AstraZeneca’s Ian Brimicombe addresses BEPS and US inversion transactions
International Tax Review is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

AstraZeneca’s Ian Brimicombe addresses BEPS and US inversion transactions

Ian Brimicombe, VP of corporate finance at AstraZeneca, discusses the struggle between regional and global compliance in an interview with TPWeek, and provides his views on topical transfer pricing issues.

Brimicombe has expressed his views on some of the most important transfer pricing issues in the headlines, including concerns over BEPS and country-by-country reporting and the increasing amount of US companies attempting inversion transactions in the UK.

Brimicombe has also spoken in detail with TPWeek about the makeup of AstraZeneca’s tax department, day-to-day transfer pricing issues and the company’s strategy for mitigating tax disputes.

The interview reveals the inner workings of the AstraZeneca tax department including its organisational structure, key objectives and tax dispute strategies.

“Our key objective is to implement domestic and international rules in a compliant way. On occasion it can be a challenge to secure agreements between governments as to how to allocate profits between the various activities located around the world,” Brimicombe said.

Brimicombe also addresses the issue of commercial sensitivity in relation to BEPS documentation requirements and gives an insight into what he thinks has motivated US companies’ desires to relocate to the UK.

“There is a clear tax motivation in such “inversion” transactions. If you look at the US tax system right now, for US based MNCs investing outside the US, there is a classic arrangement that permits minimal tax on overseas profits and deferral of US tax provided these profits remain offshore from the US.”

The full interview will be available on TPWeek.

Register for a free trial on TPWeek to read Ian Brimicombe’s comments in full.

more across site & bottom lb ros

More from across our site

The reported warning follows EY accumulating extra debt to deal with the costs of its failed Project Everest
Law firms that pay close attention to their client relationships are more likely to win repeat work, according to a survey of nearly 29,000 in-house counsel
Paul Griggs, the firm’s inbound US senior partner, will reverse a move by the incumbent leader; in other news, RSM has announced its new CEO
The EMEA research period is open until May 31
Luis Coronado suggests companies should embrace technology to assist with TP data reporting, as the ‘big four’ firm unveils a TP survey of over 1,000 professionals
The proposed matrix will help revenue officers track intra-company transactions from multinationals
The full list of finalists has been revealed and the winners will be presented on June 20 at the Metropolitan Club in New York
The ‘big four’ firm has threatened to legally pursue those behind the letter, which has been circulating on social media
The guidelines have been established in the wake of multiple tax scandals and controversies that have rocked the accounting profession
KPMG Netherlands’ former head of assurance also received a permanent bar and $150,000 fine; in other news, asset management firm BlackRock lost a $13.5bn UK tax appeal
Gift this article