Transfer Pricing Links 25/04/2014
International community continues making progress on tax transparency OECD
« 24/04/2014 – The international community continues making progress toward greater cooperation to ensure effective information exchange in tax matters. The Global Forum on Transparency and Exchange of Information for Tax Purposes issued today 12 new reports that highlight action being taken by jurisdictions to implement the international standard for exchange of information on request.
Four Phase 1 reports were published assessing jurisdictions’ legal and regulatory framework for transparency and exchange of information. Colombia, Latvia, and Saudi Arabia qualify for the next stage of the review process, while the peer review of The Federated States of Micronesia (FSM) determined that the jurisdiction does not have in place a legal framework for transparency, and therefore does not qualify for a Phase 2 review. »
Net closing on tax affairs of multinationals The Irish Times (C Keena)
« Governments across the world are annoyed by the sight of multinationals doing business within their economies yet paying little or no tax there.
The size of the revenues going through the books of these companies, and the fact that these revenues “then go and get taxed in low tax countries” makes governments even more annoyed, says Robert Stack, who co-chaired a meeting on the issue at the Paris headquarters of the Organisation for Economic Cooperation and Development (OECD) this week. »
Major companies concerned over OECD’s plans for global tax reform Independent.ie (C Kelpie)
« MORE than half of big global and home-grown Irish companies are very concerned about the impact of proposed changes to the international tax regime by the Organisation for Economic Co-operation and Development (OECD), a survey suggests.»
OECD plan to tackle tax planning ‘may erode tax base’ The Irish Times (C Keena)
« Changes to the international taxation system being considered by the Organisation for Economic Co-operation and Development could “erode the existing tax base” in Ireland, a body representing the accountancy profession has said. »
India may sign transfer pricing pacts with Japan, UK Livemint (R Nair)
« New Delhi: To minimize transfer pricing disputes, the Indian tax department is likely to sign advance pricing agreements with Japan and the UK in the next few weeks.
This would give Japanese and British multinational companies the advantage of claiming tax relief in their home country for adjustments made by the Indian tax authorities, thus eliminating the possibility of double taxation. »
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