If your company’s board-level executives are not concerned about your transfer pricing operations your company could be at risk during audit. TPWeek speaks to in-house tax directors and their advisers to find out how transfer pricing became a board-level issue and what their companies are doing now.
Allegations that BHP Billiton and Rio Tinto shifted billions of dollars in iron ore profits through marketing hubs in Singapore has added fuel to the raging debate in Australia over tax avoidance involving multinationals.
The UN’s role in transfer pricing policy seems to have quietened since the release of its practical manual on transfer pricing for developing countries in 2013. Particularly now the OECD is dominating the headlines with its BEPS project.
India’s Income-Tax (I-T) Department announced the deadline for filing roll-back applications for transfer pricing agreements will be extended. This is welcome news for tax professionals who criticised the government’s aggressive timeline for advance pricing agreements (APAs).
China’s State Administration of Taxation (SAT) recently issued a notice regarding payments involving related offshore parties. China has openly declared its plans to crackdown on tax evasion, so the issuing of new regulations come as no surprise.