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Category Archives: transfer pricing
Bad boy techies on high wire
Only recently I downloaded the book called “the wit and wisdom of Steve Jobs”. Being a CCH tax writer and proud of the “never fail” search capacity of our online reseach platform “IntelliConnect”, I decided to test the search power of my lowly Kindle reader. I typed in “tax”. Not a find. Strange, Steve jobs did not take tax seriously? Not even a snazzy sarcastic comment about tax collectors and their minions including tax writers and editors . How did … Continue reading
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Rising tide of retrospective tax legislation
It is no denying that consistent shifting of profits abroad buy viagra canadian pharmacy by companies engaged in cross border business have resulted in loss of significant amounts of taxes – Tax Office slugs Apple with $28.5m bill The lingering economic crisis has not been helpful. In recent times, attempts by governments to introduce retrospective tax legislation appear to be on the increase – see Transfer pricing – ravages of retrospective legislation It was only recently that substantial transfer pricing … Continue reading
OECD: Intriguing concept of Permanent Establishment
The definition of permanent establishment (PE) in Article 5 of the OECD Model Tax Convention is never more critical in taxation than when entities set up cross border business operations. The role Article 7 (Business Profits) in such circumstances is also important. This is because Article 7 sets the limits above generic viagra online which the State in which the income arises is permitted to tax business profits earned in that State by a resident of the other State. The OECD has … Continue reading
Is the nightmare over?- Transfer pricing case of GSK
Disputes in transfer pricing never go away easily and when they linger too long the aftertaste looms larger. And so it is in the case involving the pharma giant, GlaxoSmithKline (GSK). The matter of Canada v. GlaxoSmithKline Inc., 2012 SCC 52 buy generic viagra was heard in January this year and now the judgment is out. After a string of arguments and counter arguments, the Supreme Court of Canada has held that “the reasonable amount” payable by the Canadian subsidiary was not only for the … Continue reading
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Tagged canada, GSK, Intellectual property, Pharm, transfer pricing
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FATCA – will it keep personal information private?
Fighting tax evasion is taken on increased importance in almost all countries, the lingering GFC offering no assistance. Transfer pricing, thin capitalization and offshore tax havens are the most popular areas where there is increased scrutiny. In Australia, a Bill to amend the transfer pricing laws in Australia is almost near completion and when finalised will even affect transactions entered into as far back as 2004. In the midst of this is a US Act, Foreign Account Tax Compliance Act (FATCA), … Continue reading
Transfer pricing – ravages of retrospective legislation
With the parliamentary introduction of the Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No. 1) 2012 firing up sentiments on all fronts, especially in respect of the Bill’s retrospectivity, a similar resentment is brewing in India. Following the decision in Vodafone the Government announced tightening the anti-avoidance and transfer pricing rules. Reports are coming in that it has been decided to defer the introduction GAAR by an year after FII (foreign institutional investment) holdings pulled out nearly $ 1 … Continue reading
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Tagged Cross-border, India, transfer pricing, Vodafone
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Transfer pricing – OECD Model Tax Convention, commentaries and guidelines
The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No. 1) 2012 now before Parliament seeks to introduce the use of OECD Model tax Convention and its commentaries and the transfer pricing guidelines, in the interpretation of international tax agreements as at 22 July 2010 , to the extent they are relevant. This inevitably poses the question whether it is prudent to limit the use of the commentaries and guidelines made up to 22 July 2010. and ignore changes made after … Continue reading
Transfer pricing- Guidelines (OECD) are just that
The Full Federal Court has rejected the Commissioner’s appeal in the case of FC of T v SNF (Australia) Pty Ltd [2011] FCAFC 74 (1 June 2011). Interestingly the court also rejected the argument that the relevant double tax treaty, especially Article 9 (Associated Enterprises) applied in the interpretation of sections 136AA and 136 AD (determination of arm’s length consideration). This is contrary to the position taken in the decision impact statement of Roche Products Pty Ltd v Commissioner of … Continue reading
Transfer pricing- Should we opt for formulary approach?
No issue in tax has generated more ruckus than Transfer pricing and no where more than in the United States. Manipulation of the TP rules by multinational corporations has always been a blot on the strenuous efforts of IRS to stamp profit shifting to low -tax jurisdictions. To a good extent, the fluidity of ‘arm’s length pricing’ has been contributory. The alternatives don’t appear to give more certainty. One of the alternatives flown at the hearing before the U.S House … Continue reading
Transfer pricing – all foam and no beer
After the decisions in Roche and SNF (on appeal) the next big thing to jolt the transfer pricing world in Australia was the release of the much anticipated ruling TR 2011/1 this week. This ruling prescribes the steps that need to be taken when undertaking business restructuring, so that one does not get pitted against the tax office. The most significant aspect of the ruling is the ‘commercial sense’ requirement in order to conform with the transfer pricing rules and … Continue reading
