Transfer Pricing in Tax and Legal blog
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Public Country-by-Country Reporting (CbCR): Corporations in the EU will have to disclose their profits and taxes in future & the US parliament puts forward a similar proposal
On Tuesday evening of last week, negotiators from the EU states and the European Parliament reached a preliminary agreement on the core of the new directive on “Public Country-by-Country Reporting”. The final approval of the Parliament and the Council of Ministers is considered a formality.
Similarly, on 12 May, the US parliament had brought forward a proposal that would direct the Securities and Exchange Commission (SEC) to require large publicly traded corporations to disclose certain tax and non-tax information on a country-by-country basis.
Managing global transfer pricing documentation - Get to know Deloitte's new technology solution "TP Digital DoX" on 23 March at 3.00PM CET
Join our upcoming webinar on 23 March 2021 at 3.00pm CET to discuss the operational management of a global transfer pricing documentation and introduce Deloitte's new technology solution "TP Digital DoX".
The next generation of our transfer pricing documentation technology is here!
Evolving implications from the OECD’s Action 13 guidance are forcing businesses to find more efficient, integrated means to manage TP documentation processes. Most complex businesses are considering adopting a centralised TP documentation approach and are examining their TP on a unified, global/regional basis. Meanwhile, tax audit activity is on the rise as authorities seek to expand their tax bases.
On 18 December 2020, the OECD released Guidance on the transfer pricing implications of the COVID-19 pandemic (‘the guidance’). It focuses on how the arm’s length principle and OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (‘OECD Guidelines’) apply to issues that may arise or be exacerbated by the COVID-19 pandemic.
Join our next Transfer Pricing webinar: Year-end transfer pricing adjustments on 1 December at 3pm (CET)
Join our next Transfer Pricing Webinar on 1 December at 15.00 CET to discuss the considerations and potential implications associated with year-end transfer pricing adjustments, tax authority developments in this area, including how MNCs are managing this process, and the related tax implications.
About the Webinar
As we approach year-end, many companies are reviewing their transfer pricing results and evaluating the potential need for year-end transfer pricing adjustments for certain intercompany tangible goods, services, and royalty transactions. In this webinar, we will explore when transfer pricing adjustments are typically needed, as well as the various legal, regulatory, and tax considerations for making year-end adjustments. We will also discuss recent tax authority developments in this area and provide an industry perspective on this topic.
Deloitte’s 2020 global BEPS survey on the OECD’s Base Erosion and Profit Shifting (BEPS) initiative and the next wave of Global Tax Reset provides valuable insight into the strategies of some of the world’s largest multinational companies in the face of changes to the international tax framework. The survey gauges the attitudes of multinational and Swiss tax leaders towards the expected impact on their organisations of increased media, political, and activist group interest in tax and investigates how multinationals are addressing the impacts of the OECD’s Pillar One and Pillar Two projects and the challenges of a changing global tax landscape.
On 12 October 2020, the G20/OECD Inclusive Framework on BEPS (“inclusive framework”) released two detailed “blueprints” in relation to its ongoing work to address the tax challenges arising from the digitalisation of the economy. The Pillar Two blueprint proposes a set of interlocking international tax rules designed to ensure that large multinational businesses pay a minimum level of tax on all profits in all countries. Comments on the blueprint are invited by 14 December 2020 and a virtual public consultation meeting will be held in January 2021.
On 12 October 2020, the G20/OECD Inclusive Framework on BEPS released two detailed ”blueprints” in relation to its ongoing work to address the tax challenges arising from digitalisation of the economy. The Pillar One Blueprint, which is discussed in this Tax Blog, sets out “building blocks” for potential future international agreement on rules for taxable presence (nexus) in countries and profit allocation between countries to address tax challenges arising from digitalisation. Our comments on the Pillar One Blueprint and our view of what Swiss companies should do, can be found at the end of the blog.
The Swiss federal tax authorities have introduced a new portal for the submission of Country-by-Country Reporting (CbCR) in Switzerland. Together with the introduction of the portal the Swiss tax authorities have published certain updates to the guidance and announced that from 1 February 2021 CbCRs will need to be submitted in the OECD XML-Scheme 2.0.
In the wake of the COVID-19 pandemic, organisations are speeding their move to cloud-based ERP solutions—and leaders are increasingly recognising the importance of seating tax at the planning table.
As the COVID-19 crisis has made crystal clear, agility is key to survival in the face of disruption. Those organisations foresighted enough to have digitised, automated, and cloud-enabled their back-office processes have been able to pivot toward recovery. Those still pushing paper and working with on-premise systems have struggled. In a matter of weeks, the benefits of cloud-based back-office environments became painfully obvious.