Australia: Budget for 2015-2016 Includes BEPS Measures and Exposure Drafts for a New Targeted Anti-Avoidance Rule
The Government of Australia announced the 2015-2016 fiscal budget on May 12, 2015. Australia has included in the budget a country-by-country reporting requirement following the recommendation in the OECD/G20 action plan on base erosion and profit
See MoreTransfer Pricing Brief: April 2015
UK: BEPS Country-by-Country Reporting Requirement: Clause 122 of the Finance Bill gives the UK Treasury the power to make regulations for implementing the guidance of the OECD on country-by-country reporting. This would be part of the transfer
See MoreIndia: Elements for Including or Excluding Comparable Companies
In the case of Chrys Capital Investment Advisors (India) Pvt. Ltd. v. DCIT ITA No. 417 of 2014, the Delhi High Court confirmed a verdict of the Delhi Bench of Income-tax Appellate Tribunal that if a company has high or extremely high profits and
See MoreTurkey: Draft guidance on APA applications
The Turkish revenue administration released draft guidance in early April 2015 on advance pricing agreements (APAs). The guidance sets out the information that may be requested by the tax authorities in order to review APA applications. In
See MoreAustria: Ministry of Finance Publishes Guidance on Mutual Agreement and Arbitration Procedures
The Ministry of Finance published guidance on 31 March 2015 regarding mutual agreement and arbitration procedures under tax treaties and under the EU Arbitration Convention (90/436 on the Elimination of Double Taxation in connection with the
See MoreUS: The Department of Treasury announces plans to implement country-by-country (CbC) reporting
The US Treasury Department has announced plans to implement a country-by-country (CbC) reporting requirement starting for fiscal years beginning in 2016 as set out in the guidance issued by the Organization for Economic Cooperation and Development
See MoreIndia: High Court Decision on Cross-border Loan Transaction
The Delhi High Court in the case of:  CIT v. Cotton Naturals India Pvt. Ltd. [ITA No. 233/2014 (AY 2007-08) (Delhi High Court) concerning the benchmarking of the rate of interest on an inter-company loan made to a foreign related party—held that
See MoreFrance: Intergroup services marked out in tax-avoidance transactions list
The French tax administration has recently published an updated list of abusive practices and fixtures that are considered to be contrary to the law. Among these are certain inter-group arrangements. Relocation of profits after restructuring:
See MoreTransfer Pricing Brief: March 2015
Australia  Transfer pricing rule-The practice statement (PS LA 2015/3) issued on 26 February 2015 sets out a new internal approval process for application of the reconstruction provisions. See the Story in
See MoreDenmark: Information Published on Transfer Pricing cases
The Ministry of Taxation published on 11 March 2015 information regarding the transfer pricing (TP) adjustments made in 2014 and the main transfer pricing focus areas for 2015. During 2014, the tax authorities dealt with 76 transfer pricing cases,
See MoreChina: Tax Authority’s Plans to Review all Outbound Payments to Overseas Related Parties
The State Administration of Taxation (SAT) has released the Public Notice on March 26, 2015 regarding certain corporate Income Tax matters on Outbound Payments to Overseas Related Parties. Public Notice 16 states that outbound payments to overseas
See MoreGermany: New regulations approved by German Parliament on the application of the arm’s length principle to profit allocations
New regulations approved by The Upper House of the German Parliament on the application of the arm’s length principle to profit allocations between head office and permanent establishments, which follow the authorized OECD approach (AOA) and is
See MoreOECD: Meeting of Task Force on Tax and Development
On 18 March 2015 the OECD’s Task Force on Tax and Development met to consider the input resulting from regional network meetings on base erosion and profit shifting (BEPS). The meeting also considered capacity building support provided to
See MoreIndia: Introduced rollback provisions under the Advance Pricing Agreement
The Finance (No.2) Act, 2014 introduced the rollback provisions under the Advance Pricing Agreement (APA) program. The rules have been notified / SO 758(E)] on 14 March 2015 setting out the applicability and the requirement for applying
See MoreAustralia: Approval process for application of the reconstruction provisions
The practice statement (PS LA 2015/3) issued on 26 February 2015 sets out a new internal approval process for application of the reconstruction provisions. This law administration practice statement is issued under the authority of the Commissioner
See MoreUK: draft legislation on country by country reporting
The UK Finance Bill 2015 that will be published soon after the budget announcements of 18 March 2015 is to contain legislation in respect of country by country reporting for purposes of transfer pricing documentation. The UK is committed to being
See MoreTransfer Pricing Brief: February 2015
France Penalty for Documentation FailureThe Finance Act, 2015 provides that for tax audits initiated from 1 January 2015 penalties for inadequate documentation are the higher of EUR 10,000 per entity per period under audit; 0.5% of the total
See MoreRussia: Amendments to transfer pricing rules have entered into force
On the basis of Federal Law No. 379-FZ, the amendments has made in transfer pricing (TP) rules and it was issued on 29th November 2014. This amendments to TP rules have entered into force on 1st January 2015. The important changes are given
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