Quantera Global – what’s new in Asia-Pacific?
In this month’s program to keep you current on TP topics, following are updates on recent and planned events, whitepapers and latest CbCR news.
1. RECENT EVENTS
Recently Quantera Global conducted a seminar in Singapore, entitled “Post BEPS: risks and opportunities with focus on financial transactions and Treasury Centres”, focused on updates of the BEPS action plan implementation, Country-by-Country (“CbC”) reporting and domestic transfer pricing law & guidance – and their impact.
The seminar also focused on a timely opportunity given the outcome of the recent Chevron case in Australia: reviewing and optimising financial transactions and their transfer pricing, and centralised management through Treasury Centres.
We remain happy to discuss these topics, should you have any questions.
Based on this seminar, we will potentially run further client seminars on topics including: CbC reporting requirements in ASEAN countries, BEPS update and TP Audits & dispute management.
2. WHITEPAPERS & BLOGS
Keeping you current on TP topics through providing regular alerts, we provide links to a recently published paper, featuring details of the proposed Diverted Profits tax in Australia:
- Australia: http://www.quanteraglobal.com/resources/blog/australias-proposed-diverted-profits-tax-outlined/
3. CbCR NEWS
With the timetable drawing nearer for companies to plan for and prepare their CbC reporting, we note the announcement:
- China, India, Canada, Iceland, Israel and New Zealand agree to exchange country-by-country (CbC) transfer pricing reports
- Officials from these countries today signed a multilateral agreement that sets out parameters for automatic exchange of CbC reports on large multinational corporations
- The countries joined 33 other countries that have signed the agreement (Multilateral Competent Authority agreement) for the automatic exchange of CbC reports, providing tax administrations with information needed to combat tax avoidance through transfer pricing.
- The countries now need to take steps to ratify the agreement according to their local laws
- The multilateral agreement will give effect to standards developed in the OECD/G20 base erosion profit shifting (BEPS) project concerning transfer pricing documentation and CbC reporting, agreed November 2015.
- Under these standards, large multinationals must annually report to their country of residence, specified information – such as revenues, profits, income tax paid, stated capital, accumulated earnings, number of employees, and tangible assets – relating to each jurisdiction in which the MNE does business. The information is then exchanged with other countries where the MNC operates, through the multilateral competent authority agreement, tax information exchange agreements, and similar agreements. [Details at: http://mnetax.com/canada-iceland-india-israel-new-zealand-15101]
4. UPCOMING EVENTS/ACTIVITIES
We are planning a number of upcoming events during the coming weeks:
- Full day seminars in Singapore and Sydney initially, featuring TP 101 training for TP/tax professionals. This course will have CPE credits; and
- A seminar focused on CbCR reporting in greater detail.
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