to meet emerging global requirements for country-by-country reporting.

CUMULATIVE INDEX
GLOBAL COVERAGE OF TRANSFER PRICING ISSUES
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