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Issue No. 4 - 2017 of the International Transfer Pricing Journal is now available online.

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12th GREIT Conference: The External Strategy of the EU in a Post-BEPS Environment
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Number 4 - 2017 contains the following:
ARTICLES
Australia

Full Federal Court Upholds Assessments against Chevron Australia in Milestone Transfer Pricing Case

Michael Butler, Jessica Pengelly and Liyao Wang

The authors review a much-anticipated appeal decision regarding the operation of Australia’s transfer pricing rules in relation to an intra-group credit facility.

International

Dispute Prevention Avenues for Permanent Establishments

Rebecca Simone Critchley

The global way businesses operate and the measures proposed by the base erosion and profit shifting (BEPS) Project by the OECD have transformed the tax field in recent years. With a potential increase in disputes and lengthy, costly dispute resolution procedures (i.e. MAPs and arbitration procedures), there is an emphasis on measures to avoid disputes in the first place. This article focuses on instruments that permanent establishments (PEs) may have to obtain upfront certainty on the interpretation of domestic legislation or tax treaties, thereby avoiding disputes and ensuring a reduced risk of double taxation of profits.

International

The New Interpretation of the Arm’s Length Principle: A Post-BEPS Evaluation

Maik Heggmair

In this article, the author discusses the interpretation of the arm’s length principle, as defined by the OECD in the BEPS Actions 8-10 Final Reports, with a focus on the substance-over-form principle and the consequences for the tax authorities to apply the required economic review and analysis of the business model and the transfer pricing arrangements.

International

Suggested Approaches to Harmonization of Transfer Pricing and Customs Rules

Sunny Kishore Bilaney

The author proposes ways in which transfer pricing and customs valuation rules could be harmonized so as to provide greater certainty for taxpayers.

International

Global Transfer Pricing Conference: Transfer Pricing Developments around the World

Alfred Storck, Raffaele Petruzzi, Xue Peng and Raphael Holzinger

This article highlights key points discussed during the second Global Transfer Pricing Conference, “Transfer Pricing Developments around the World”, organized by the WU Transfer Pricing Center at the Institute for Austrian and International Tax Law at WU (Vienna University of Economics and Business) and summarizes the topics analysed during the eight sessions of the event.

RECENT DEVELOPMENTS

Belgium

New Intellectual Property Regime Embraces FinTech: Use of the New Innovation Income Deduction Regime in the Financial Services Industry

David Ledure, Julien Stocq, Maxime Dessy and Félix Teichmann

Belgium introduced its innovation income deduction, a new intellectual property tax regime in line with the OECD “nexus approach”. This article provides an overview of the regime and comments on how the measure will likely be used by players in the Financial Services Industry as catalyst of their ongoing transformation.

Brazil

MAP Guidance Released by the Revenue Service

Luís Eduardo Schoueri and Mateus Calicchio Barbosa

The Revenue Service recently issued guidance on the mutual agreement procedure in tax treaties, putting an end to years of uncertainty and providing transparency to taxpayers, but it has set conditions that deviate from treaties and brought no concrete perspectives for concluding pricing agreements.

China (People's Rep.)

Bulletin 6: China Completes the Revamping of Its Transfer Pricing Regime

Shanwu Yuan and Abe Zhao

The authors consider the key directives recently introduced under China’s new transfer pricing rules and their implications for multinational’s transfer pricing planning and audit defence. Potential strategies are also suggested for multinationals to safeguard their tax interests in China.

Denmark

Penalties for Non-Compliance with Transfer Pricing Documentation Rules

Jens Wittendorff

New regulations have been introduced in Denmark that reflect the OECD’s new approach to transfer pricing documentation, namely the Master File, Local File and country-by-country report.

Germany

Transfer Pricing of the Use of Trademarks and Company Names: Ministry of Finance Publishes Trade Name Decree

Björn Heidecke, Oliver Busch and Heike Schenkelberg

The intercompany use of group names, trade names and brands is increasingly the subject of disputes in tax audits in many countries. Germany published a new decree issued by the Federal Ministry of Finance on 7 April 2017 with binding power for the tax administration. The article summarizes the new decree and its practical implications.

Italy

State of Play of Intra-Group Financing Arrangements

Roberta D’Angelo

The author provides an overview of intra-group financing arrangements from a corporate, tax and accounting perspective. It also discusses the treatment of interest-free loans from the perspective of both the tax authorities and the Supreme Court and considers the characterization by Italian courts of cash pooling arrangements – including their possible recasting as intra-group loans.

Switzerland

Update on Country-by-Country Reporting

Raoul Stocker and Arjan Oosterheert

The Swiss parliament recently adopted legislation regarding the introduction of Country-by-Country Reporting in Switzerland. The authors discuss the adopted legislation and provide their comments.

Turkey

Developments in the Transfer Pricing Landscape

Ramazan Biçer

Under an amendment to the Corporate Income Tax Law, Turkish transfer pricing rules were amended and revised. This article provides insights from the changes and discusses the significant issues surrounding amended transfer pricing rules. It also considers the impact of these new provisions on taxpayers and transfer pricing practices in Turkey.

CUMULATIVE INDEX
GLOBAL COVERAGE OF TRANSFER PRICING ISSUES
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