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BEPS as a regional initiative

Advisers from Deloitte LATCO (Latin America Countries Organisation – a cluster that includes all countries in the region except Brazil, Chile and Mexico) contribute to a regional roundup of the major transfer pricing implications of reforms initiated to counter base erosion and profit shifting (BEPS).

Argentina
Bolivia
Costa Rica
El Salvador
Guatemala
Paraguay
Panama
Peru
Venezuela

Since the BEPS report was issued by the Organisation for Economic Cooperation and Development (OECD) in 2013 and the subsequent publication of the Action Plan with 15 measures, the international tax landscape has changed dramatically.

Below we provide a detail of those that according to the material of the OECD's July 2015 Public Consultation on Transfer Pricing Matters are concrete actions related to transfer pricing (provisions taken mainly from actions 8, 9, 10 and 13 of the Action Plan:

  • Delineation of the actual transaction, risk and recognition of the accurately delineated transaction;
  • Commodity transactions;
  • TP documentation;
  • Intangibles including hard-to-value intangibles;
  • Low value-adding services;
  • Cost contribution arrangements;
  • Profit splits; and
  • Financial transactions

A Transfer Pricing Guidelines (TPG) amendment is expected before the end of the year.

While the countries included in this article are awaiting the final publication of those amendments, in order to take particular actions, there are precedents of discussion on the matter at the Inter-American Centre of Tax Administrations (CIAT).

During February 2014 and 2015, two meetings were held in Colombia and Peru that provide a framework for the changes mentioned above.

It is recognised that BEPS is a global problem which is clearly affecting the collection of domestic resources in developing countries and, as a result of meetings specifically related to BEPS and its direct impact on transfer pricing, the following issues were considered:

  • Preventing abusive taxation on income derived from extracting natural resources and the analysis of legislative measures adopted by countries in the region, among them the so-called 'sixth method' that is applicable in many countries (Action 10);
  • Clarifying the tax treatment of intangibles, especially the treatment of royalties (Actions 8-10); and
  • The convenience of a more efficient and harmonised transfer pricing documentation, including country-by-country reporting (CbCR), without imposing a heavy burden on companies and tax administrations (Action 13).

Considering this, it may be expected that once the changes to the TPG take place within the OECD, the countries from the region will consider measures in the same sense. This is reflected in the will of those countries involved in the CIAT to maintain the "creation of a sustainable dialogue reporting the BEPS debates".

Argentina

As far as BEPS is concerned, in the case of Argentina, there have been no direct actions related specifically to transfer pricing.

Nevertheless, in light of the global trend towards more transparency in international transactions, the Argentinean tax authority, AFIP, started to intensify tax controls on any transaction that would be linked to harmful tax planning objectives (in line with BEPS project actions).

As a consequence of that, AFIP issued a series of standards (from January 2014) that have been influenced by the international framework described above and which have an indirect impact on transfer pricing:

  • AFIP, through General Ruling (GR) 3572, set up the 'Record of related parties' for taxpayers residing in the country. This registry, as we described in the last edition of this guide, is an information regime by which taxpayers must record all international and domestic related parties. This standard has been seen by the market as a pre-BEPS framework in connection with Action 13 where this registry could be used in the near future to provide information on CbCR.
  • GR 3577 established a new customs income tax collection at source. This regime is applicable for export transactions involving all type of products that qualify as a 'triangulation' (certain sales of goods where three different countries are involved in the supply chain). The final impact of this regime consists of a payment in advance of the annual income tax return for taxpayers.
    The scheme is applicable to final export transactions for consumption, provided that the destination countries for the goods differ from countries or jurisdictions where the foreign person invoiced as a consequence of these transactions has its registered office (triangulation scheme).
    The tax rate to determine the amount of the payment for income tax purposes is 0.5% on the taxable value defined in the customs duties assessment. If the client is domiciled in a jurisdiction deemed to be non-cooperating for fiscal transparency purposes, the collection rate will increase to 2.0% on the free on board (FOB) value. The Customs Administration serves as the collection agent at source.
    It should be pointed out that this GR makes express mention of the BEPS report as well as the OECD 'Draft Handbook on Transfer Pricing Risk Assessment' in its preamble.
  • GR 3576 reflects the list of cooperating countries and/or jurisdictions as it stands for fiscal year 2014.
    Applicability of the GR to transfer pricing: Over the last few years, there has been a change in the qualification of what Argentina considered, for income tax purposes, a tax haven or a low or nil taxation country in Argentina.
    In 2011, Argentina became part of the "Convention on Mutual Administrative Assistance in Tax Matters, whereby countries that are not members to any international organization may adhere to the Convention, in line with the G20 mandate which is to create a framework of international cooperation through multilateral exchange of information (EoI) instruments. In other words, our country may have access to tax information from countries that do not have bilateral agreements with Argentina in place.
    With this in mind, AFIP has decided to give high importance to EoI among countries in case of tax audits. According to this new point of view, a country that does not have a tax information exchange agreement (TIEA) or a double tax avoidance treaty (DTT) with Argentina is considered non-cooperating and as a consequence of that is included in what was previously the list of tax havens or low or nil taxation countries for income tax purposes. In this respect, more regulatory requirements and EoI regimes are to be expected in the future.
    Transfer pricing legislation considers, as part of the related party definition, those that reside in a non-cooperating country. Therefore those transactions carried out with countries not included in GR 3576 will be considered related and subsequently subject to transfer pricing analysis.

Bolivia

Transfer pricing regulations were completed and entered into force earlier this year.

Resident companies should comply with the standard depending on the year closing date. In this country, this date depends on the activity carried out by companies and could be: December, March, June and September. According to this, transfer pricing regulations could be in force from January, April, July 2015 and October 2014, respectively, depending on the closing year-end.

Among the main differences between Bolivian legislation and legislation in other LATCO countries are the following provisions:

  • Scope of related party: ownership (being part of a multinational group or not) and tax havens are included. Economic relationship (exclusive distribution agreement) is not considered. In the case of ownership and its application to natural persons, to determine the extent of the relationship, the 'fourth degree of consanguinity and second of affinity' concept is applicable.
  • The same transfer pricing methods as included in OECD TPG are considered. Similar to other countries across the region, a specific method is applicable for commodity transactions (Método del Precio Notorio en Transacciones en Mercados Transparentes).
  • Regarding compliance, materiality criteria are used to prepare the study and its subsequent filing with the tax authorities (depending on the total amount of transactions with related parties).
  • The manner in which the interquartile range is calculated differs from the way it is done in countries elsewhere in the region with similar legislation.

Costa Rica

Costa Rica's tax administration is increasingly placing greater emphasis on the transfer pricing analysis as an integral part of its tax audits.

Since year 2003 according to the 20-03 rule, the Costa Rica tax administration has the possibility of questioning and analysing the prices between related parties, to determine if the prices can be considered as market prices. It wasn't until the publication of the Decree No 37898-H, in September 2013, that the tax administration started to consistently review the transactions between related parties using OECD methodologies and guidelines.

So far, only a few of the cases are being discussed in trials, but the information requirements in every tax audit regarding related parties transactions and transfer pricing, are increasing exponentially. The preferred method of the Costa Rica tax administration to date has been the CUP method, and for companies with operating losses the tax administration is beginning to use the transactional net margin method (TNMM).

Costa Rica's ordinary fiscal year 2015 is about to end on September 30, and this will be the second fiscal year since the implementation of the transfer pricing rules. No major changes have occurred since the publication of the decree regarding the rules, but a major increase in tax reviews, and in tax collection using transfer pricing methods, is already becoming evident.

El Salvador

Tax authorities have marked an aggressive position regarding their audit procedures as an alternative source of tax collection. In April 2015, the tax administration published a report – 'Information of debtors of the state' which was made publicly available. This report presents audit resolutions to taxpayers that have been under audit procedures initiated by the tax administration, which are in the administrative and judicial phase. It also includes six resolutions issued for income tax adjustments based on transfer pricing rules. This action triggered demands to the tax administration that have not yet been resolved.

It´s worth mentioning that although El Salvador is not a member country of the OECD, in the last reform of the Salvadorian Tax Code in June 2014, the tax legislation was extended to include the use of the OECD's transfer pricing methodologies and technical procedures.

On the other hand, in June 2015, El Salvador joined the group of signatory states of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, promoted by the OECD and the G20, pending its entry into force via the corresponding legislative process.

This instrument is intended to be the suitable tool to support the implementation of the country-by-country report for automatic exchange of tax information (AEoI), included in the G20/OECD BEPS project.

For its part, the tax administration actively participates in initiatives of the Latin American region promoted by the OECD and the G20 as part of the plan to support the strategy for deepening the participation of developing countries in the BEPS project.

Guatemala

After being suspended for a year, transfer pricing rules took effect again on January 2015. The tax authority made the official criteria clear in the sense that the suspension was only for 2014; therefore the taxpayer should have a TP study for 2013 and 2015 on.

For fiscal year 2015 the income tax return is expected to require an informative annex to be filled with information about cross-border related party transactions.

Despite the fact that the rules were not in force in 2014, since June 2014 the tax authority has been requiring taxpayers to provide information on their transfer pricing situation for the 2013 period. This information was to be sent in an electronic form. This form included information requirements about shareholders, related parties and the conditions that were met to be considered a related party, transactions performed with related parties, amounts involved, SIC [standard industrial classification] codes and transfer pricing methods applied.

Also, in respect to 2013, only taxpayers from the agricultural sector have been initially required to file the 2013 TP study to the tax authority within 20 business days. Taxpayers from this sector remain under audit and no tax assessments have been made yet. It is expected that the initial objective of the tax authority is to validate export prices for commodities against prices in transparent international markets.

Finally, in the second semester of 2015, it has been publicised by the media that the tax authority is suffering an institutional crisis derived from corruption acts linked to tax avoidance in import operations. This crisis produces uncertainty about how TP audits and tax audits in general will be oriented in the near future.

Paraguay

A transfer pricing complementary regulation entered into force during 2014. The regulation introduces some clarifications regarding how the price adjustment of the exports of the agricultural commodities have to be done, including the deductible costs (that is, port services, quality control, insurance and freight).

The changes also introduced the requirement of an annual external tax audit report which must be filed by taxpayers. The report must include the reasonability of the value of 100% of the goods exported during the reviewed period.

Fiscal authorities also established the due date for 'Price Adjustment Informative Return' due dates. The fiscal year 2014 must be filed in August 2015, the first semester of fiscal year 2015 is September 2015, and the next returns in a bi-monthly timeframe considering the effective date of the export.

Panama

Until June 2014, the Panamanian tax authority (DGI) maintained a rather passive position regarding the verification of compliance with transfer pricing rules; with this being the date when they began to require the supporting documentation of operations held by taxpayers with related parties. From these requests, the first formal audit processes arose, which gave way to the first scope on the matter, a case that is under discussion in the Administrative Court.

In these audit processes, DGI has adopted specific criteria for the analysis of transfer pricing, among which are:

  • Rejection of comparables not belonging to the American continent;
  • Rejection of comparable companies with losses or low profitability;
  • Rejection of the use of average financial information by the taxpayer;
  • Use of segmented information;
  • Inquiry about the application of working capital adjustments;
  • Requiring adjustments for differences in geographic markets; and
  • Rejection of qualitative arguments to justify the sense of financial losses.

Regarding fiscal year 2015, the DGI has publicly stated its intention to intensify the process of reviewing compliance with the transfer pricing rules. Therefore, it is expected that new audit processes and reports requests will be initiated. These audits would be focused primarily on taxpayers engaged in providing non-financial services and marketing/distribution operations; the main elements attracting attention for DGI would be: operating losses, significant decline in profitability compared with the previous fiscal year and breaches or inconsistencies in the transfer pricing informative report.

Additionally, during 2015 it has been unofficially reported (off-the–record) that DGI (Panamanian tax authorities) may amend the criteria according to which it had considered that companies established in tax-free areas are not subject to transfer pricing regulations.

The transfer pricing system seeks to increase tax collection, preventing taxpayers from intentionally manipulating the price of transactions agreed upon with related companies outside Panama, to the detriment of qualifying taxable income. Thus far, it would seem to be clear that companies established in tax-free zones or with transactions under special regimes (not subject to income tax), should not be subject to compliance with the transfer pricing requirements, because no taxable income is generated in the national territory.

The concern arises in the context of the supplementary tax that is automatically calculated upon uploading the income tax return to the tax authority website based on the income for the period.

In such connection, past tax authorities pointed out in a written consultation about the applicability of these standards that such taxpayers, because they are only located in tax-free areas, act "as mere income tax withholding agents for dividends […] and therefore, transfer pricing rules do not apply to them for transactions carried out between related parties".

However, in a recently held forum, officials from the current administration pointed out that such position would be reviewed and that it may be amended in the near future. As a consequence of this situation, as far as the changes may take place, taxpayers would be required to file an informative tax return (Form 930) and to prepare the transfer pricing study for the tax period ending December 31 2014.

Peru

According to the International Taxation and Transfer Pricing Office of the Peruvian tax administration (SUNAT), tax authorities have been applying a detailed procedure to identify which cases should be subject to a transfer pricing audit.

First of all, tax authorities perform a quantitative analysis based on information provided by taxpayers on an annual basis (every June), when they submit the transfer pricing informative return to SUNAT. Afterwards, a risk assessment is made through a review of the transfer pricing report (TPR) and information from databases available to SUNAT. This risk assessment could imply a request of additional information and, sometimes, technical meetings with taxpayers to clarify certain technical issues. Once SUNAT confirms whether a taxpayer should be audited, they initiate a procedure in which tax authorities thoroughly review all the additional documentation requested from the taxpayer; perform visits and industry comparisons; and so on.

It is worth mentioning that audit processes undertaken by SUNAT have significantly increased over the last year. In fact, most of the companies considered as 'main taxpayers' by SUNAT have already been, or are now being, audited on transfer pricing matters. Fiscal years subject to review are primarily 2009, 2010 and 2011 and the main topics include:

  • Selection of the transfer pricing methodology;
  • Application of comparable uncontrolled price (CUP) method in certain industries (commodities in particular);
  • Use of the interquartile range when applying the CUP method;
  • Review of service operations received from foreign related parties;
  • Criteria to apply when performing the TNMM;
  • One of the main issues on which SUNAT has focused in recent examination processes is the documentation of costs and expenses allocated on services received by taxpayers from foreign related parties. For this purpose SUNAT has requested segmented financial information of the non-domiciled company (the service provider);
  • SUNAT has also focused on companies that have made comparability adjustments in the application of the transfer pricing methods. In those cases, SUNAT has shown a reluctant position to accept the different comparability adjustments that may have been performed in the TPRs; and
  • Another important matter, in which SUNAT has not yet taken a definitive standpoint, is the use of audited financial statements (financial statements presented in the functional currency of the company) to calculate the profit level indicator (PLI) used in the application of the TNMM. In some audits, SUNAT has calculated PLIs using financial information provided in the income tax return, which is always in local currency (Nuevos Soles). This could lead to a significant distortion of the operating margin of taxpayers whose functional currency is the US dollar. The effects of exchange rate variation on the booking of many accounts of the financial statements can imply that PLIs calculated using financial statements in local currency differ from PLIs calculated with the financial statements in the functional currency (US dollar).

Simultaneously, some negotiation processes for subscribing advance pricing agreements (APA) have been gradually initiated. As part of these processes, some preliminary meetings between taxpayers and the tax administration have been held. Furthermore, some APA proposals have already been submitted to SUNAT, and are now under evaluation by the transfer pricing team in charge of APAs.

SUNAT is actively participating in several international events related to BEPS. SUNAT has participated in these events and has shown particular interest in Actions 4, 8, 9 and 10 and 13, which are expected to generate the greatest impact on the country. Likewise, important issues that have been mentioned in connection with this are: documentation, lack of comparability and need for Latin American regional databases, tax incentives, and commodities. In particular, as regards to commodities, SUNAT has mentioned the possibility of developing a database of agreements which would contain the conditions of the settlement of commodities prices, shipment dates, among others.

Venezuela

Before 2006, the tax administration (SENIAT) began to request the documentation on transfer pricing from certain taxpayers without issuing any pronouncement in this regard. This process consisted of the express request of the information contained in Article 169 of the Income Tax Law for the purposes of verifying taxpayer compliance with formal obligations on this matter. These formal obligations include, among others:

  • A list of fixed assets used in the production of income;
  • Risks involved in the activities carried out by the entity;
  • Organisational chart;
  • Information on operations carried out with related parties; and
  • Financial statements.

The automotive sector was the first industrial sector reviewed.

In 2006, the first Assessment Certificate on transfer pricing matters was notified to an oil company. In other words, the first formal procedure as a consequence of a tax audit was opened in this field.

Since 2006 SENIAT began to focus on the review of functional and economic analysis included in transfer pricing studies, as well as pricing policies with their foreign related parties in comparison with the financial results from peer companies.

Under the practice of recent years, after receiving a writ objection, taxpayers file a notice of disclaimer. Once SENIAT answers and makes the resolution of the indictment (it has a two-year term) taxpayers have two possible options:

  • Agree on the adjustment determined by the administration; or
  • Continue with the defence process (that is, by pursuing the next administrative stage – hierarchical appeal).

In conclusion, although the fines for non-compliance with formal obligations for transfer pricing are considered low, the review of formal obligations represents the first step before beginning a thorough audit by the tax administration.

It can be observed that the SENIAT is actively participating in audits of multinational companies. In tax reviews conducted during the most recent years we can observe that their purpose extends beyond the type of traditional reviews conducted in the past, as is evidenced by the review of compliance with formal obligations in this matter.

Transfer pricing is undeniably a fundamental and very significant issue from a tax efficiency and a tax compliance perspective, both for taxpayers and tax administrations as it determines the taxable income of related companies within the different jurisdictions where entities operate or generate income.

As with most international regimes, transfer pricing becomes more complex as it involves more than one jurisdiction, and therefore, in case of an adjustment in one jurisdiction the effect generated should be considered with the jurisdiction with which the transaction was carried out.


Horacio Dinice

Partner, international tax and transfer pricing

Deloitte Argentina

Buenos Aires
Tel: +54 11 4321 3002
Fax: +54 11 4320 4066
Mobile: +54 9 11 51507222
hdinice@deloitte.com

Horacio Dinice is a tax partner at Deloitte Argentina. He has engaged mainly in international tax consulting and transfer pricing matters. His experience covers a wide range of industries, but has been centred on the pharmaceutical sector for many years.

Horacio is in charge of the transfer pricing practice in Buenos Aires & LATCO; he is one of the partners responsible for the international tax area; and his experience encompasses advising multinational corporations on the tax implications of cross-border acquisitions and transactions, and the establishment of foreign operations in countries of the Latin American region (particularly Argentina, Bolivia, Paraguay and Uruguay).

His projects include being the lead partner on more than 100 documentation studies per year; providing advisory services for the international or regional reorganisation of various clients; specialising in cross-border structuring for Argentinean and Latin American companies; participating in various mergers and acquisitions in Argentina; developing linked regional cross-border tax planning and transfer pricing solutions; and participating in various regional and global transfer pricing projects.

Horacio has been a professor of tax at the University of Buenos Aires (1986-1992) and CEMA (2006-2015). He is a frequent speaker at conferences focusing on tax and transfer pricing issues and is a member of the AAEF (IFA member) and a participant of the Transfer Pricing Commission as well as participating in technical meetings on the improvement of professional development in other countries and dictating advanced training courses. He has also authored articles in international tax publications.

Horacio is a certified public accountant, having graduated from the School of Economic Sciences at the University of Buenos Aires in 1986.



Silvana Blanco

Transfer pricing partner

Deloitte Argentina

Florida 234, Floor 5
Ciudad Autonoma de Buenos
Buenos Aires C1005AAF
Tel: +54 11 4320 4046
siblanco@deloitte.com
www.deloitte.com

Silvana Blanco is a partner in the transfer pricing service team of Deloitte Argentina. She has been working within the transfer pricing department since its inception. Since the beginning of the application of transfer pricing standards in Argentina, Silvana has participated actively with the tax administration officers.

She has more than 15 years of experience in the application of tax, economic and financial criteria in transfer pricing, valuation analysis of intangibles, planning, business model optimization (BMO), structuring and economic consulting. Silvana has a large experience in fields such as the coordination of multi-country transfer pricing assignments for multinational groups, optimisation of the tax burden, and information requests posed by tax authorities in major industries such as the automotive industry, the oil seeds industry and the pharmaceutical industry.

She has actively participated as a speaker in seminars and conferences at 'Bolsa de Cereales de Buenos Aires', 'Consejo Profesional de Ciencias Económicas de la Capital Federal', 'Bolsa de Comercio de Rosario', and 'Asociación Argentina de Estudios Fiscales', among others.

Silvana has written many articles in newspapers and local tax-specialised publications such as Ámbito Financiero, Colección Errepar, Buenos Aires Herald, World Trade Executive, and others. She is the co-author of 'Manual de Precios de Transferencia en Argentina' (published by La Ley in 2007).

Silvana Blanco graduated as a certified public accountant at Salvador University and holds a master's degree in strategic business administration and marketing from 'Universidad de Ciencias Empresariales y Sociales' (UCES).

She is a member of the AAEF (IFA member) and is part of the association's transfer pricing commission.



José Erney Guarín Alvarado

Transfer pricing partner

Deloitte Colombia

Bogotá
Tel: +57 1 426 2315
jguarin@deloitte.com

José Erney Guarín is a partner of the transfer pricing division of Deloitte in Colombia. He has more than 10 years of experience in the sectors of manufacturing, public utilities, services and clubs, oil and gas. His professional experience has included participating in, and supervising, various engagements such as: tax planning; tax diagnosis; due diligence; tax outsourcing; and review and preparation of individual and corporate tax returns.

He is a public accountant, having qualified at the Universidad del Valle and participates in various courses and seminars, including: an international course for seniors at the training centre in Chicago; a course in Miami on section 404 of the Sarbanes-Oxley Act; training on the different types of taxes (income, VAT, withholdings, industry and commerce), held in Bogota; training for the development of administrative abilities (time management, teamwork, efficient writing), and for the integral inflation adjustments, also in Bogota; and analysis of tax processes and procedures, in Cali.

Jose Erney Guarin speaks English and Spanish.



Alonso Erak Vargas

Tax services manager / Transfer pricing leader

Deloitte Costa Rica

San José
Tel: +506 2246 5221
aerak@deloitte.com

Alonso is a manager in the tax services department and leader of the transfer pricing practice at Deloitte Costa Rica, with more than 12 years of experience in tax consultancy, including local and international tax planning, tax complience, due dilligence, restructuring proposals, tax litigation, intangibles valuation and transfer pricing studies.

Before joining Deloitte, Alonso worked as manager of other international tax consultancy fims, and was a leader in local and interntational tax and audit projects.

Alonso has been tax professor of the Costa Rica Certified Public Accountants Institute. He is a certified public accountant (CPA) and holds a master´s degree in tax advisory.



Richard Troncoso

Director partner and tax partner

Deloitte Dominican Republic

Tel: +809 563 5151
rtroncoso@deloitte.com

Richard Troncoso is in charge of the Dominican Republic practice and of the office's tax advisory services. He has more than 14 years of experience participating and leading fiscal strategies and tax planning projects for local and international companies from different industries. He also provides tax advice related to special projects regarding mergers and acquisitions, due diligences and tax appeals, among others.

Richard also provides assistance to the financial audit services area and other Deloitte offices, advice to multinationals on issues related to international transactions, fiscal strategies and fiscal minimisation projects. Richard has been part of different professional training and updating programmes related to various tax issues.

Richard is a member of the Instituto de Contadores Públicos Autorizado de la República Dominicana; is a certified public accountant; holds a master's degree in tax administration and public estate; completed postgraduate studies in financial administration and in control and tax planning.

Throughout his professional career, Richard has worked with the following clients, among others: due diligence financial institutions, Asociación Popular de Ahorros y Prestamos, Jamaica Money Market Brokers-DR, Banco ADOPEM, Banco Promerica-RD, Scotiacrecer AFP, Domicem, Banco de Ahorro de Crédito Unión, Kimberly Clark Dominican Republic, Generadora Palamara La Vega, ChevronTexaco, and Monte Rio Power Corporation.



Byron Martinez

Transfer pricing partner

Deloitte Guatemala

5 Avenida 5-55 zona 14, Europlaza Torre IV, Nivel 8
Guatemala 01014
Tel/Direct +502 2384 6500
bymartinez@deloitte.com
www.deloitte.com/gt

Byron Martinez is the leader of Deloitte Guatemala's transfer pricing practice. In addition, he is the tax risk leader for Deloitte LATCO, the cluster organisation comprising 15 Latin America countries.

With the first time adoption of transfer pricing regulations by Guatemala in 2012, Byron took charge of developing the Deloitte Guatemala transfer pricing practice. Along his 25-year practice as a tax and transfer pricing consultant, his industry experience has covered: banking and finance, consumer business (retail, food and beverages, pharmaceutical, among others) oil and gas, utilities, telecommunications, services, manufacturing, transportation, real estate, exporting and free trade zones.

Byron has published numerous articles on transfer pricing and frequently speaks on transfer pricing issues.

He holds a public accountant and auditor degree from the Universidad Rafael Landivar and a master's degree in finance from Universidad Galileo, both in Guatemala City.



Rita Maria Silva

Country managing partner

Deloitte Honduras

Tel: +504 231 3131
ritsilva@delottte.com

Rita Maria Silva is the country managing partner, specialising in cross-border tax planning for multinational corporations.

She has more than 19 years of experience in various tax services, including: international M&A restructurings; supply chain optimisation; cross-border planning; effective tax rate planning; and foreign earnings repatriation techniques. She has been an international consultant for tax matters for the Inter-American Development Bank, as the Honduras counterpart.

Rita Maria holds a law degree from the Universidad Nacional Autonoma de Honduras with specialisation in business law. She holds a master's degree in international relations from Ohio University USA and is a former Fulbright scholar, as well as holding qualifications in business administration from Universidade Federal do Parana Brazil, and in tax administration from Universidade Castilla La Mancha Spain.

Rita Maria has written articles for specialist publications and has participated in various seminars, including on international fraud at Internal Revenue Services (IRS), Glynco Georgia USA.



Daniel Fariña

Paraguay tax partner

Deloitte Paraguay

Tel: +595 21 220790
dfarina@deloitte.com

Daniel has served international firms such as Dow Agro Sciences Paraguay, Kimberly-Clark, Cervepar, Automovil Suppy, CCR Paraguay, PepsiCo Del Paraguay, Agro silos El Productor, Compañía Dekalpar, and Fujikura Automotive.

His clients include BBVA, Banco Itau Paraguay, Regional Bank SAECA, Banco Amambay, La Blanca, Sumidenso Paraguay, Sanofi Aventis Paraguay and UABL Paraguay, among others.

Daniel has worked with tax consulting for the past 12 years, supervising work for clients in various sectors, such as financial, commercial and agribusiness.

He has developed projects related to corporate and personal tax consulting, processing of the foreign inversion and payments, calculation of the corporate income tax and VAT, recovery of VAT related to exports and annual tax returns.

Daniel now directs tax teams as partner, participating in the planning, development and conclusion of works for local and international clients.

Daniel is a member of the executive committee and of the tax committee of the Council of Paraguayan Professional Accountants and is also a member of the Paraguayan Institute of Fiscal Studies.



Gloria Guevara

Transfer pricing partner

Deloitte Peru

Lima
Tel: +51 (1) 211 8585
glguevara@deloitte.com

Gloria Guevara is a partner responsible for the transfer pricing practice in Deloitte Perú. Gloria has more than 13 years of experience with Deloitte, during which time she has advised multinational companies and key local groups operating in diverse industries such as: mining, oil and gas, energy, manufacturing, pharmaceutical, consumer business and telecom, media and technology (TMT), among others.

Gloria has extensive experience advising her clients on strategic planning design and transfer pricing policies. She has actively participated in high level complex transfer pricing issues (valuation of intangibles, valuation of mining properties, damages valuation and residual profit split application), as well as diverse audit defences in this field.

She is currently advising and representing one of the firm's main clients in the telecom industry for the negotiation of an advance pricing agreement (APA) with the National Tax Administration (probably the first one to be signed in the country).

Her experience includes advising strategic clients from mining, telecom and media industries on audit defence, transfer pricing planning for shared service centres and intangible valuation for high level complex operations related to business restructuring for clients in the consumer business, mining, and TMT industries.

Gloria is also the TMT industry leader at Deloitte Peru. In this role, she is responsible for coordinating and promoting all the services that the firm can offer to current and potential clients in the TMT sector. Her responsibilities also extend to coordination with the regional and global TMT leaders to better serve our global TMT clients.

Gloria qualified from the Universidad Adolfo Ibáñez in Chile and was an executive MBA candidate, class of 2016. She also holds a degree in economics (from July 2006) from Pontificia Universidad Católica del Perú, graduating with the highest score of the graduation class, as well as a postgraduate degree in business economic management (December 2004) from Universidad de Lima in Perú and a social sciences degree with a major in economics from Pontificia Universidad Católica del Perú (1998-2002).

Gloria is a frequent speaker on transfer pricing seminars at different renowned universities, at trainings organised by the National Tax Administration, and at events organised by Deloitte and other tax organisations, as well authoring various articles on transfer pricing.


Iliana Salcedo

Transfer pricing partner

Deloitte Venezuela

Caracas
Tel: +58 212 206 8778
isalcedo@deloitte.com

Iliana is a partner in the tax department at Deloitte Venezuela, with more than 16 years of experience providing tax technical advisory in transfer pricing matters.

She has provided consulting services on a variety of tax and transfer pricing matters, including preparation and review of transfer pricing documentation in different industry sectors including automotive, pharmaceutical, basic materials, mining, chemicals, and services, among others.

She has been actively involved in the development of projects for documenting and designing transfer pricing policies, strategies and structures for multinational groups.

She holds a master's degree in tax from the Metropolitan University of Venezuela, is a graduate in accounting and is a certified public accountant (CPA).


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