Click here to read the entire 2020 Deloitte/ITR Financial Services Guide
In collaboration with Deloitte, ITR brings you the key themes that global tax and transfer pricing (TP) experts should consider as they confront the new reality facing the financial services sector.
The guide comes at a unique juncture when economies look to simultaneously advance, balance and protect their TP regimes amid the development of a financial crisis.
Several prearranged strategies for establishing TP proficiency have been hindered by the most drastic global interruption of our times, COVID-19. Businesses face a range of unusual commercial and operational challenges, while also having to re-evaluate their models for the daunting prospect of a 'new normal'.
Meanwhile, the OECD continues to pioneer multilateral efforts to address challenges stemming from the digitalisation of the economy, as it seeks to restore stability and certainty in the international tax system. In an exclusive interview for the guide, Deloitte's leaders talk to Stewart Brant, the OECD's head of the TP unit, on the route forward for the organisation.
A key driver of the transformation involves developing the regulatory environment. Financial services firms are keeping track of a multitude of evolving regulations influenced by Basel III and MiFID II. The complex interbank lending rate (IBOR) transition is also on the horizon, while the application of DAC6 across EU member states evokes further consideration.
As markets adjust accordingly to the revamped version of business during the pandemic, fresh opportunities will begin to arise for investors. In particular, China's market liberalisation through changes in ownership limitations and the expansion of the Star market will perhaps serve as the catalyst for a global economic recovery.
Over the coming years, experts from Deloitte's global TP team will play a pivotal role in steering financial services firms through the myriad of ongoing economic challenges. We hope that you enjoy reading the practical insights from those leading the progression in our first Transfer Pricing: Financial Services guide.
Prin Shasiharan
Commercial editor
ITR
