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com
World Transfer
Pricing 2016
The comprehensive guide to the
worlds leading transfer pricing firms
Luxembourg
148
Malaysia
156
Argentina
Mexico
160
Australia
13
Netherlands
163
Austria
17
New Zealand
168
Baltic States
20
Norway
172
Belgium
26
Peru
179
Brazil
31
Philippines
182
Bulgaria
38
Poland
185
Canada
42
Portugal
190
Chile
47
Romania
196
China
51
Russia
205
Colombia
54
Singapore
210
Czech Republic
57
South Africa
212
Denmark
61
South Korea
216
Finland
64
Spain
221
France
68
Sweden
227
Germany
77
Switzerland
231
Greece
85
Taiwan
235
89
Turkey
238
Hong Kong
94
UK
243
Hungary
97
Ukraine
249
India
102
Uruguay
254
Indonesia
110
US
257
Ireland
115
Venezuela
269
Israel
123
Vietnam
273
Italy
126
Japan
140
Index
276
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Euromoney Trading Limited has made every effort to
ensure the accuracy of this publication, neither it nor
any contributor can accept any legal responsibility
whatsoever for consequences that may arise from
errors or omissions, or any opinions or advice given.
This publication is not a substitute for professional
advice on specific transactions.
Chairman: Richard Ensor
www.worldtransferpricing.com
Introduction
W
Methodology
TPWeek researchers and journalists interviewed
corporate tax and transfer pricing directors and
their advisers by phone, e-mail and face-to-face
to compile the tiers of leading firms and write
the commentaries for 51 jurisdictions in World
Transfer Pricing 2014.
Unique rankings
Leading individuals have been highlighted in the
text about their firm in the market commentaries on each country and territory, rather than
being listed separately by specialism.
At the top end of the rankings are the firms
that have the greatest depth of resources, experience, and range of specialisms. They are considered the best teams overall for tax advice in
the country concerned. The important point to
note about the rankings is that all the firms listed have highly reputable tax individuals in their
advisory teams.
We hope you find World Transfer Pricing
2016 to be a valuable tool in helping you identify the appropriate advisers in the jurisdictions
covered.
Sophie Ashley
Managing editor, TPWeek
www.worldtransferpricing.com
Global
nificant impact on taxpayers that may wish to
rely on the reasonable cause defence to accuracy-related penalties. As background, I.R.C.
6664(c) provides penalty relief to taxpayers
for an understatement of tax, provided a taxpayer is able to show that there was a reasonable cause for such understatement and that the
taxpayer acted in good faith. The Treasury regulations provide that the most important factor
in determining whether a taxpayer has acted
with reasonable cause and in good faith is the
extent of a taxpayers efforts to assess the proper tax liability. The regulations also state that
reliance on professional advice may constitute
reasonable cause and good faith.
The IRS asserted that Eaton was subject to an
accuracy-related penalty for a gross valuation
misstatement under I.R.C. 6662(h). In
defence against the penalty, Eaton claimed that
it had reasonable cause and acted in good faith
under I.R.C. 6664(c).
At issue was Eatons claim that certain documents were protected from discovery by the
IRS due to the attorney-client privilege, the
Federal tax practitioner privilege under
I.R.C. 7525, and the work product doctrine.
Eaton asserted that the disputed documents
were prepared by its internal and external tax
advisers in the course of adversarial administrative proceedings with the IRS, and reflected
confidential communications made by the taxpayer for the purpose of obtaining tax or legal
advice. The IRS contended that the documents
were not protected from discovery and, in any
event, that the taxpayer had waived any privilege or protection by asserting that it had reasonable cause for, and acted in good faith in,
reporting its tax liability for the years in issue.
The Tax Court agreed with the IRS, and
issued an order compelling Eaton to produce
the disputed documents. The Court held that
Eaton had waived privilege because Eatons reasonable cause defence put into contention the
subjective intent and state of mind of parties
www.worldtransferpricing.com
Global
While the IRS frequently uses experts on
cases, this is apparently the first time that the
IRS has used a private law firm to assist on case
development. Moreover, it likely will not be the
last time.
Just one month after the IRS entered into its
contract with Quinn Emanuel, new temporary
and proposed regulations were released that
permit private contractors to receive books,
papers, records, or other data summoned by the
IRS and take testimony of a person who the IRS
has summoned as a witness. (Treas. Reg.
301.7602-1T(b)(3).)
On June 17 2015, the court granted
Microsofts request for an evidentiary hearing
regarding Quinn Emanuels role. Microsoft is
seeking further factual development in order to
build a case that the IRSs use of Quinn
Emanuel was an abuse of the courts procedures, as well as an improper delegation of the
tax audit to the law firm.
In its order, the court noted that Microsoft
had raised plausible arguments that the temporary regulation allowing third parties to participate and receive information in connection with
an IRS summons is invalid, both for possibly
exceeding the delegation of authority granted to
the Secretary to conduct audits under I.R.C.
7602(a)(1)-(3), as well as for possibly violating certain sections of the Administrative
Procedure Act, which requires, among other
things, that regulations be issued with proper
notice and comment procedures.
The court also notes that the issuance of the
regulation shortly after the IRSs contracting with
Quinn Emanuel plausibly raises an inference of
improper motive in adopting the regulation.
The IRS has received considerable backlash
from the tax community at large and, more
recently, from Congress. In hearings in April of
this year, members of the House Ways and
Means Oversight Subcommittee sharply questioned IRS Commissioner John Koskinen on the
matter.
BEPS
The OECD issued a 2015 discussion draft on
risk, recharacterisation and special measures
with respect to transfer pricing. The discussion
draft states that it should not be automatically
assumed that contracts between the parties
accurately or comprehensively capture the actual commercial or financial relations between the
parties. In transactions between independent
parties, the divergence of interests between the
parties ensures (1) that contractual terms are
concluded that reflect the interests of both parties, (2) that the parties will ordinarily seek to
hold each other to the terms of the contract,
and (3) that contractual terms will be ignored
or modified after the fact generally only if it is
in the interest of both parties. The views and
proposals included in the discussion draft do
not represent consensus views, and a Treasury
official stated that the US will not agree to the
OECDs current discussion draft.
The OECD announced that implementing
country-by-country reporting in 2016, with government-to-government exchange mechanisms
to start in 2017, is one of the three key elements recently agreed to by the OECD and G20 countries that will enable implementation of
the BEPS project. The OECD said the countryby-country reporting guidance under BEPS
Action 13 confirms that the primary method for
sharing reports between tax administrations is
through the automatic exchange of information,
pursuant to government-to-government mechanisms such as bilateral tax treaties, etcetera.
The OECD proposed a new section D.3 to
the OECD transfer pricing guidelines relating to
hard-to-value intangibles. It deals with arms-
Global
length pricing when valuation is highly uncertain at the time of the transaction. The discussion draft accepts the use of ex post results in
evaluating transfer pricing arrangements as a
means of evaluating the ex ante pricing of a
transaction involving hard-to-value intangibles.
The discussion draft states that depending on
the facts and circumstances, there are a variety
of steps that independent enterprises might
undertake to deal with high uncertainty in valuation when pricing a transaction.
In determining the anticipated benefits, the
independent enterprises would take into
account the extent to which subsequent developments are foreseeable and predictable.
In some cases, independent enterprises might
find the subsequent developments are sufficiently predictable and therefore that the projections of anticipated benefits are sufficiently
reliable to fix the pricing for the transaction at
the outset on the basis of those projections.
In other cases, states the discussion draft,
independent enterprises might find that pricing
based on anticipated benefits alone does not
provide adequate protection against the risks
posed by the high uncertainty in valuing the
www.worldtransferpricing.com
Argentina
Tax authorities
Administracin Federal de Ingresos Pblicos (AFIP)
Hiplito Yrigoyen 370, C1086ADD, Buenos Aires, 1086
Tel: +54 11 4347 2000 / 4345 6500
Website: www.afip.gob.ar
LEADING FIRMS
1 Bruchou, Fernndez Madero & Lombardi Taxand
Deloitte
EY (Pistrelli, Henry Martin y Asociados)
PwC
Rosso Alba, Francia & Asociados
2 Estudio OFarrell
Goldemberg & Asociados
KPMG
Teijeiro y Ballone Abogados
Tier 1
Bruchou, Fernndez Madero & Lombardi Taxand
is a full-service law firm that boasts a 23-member
tax, customs and foreign trade practice providing
transfer pricing planning, litigation and compliance
services to clients. Bruchous lawyers are experienced in developing and implementing tax structures for complex transactions. The firm has been a
part of the Taxand network since 2005, boosting its
presence in international markets. Its team handles
Argentina
Tax rates at a glance
Corporate income tax rate
Capital gains
Branch tax
35% (a)
15%/35% (b)
35%/10%/35% (c)
Withholding tax
Dividends
10%/35% (d)
Interest
15.05%/35% (e)
Royalties
12.25%/17.5%/21%/28%/31.5% (f)
Net operating losses (years)
Carryback
Carryforward
5
0
10
www.worldtransferpricing.com
Argentina
important cases for clients such as Molinos Rio de la
Plata and Bunge, where the firm is defending both
companies in export and income tax transfer pricing
issues. Matas Olivero Vila leads the practice, which
International Tax Review named Latin American tax
dispute firm of the year from 2011 to 2013. Clients
praise Bruchous team for its international experience, responsiveness and practical approach to its
issues. The service has always been excellent in
every way, one interviewee said. The firm has
shown it has extensive experience in M&A and international transactions.
The Argentine branch of Deloitte operates in a network that is capable of providing planning, documentation and valuations services. The firm helps
companies manage transfer pricing risks by providing
solutions that align with each companys operations
and objectives. It also assists in disputes. Its transfer
pricing practice is led by Horacio Dinice whose experience covers various industries especially the pharmaceutical and manufacturing sectors. Dinice has
advised multinationals on cross-border issues and
establishing foreign operations in the region.
An EY member firm, Pistrelli, Henry Martin y
Asociados has a multidisciplinary team with transfer
pricing professionals who can help build, manage,
document, review and defend tax and transfer pricing policies. Two partners, Carlos Casanovas and
Gustavo Scravaglieri, lead EY Argentinas international tax services and transfer pricing division.
PwCs transfer pricing services help clients with
understanding and assessing the tax impact of their
business operations and transactions across jurisdictions; understanding the economic substance of
transaction and document and defend the positions
taken. Partner Juan Carlos Ferreiro leads the practice.
Interviewees compliment the firms timing and work
quality.
With two partners and eight fee earners Rosso
Alba, Francia & Asociados is capable of delivering
various transfer pricing services to clients in agroexporting, oil and gas, construction and car manufacturing. Its team is equipped with an in-house economist, two accountants and specialised tax lawyers.
Tier 2
Estudio OFarrell has four partners and three fee earners in its transfer pricing practice. Its team provides litigation and advice to clients accross industries such as
agritrading, cosmetics, technology and automotive.
Miguel Tesn is head of the department with a transfer pricing team that includes Valeria Estathio, who
advises local and foreign companies; Mara Celina
Valls, who handles complex transfer pricing matters
across industries; and Eduardo Baistrocchi, who has
published a book on resolving transfer pricing disputes.
Managing partner, Cecilia Goldemberg, leads the
transfer pricing team for Goldemberg & Asociados.
This part of the practice offers documentation, planning, interpretation support, and litigation services.
The firms clients are involved in the business of
trade, industrial, manufacturing, service, energy and
entertainment. It also advises non-profits and business chambers.
KPMGs global transfer-pricing services in Argentina
is led by Marcelo Castillo. The group has approximately 20 economists and tax professionals with
experience in the matter. Castillo is experienced in
advising multinational companies on issues concerning compliance and tax planning for cross-border transactions for sectors that include food and
beverage, technology and pharmaceutical.
Three partners and two fee earners make up
Teijeiro y Ballone Abogados transfer pricing practice.
It advised companies such as Bunge and Monsanto
11
Argentina
on transfer pricing adjustments and license agreement issues, respectively. Guillermo Teijeiro leads the
tax and customs department that includes the transfer pricing practice. The firm is the lead counsel to
Bunge Argentina in a large transfer-pricing adjustment appeal case before the federal tax court. In
2014, the firm advised Monsanto Argentina on intercompany license agreements where it helped validate
12
www.worldtransferpricing.com
Australia
Tax authorities
Australian Taxation Office
Ground Floor, Ethos House, 28-36 Ainslie Ave, Civic Square ACT 2600
Tel: +61 2 6216 1111
Fax: +61 2 6216 2830
Website: www.ato.gov.au
LEADING FIRMS
Tier 1
2 Ashurst
Grant Thornton
Greenwoods & Herbert Smith Freehills
TP Equilibrium
3 DLA Piper
13
Australia
Tax rates at a glance
30% (a)
30% (a)
30%
Withholding tax
Dividends
Franked
Unfranked
Conduit foreign income
Interest
General
Interest paid by Australian branch
of foreign bank to parent
Interest (debentures, state and federal
bonds and offshore banking units)
Royalties from, eg, patents, know-how
Construction and related activities
Fund payments from managed
investment trusts
Branch remittance tax
Net operating losses (Years)
Carryback
Carryforward
0%
30% (b)
0% (c)
10% (d)
e)
5% (e)
0% (f)
30% (g)
5% (h)
f)
15% (i)
0%
g)
0 (j)
Indefinite
h)
14
d)
i)
j)
www.worldtransferpricing.com
Source: www.ey.com
Australia
(examination defense and mutual agreement procedure/competent authority), and business model optimisation.
EYs transfer pricing practice in Australia consists of
nine partners and more than 76 professionals. The
practice is co-led by Paul Balkus and Jesper
Solgaard. During the past year, the firm has hired
Julian Hine, Danielle Donavan and Jason Vella as
partners into its transfer pricing team. The firm has
hired two former ATO competent authorities, Chris
Thomas and Rob Janes. The firms transfer pricing
practice also has a team dedicated to financial services, headed by Donavan.
The main industries the firms transfer pricing team
advises on include high tech, financial services, pharmaceutical, mining and resources, and consumer
products.
EY said a significant issue for clients involves the
high-tech industrys approach to both the transfer
pricing and tax related issues associated with the
digital economy, because revenue authorities are
struggling to deal with how old rules apply to new
business models.
KPMGs Australian transfer pricing team is headed
by Anthony Seve, based in Sydney and leader of
KPMGs national transfer pricing services practice. The
firms transfer pricing practice has experienced significant growth in the past year. The firm has recruited
11 new members, at all staff levels to its transfer pricing practice. Additionally, the firm plans grow further
in the next couple of years to keep pace with tax
authority
An important example of the KPMG transfer pricing
teams innovative transfer pricing work since May
2014 pertains to cutting through complexity and
finalising a complex APA with the ATO. KPMG assisted a multinational company in agreeing a five-year
APA, streamlining its funding arrangements.
The five main industries the firm advises on in the
area of transfer pricing are: consumer markets, industrial markets, technology, media and communication,
energy and natural resources, and financial services.
PwCs transfer pricing practice diversifies into sub
specialties, including minerals and resources, phar-
maceutical, technology and media, alternative dispute resolution, global core documentation, financial
transactions, and advance pricing agreement &
mutual agreement proceedings. Such diversity
affirms the technical and commercial experience of
the firm and its capability to deliver innovative and
tailored solutions to unique, emerging and often
complex client issues.
Pete Calleja leads PwCs transfer pricing practice in
the Asia Pacific region, as well as heading its domestic practice based in Sydney with 10 transfer pricing
partners in Australia. He has accumulated experience
working in more than 30 countries. He is also a
member of the Australian and global tax leadership
teams.
The firm has welcomed an additional four new
partners into the team, since May 2014. The new
partners are James Nickless, Hamish McElwee, Jenny
Elliott and Greg Weickhardt. The firm also successfully sponsored the G20 Global Tax Symposium in
Tokyo, Japan this year, providing a focus on the base
erosion and profit shifting.
Tier 2
Peter McCullough heads Ashursts tax team, which is
known for offering high quality technical advice and
assistance which is pragmatic and user-friendly. The
tax team has six tax partners and 18 other staff
members. With more than 25 years of experience
advising on different Australian and international
income tax matters, McCullough has experience pertaining to mergers and acquisitions, privatisations,
infrastructure transactions, structured finance and
capital market matters, private equity and fund structuring, international tax planning, group restructures
and general corporate taxation issues.
The firms tax partners are accessible and furnish
clients with immediate advice and support, striving
to yield the best outcome for the clients.
Jason Casas leads Grant Thorntons transfer pricing
team in Australia, supported by another nine staff
members. Casas also leads Grant Thorntons Asia
Pacific transfer pricing practice. Dharav Gandhi joined
the team in May 2014.
15
Australia
The firm offers clients a range of services including
preparing transfer pricing documentation, supporting
companies interaction with Australian tax office
(comprehensive tax reviews, transfer pricing audits
and negotiation on advance pricing arrangements),
transfer pricing planning and supply chain optisimisation. The main industries the firm advises on
include media & technology, retail, financial services, energy & resources, and food & beverage.
A notable project for the firm was the tax and
transfer pricing advice to optimise a companys
existing supply chain and advice relating to its
expansion of operations to Canada and the US.
Greenwoods & Herbert Smith Freehills combine
their service offerings relating to tax practice. Tony
Frost is the managing director of Greenwoods having primary responsibility for transfer pricing matters,
and Hugh Paytner is the partner heading the commercial Litigation and dispute resolution practices of
Herbert Smith Freehills (HSF). Greenwoods is a specialist tax adviser, whereas HSF offers dispute resolution and stamp duty expertise on relevant matters.
The affiliation between Greenwoods and HSF still
remains in existence.
Greenwoods and HSF offer advice and services in
all areas of taxation, including income and capital
gains tax, tax avoidance, international (cross-border)
tax, goods and services tax, stamp duty, employment tax issues, charitable and not-for-profit organisations, as well as tax investigations and disputes.
TP Equilibrium was formed after Duff & Phelps
acquisition of Ceteris. Leslie Prescott-Haar heads
16
Tier 3
DLA Pipers transfer pricing practice is headed by
Jock McCormack. The transfer pricing team consists
of two partners and two other senior associates;
Eddie Ahn and Anshu Maharaj. Taking advantage of
its international network of lawyers and economists,
the firm has advised on complex transfer pricing
matters in the past year. The firm offers tax planning
services to both Australian clients operating globally
and global organisations operating in Australia to
confirm regulatory compliance and ensure tax efficient structures are established.
The firms clientele comprises infrastructure, real
estate, banking and finance, technology, and mining
resources companies.
www.worldtransferpricing.com
Austria
Tax authorities
Federal Ministry of Finance
Johannesgasse 5, 1010 Vienna
Tel: +43 1 5143 350 0005
Website: english.bmf.gv.at
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 BPV Hgel Rechtsnwalte
Leitner & Leitner
3 Freshfields Bruckhaus Deringer
17
Austria
Tax rates at a glance
25% (a)
25%
Witholding tax
Branch tax
Dividends
Interest
Royalties
25% (b)
25%
0% (c)
20% (d)
0
Unlimited
Tier 1
The Deloitte transfer pricing team in Vienna is a collaboration of advisers, practitioners and academics
with an international outlook. The group has significantly expanded over the last couple of years and
now includes 13 dedicated professionals specialising
in both transfer pricing and international tax. It is a
full-service transfer pricing group; offering documentation, restructuring benchmarking, unilateral rulings
and advice on mutual agreement procedures.
The head of the transfer pricing practice is Andrea
Lahodny, who has more than 25 years experience
across a varied portfolio and specialises in advanced
pricing agreements (APAs), tax audit defence and
arbitration procedures. Working alongside Lahodny is
partner Gabriele Holzinger who specialises in cross
border financial transactions and intellectual property transfer pricing projects.
The teams Senior Manager is Raffaele Petruzzi
who is both the Managing Director at WU Transfer
Pricing Centre, Vienna University of Economics, and
Business and a transfer pricing adviser. He draws on
his background of academia to give a fresh and
innovative approach to the groups advisory services.
In addition, Deloittes transfer pricing team maintains a strong relationship with the Austrian Ministry
of Finance and the Austrian Fiscal Administration and
Lahodny is frequently invited as a speaker at tax
administration training events. Furthermore, the team
18
Source: EY
works closely with the OECD to host several TP seminars throughout the year, to share knowledge and
experience with tax authorities and tax practitioners
alike.
Andreas Stefaner heads EY Austrias transfer pricing practice as managing partner. Renowned for its
exquisite tax planning services, EY offers tailor-made
transfer pricing strategies to support a companys
business model and tax position, based on their
wealth of knowledge on many country tax laws, rulings and regulations. Offering a myriad of services
including documentation, restructuring and policy
advice, the firm is an international favourite; with its
unique global perspective and operating model
effectiveness teams.
KPMG Austrias tax practice has grown rapidly in
recent years. Three partners have outstanding
expertise in the sector, Sabine Beregger, Florian
Rosenberger and head of tax, Barbara Polster. Senior
manager Werner Rosar specialises in transfer pricing
and generally oversees the smooth running of the
practices work in that sector. KPMG offers the full
spectrum of transfer pricing services, including documentation, negotiating advanced pricing agreements
(APAs), litigation, planning and supply chain optimisation. For the more economic aspects of transfer pricing, the team coordinates closely with KPMGs economists from the financial advisory division. Following
the immensely topical BEPS initiative by the OECD,
www.worldtransferpricing.com
Austria
transfer pricing has become even more important,
particularly for indirect tax. This has certainly been
felt by the firm, as this year they have been involved
in several big arbitration procedures, tax audits and
documentation projects.
PwC Austria benefits from the global network of
financial services transfer pricing (FSTP) specialists
operating across 39 jurisdictions worldwide. As such,
the Austrian team comprises of a mix of economists,
accountants and tax professionals. Herbert
Greinecker leads the team as head of tax, and specialises in international tax law and restructuring. He
also has more than 25 years experience as a tax
auditor and adviser. Core services offered by PwC
Austria include dispute resolution, compliance and
documentation, planning and advance pricing agreements (APAs).
Tier 2
BPV Hgel Rechtsnwalte is a medium-sized
Austrian Law firm that boasts several dedicated professionals who work in transfer pricing. The firm is
led by Professor Hans Hugel who specialises in M&A
transactions, corporate law and arbitration. He also is
a long-standing lecturer at the University of Vienna
where he has taught Business and Tax Law since
1976 and is a member of the International Bar
Association.
Managing partner Gerald Schachner is a trained
tax adviser and attorney in Austrian specialised international tax law.
The transfer pricing team has expanded this year
with the addition of second managing partner
Stanislav Nekrosov in September 2015 and Anna
Schefzig who had previously been a tax manager at
KPMG for seven years. The growth of the tax department at BPV has been expedient as this year BPV
Hugel Rechtsnwalte advised the French group
Maesa on their acquisition of two Austrian companies and trademarks. The firm advised on funding,
implementation, intra-group loans and the avoidance of both capital and stamp duty. Overall, the firm
offers transfer pricing services in the form of documentation and restructuring advice.
Leitner & Leitner Austria comes as a highly recommended accounting firm within the jurisdiction. They
offer a full range of transfer pricing services including
risk identification, conceptual design and implementation of new transfer pricing models, and documentation. Moreover, Leitner & Leitner also assist with the
creation of unilateral ruling requests and initiation of
advanced pricing agreements (APAs). The team is
headed by Clemens Nowotny who specialises in
group taxation, transfer pricing and the monitoring of
inbound investment in Central and Eastern European
(CEE) countries. Manfred Wnke leads the team
alongside Nowotny and has a strong focus in
Austrian and international corporate tax law, restructuring and M&A.
Tier 3
Freshfields Bruckhaus Deringer is led by Michael
Sedlaczek, head of tax and principal consultant Claus
Staringer. The transfer pricing team is headed-up by
these two, together with six other full time professionals. The tax department focuses on corporate tax,
M&A, group reorganisations and financial institutions.
Specifically within the realm of transfer pricing, Staringer
is the go-to professional within the team and has been
at the firm for more than 17 years. He specialises in
transfer pricing documentation and litigation. Sedlaczek
specialises in financial institutions, family-owned businesses and private clients. The well-developed global
contacts for financial institutions is what distinguishes
Freshfields from other law firms in Austria. One client
praised the teams services, saying: In Austria we are
not using anyone else which says it all. They are miles
better than the competition. They are always technically up to speed and deliver within the time frame even
when under pressure.
19
Baltic States
Tax authorities
Estonia
Estonian Tax and Customs Board
Ltsa 8a, 15176 Tallinn
Tel: +372 880 0810
Fax: +372 676 2709
Website: www.emta.ee
Latvia
Ministry of Finance
1 Smilsu st., Riga LV-1919
Tel: +371 6709 5405
Fax: +371 6709 5503
Email: info@fm.gov.lv
Website: www.fm.gov.lv
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
Sorainen
2 VARUL
3 Borenius
Tark Grunte Sutkiene
Over the last four to five years, there have been big
developments in the Baltic States within transfer pricing. While it was traditionally the domain of the Big 4
Accounting firms, there has been a slow but steady
shift to it being practised more regularly in law firms.
Egon Talur of Borenius in Estonia said: The tax
authorities still tend to hesitate with transfer pricing; it
is not yet well developed in the Baltics. But they are
learning and the increase in transfer pricing work is
significant. One major change this year was Lithuania
being invited in June 2015 to become a member of
the OECD. This should make transfer pricing more
important in the future, said Mantas Juozaitis of
Motieka & Audzevicius. It should lead to the application of proper transfer pricing analysis instead of simply using the form over substance principles.
In Estonia, the authorities are looking into TP
audits in big companies and a recent litigation case
20
Lithuania
Ministry of Finance
State Tax Inspectorate
Vasario 16-th str. 15, 01514 Vilnius
Tel: +370 5 268 7802
Fax: +370 5 212 5604
Email: vmi@vmi.lt
Website: www.vmi.lt
www.worldtransferpricing.com
Baltic States
Estonia: Tax rates at a glance
20% (a)
0/20 (b)
20% (a)
0 (c)
0/20 (d)
0/10/20 e)
unrestricted
unrestricted
Tier 1
Transfer pricing is a rapidly developing area in
Deloitte within the Baltics. Mait Riikjrv heads the
transfer pricing department at Deloitte Estonia. It is a
small but focused team of three; Sigrid Polli and Ivo
Vanasaun work alongside Riikjrv. This year, the
Estonian team has worked on a high-profile benchmarking study on royalties and analysis of the payment stream for an influential multinational group. In
21
Baltic States
Latvia: Tax rates at a glance
15%
15%
15%
0/15/30 (b)
0/5/15 (c)
0/15 (d)
0
unrestricted (e)
22
www.worldtransferpricing.com
Baltic States
Lithuania: Tax rates at a glance
Corporate tax rate
Capital gains
Branch tax
15% (a)
15% (b)
15% (a)
e)
0/15 (d)
0/10 (e) (f)
0/10 (e) (g)
f)
g)
0
5/unrestricted (h)
h)
Source: EY
23
Baltic States
AmCham members business interests in Lithuania
and the EU and bridges opportunities for both
Lithuanian and American businesses. Transfer pricing
is highly placed on the AmCham agenda.
EY has full-service transfer pricing teams in Estonia,
Latvia and Lithuania. Ranno Tingas (Estonia) Ilona
Butane (Latvia) and Jelena Semionova (Lithuania) led
the respective teams. Tingas is a leading adviser in
Estonia with more than 10 years experience in tax
law, specialising in corporate income tax and transfer pricing. He is also a member of the International
Fiscal Association. Butane specialises in transfer pricing and VAT and has extensive experience in tax
advisory services for financial services, energy and
utilities, consumer products, transportation and pharmaceuticals. Semionova has worked on a number of
notable tax advisory projects this year which honein on international tax compliance and planning.
As transfer pricing becomes a more pressing issue,
KPMG in the Baltics aims to deliver an effective
transfer pricing strategy to clients in compliance with
looming tax regulations. In Lithuania, head of tax and
legal services, Birut Petrauskait, leads the transfer
pricing operation. In Latvia, Steve Austwick is responsible for the transfer pricing teams efforts. The team
focuses its time to ensuring the planning services are
effective and that companies implement compliant
transfer prices. The goal of the Lithuanian team is to
provide quality advice and not merely preach compliance. Joel Zernask is a key professional in KPMG
Estonia as head of tax.
PwC has a transfer pricing practice in all three
countries in the Baltic States. Nerijus Nedzinskas
leads the team at PwC Lithuania. Transfer pricing is a
vital part of what the firm does here; with
Nedzinskas being a specialist in this area. This year
he has been busy heading the tax reviews and
inspections of projects and representing clients in the
State Tax Inspectorate and the courts. In Latvia, transfer pricing review is offered as part of the core tax risk
management service. Zlata Elksnina-Zascirinska and
Ilze Rauza are the senior partners in this area. In
Estonia transfer pricing is a growing part of the corporate tax sector of services.
24
Tier 2
VARUL has offices in all three countries; with Helmut
Pikmets as head of tax in Estonia, Jnis Zelmenis in
Latvia and Robert Juodka in Lithuania. VARUL Latvia
is more developed and successful in tax planning
than the other offices, with bold and creative solutions, according to Zelmenis. VARUL Estonia boasts
a wealth of professionals, specialising in procedure
and litigation. VARUL Lithuania is the smaller office
out of the three with a keen interest to develop its
tax presence in an overly competitive market.
Despite transfer pricing requiring more attention
from the authorities who are still using very basic
methods, VARUL has worked on a range of exciting
TP projects recently. In Estonia, VARUL advised
Niidu Apteek, the largest chain of pharmacies in
www.worldtransferpricing.com
Baltic States
Estonia, on intragroup transfer of pharmacies,
including the transfer of licenses for operating
under the new applicable laws. This project ended
in November 2014 with a monetary value of 1
million ($1,096,900). In addition, in Latvia, the firm
assisted EXTRON BALTIC on transfer pricing matters
pertaining to its transactions with related entities.
With their innovative, approach, the firm succeeded in proving to the Latvian State Revenue Service
that certain parties thought to be otherwise, were
in fact not related.
Exponential growth of the firms very successful tax
departments is predicted for next year.
Tier 3
Egon Talur (Estonia), Indrikis Liepa (Latvia) and Nerijus
Jurkus (Lithuania) are the key professionals as respective heads of tax at Borenius. The firm has been reaping the benefits of the recent shift of transfer pricing
work being more common for law firms as opposed
to exclusively for the likes of the Big 4. Borenius
Lithuania has been very active in transfer pricing
assessments, with the Latvian branch taking on many
new disputes. Borenius Estonia is currently working on
a seminal project, advising a group of companies on
setting up their transfer pricing principles.
As transfer pricing is gaining momentum in the
Baltics, this is being reflected in the firm. The
Estonian team has recently recruited Agris Nurza as
a senior tax adviser, and often collaborates with
Borenius in Finland, which has a strong transfer pric-
25
Belgium
Tax authorities
Service Public Fdral Finances
Finance Tower, Boulevard du Jardin Botanique, 50, 1000 Brussels
Tel: +32 2 576 2111; +32 2 572 5757
Website: www.fiscus.fgov.be
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
33.99% (a)
0/0.412/25.75/33.99%
33.99%
Withholding tax
Dividends
Interest
Royalties
Branch remittance tax
26
0/10/15/20/25%
0/15/25%
0/15/25%
n/a
n/a
Unlimited
www.worldtransferpricing.com
Belgium
stance and on the presence or absence of capabilities to monitor risks, said KPMGs Dirk Van Stappen.
While transfer pricing audits have been a regular
occurrence since 2013, an influx of audits is predicted for the next year; both in quantity and quality
according to Natalie Reypens, head of transfer pricing at Loyens & Loeff.
Taxpayers and the authorities are, consequently,
taking transfer pricing documentation more seriously.
There are current discussions in Parliament about
whether or not TP documentation will become
mandatory, said Deloittes head of transfer pricing,
Andr Schaffers. Ultimately there is the de facto obligation, but it may be made more concrete. Transfer
pricing is very high on the agenda for the tax authorities at the moment, he added.
There is a more obvious trend towards documentation and the demand for this service has increased
with accountancy firms.
Clients are more willing to document now; years
ago this was not the case but this change is in line
with OECD guidelines, said Reypens. In financial
transactions there is a big interest in inter-company
loans and now the correct rate can be calculated
according the arms-length rule. There needs to be
sufficient documentation and this is the weakest
point for a lot of multinationals; a lot are operational
in TP in terms of documentation but most do not
give attention to financial transactions which is why
there are investigations.
Tier 1
The transfer pricing team at Deloitte has 24 professionals including three partners, four directors and
four senior managers. It is led by Patrick
Cauwenbergh, Andr Schaffers, and Jeroen
Lemmens. The tax team specialises in business
model optimisation (BMO), consulting and transfer
pricing. The TP group has recently expanded this
year with the addition of five full-time transfer pricing
professionals. Cauwenbergh is a professor at
Antwerp University and a highly respected figure in
transfer pricing and BMO. Schaffers is an economist
and leader of Deloitte Belgiums EMEA transfer pric-
27
Belgium
obtaining unilateral rulings with the Belgian Ruling
Commission and providence guidance on the BEPS
proposals.
Van Stappen said: The main focus of tax departments in Belgium is firstly, how to manage the operational transfer prices (bring the outcomes of the
daily, transaction transfer prices on time in line with
what can be defended and documented according
to the arms length principle), and secondly, to monitor the transfer pricing documentation compliance
process in a more pro-active and efficient way.
PwC Belgian boasts a full-service transfer pricing
team that specialises in helping clients to align their
transfer pricing policy with their business model and
market goals. They design tax-optimised business
models, assist with intellectual property planning
and obtain tax rulings and APAs. In response to the
new OECD guidelines, there is a focus on drafting
compliant transfer pricing documentation and tax
audit assistance.
Tier 2
Head of tax, Alain Huyghe, leads the transfer pricing
practice at Baker & McKenzie. We feel our size distinguishes us from the competition, as well as the
fact we are one of the few law firms to have economists working in transfer pricing supporting the tax
team, said Huyghe. This enables us to be fully
equipped for benchmarking studies and to perform
valuations, he added.
The firm assists and advises clients on various
transfer pricing matters, from design, implementation
and documentation, to Advance Pricing Agreement
(APA) negotiations. In addition, there is assistance on
the MAP and transfer pricing dispute side; ensuring
clients are tax compliant before the courts.
There is a strong focus in the pharmaceuticals and
IT sector which are particularly prevalent industries in
Belgium. The firm also has experience with intragroup finance businesses and offers them both long
and short term lending, cash pool assistance and
treasury management.
One client said of the firm: We use Baker &
McKenzie for various TP projects. [They] always have
28
www.worldtransferpricing.com
Belgium
fore the team is fully integrated with the firms other
tax and legal practice departments. This approach is
mirrored in one of the firms most recent corporate
transactions, where they assisted an Indian multinational with the initiation of its business model for its
European activities. This deal involved a collaboration of tax and legal expertise alongside the involvement of business operations.
The firm covers the full scope of transfer pricing
services with a particular focus on strategy advice,
dispute resolution and documentation.
Mayer Brown Belgium has a full-service transfer
pricing practice; offering documentation, advice on
structures and litigation. The team is led by Astrid
Pieron, who, as well as being a dedicated tax professional, is also a valued member of the European
Union Joint Transfer Pricing Forum.
Initially it was Mayer Brown in the US that had a
strong reputation for controversy and transfer pricing
work. When I joined the firm in Belgium I wanted to
bring a similar sentiment to Europe, said Pieron. This
was done through the creation of a European trans-
29
Belgium
30
www.worldtransferpricing.com
Brazil
Tax authorities
Secretaria da Receita Federal do Brasil
Ministrio da Fazenda
Esplanada dos Ministrios, Bloco P
CEP 70048-900, Brasilia, DF
Tel: +55 61 3412 2000/3000
Website: www.receita.fazenda.gov.br
LEADING FIRMS
1 Deloitte
EY Terco
KPMG
Lacaz Martins, Pereira Neto, Gurevich & Schoueri Advogados
Lilla, Huck, Otranto, Camargo Advogados
Trench, Rossi e Watanabe Advogados (associated with Baker & McKenzie)
2 Machado Associados
Machado Meyer Sendacz e Opice Advogados
Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
PwC
Rolim, Viotti & Leite Campos Advogados
3 Barbosa, Mssnich & Arago
Felsberg Advogados
Lefosse Advogados
Pinheiro Neto Advogados
Siqueira Castro Advogados
Firms to watch
Castro, Barros, Sobral, Gomes Advogados
Tier 1
Deloitte provides a range of specialised transfer pricing
services that focus on advisory and compliance. There
are three partners and 60 fee earners in the transfer
31
Brazil
Tax rates at a glance
32
15% (a)
15% 25% (b)
15% (c)
Withholding tax
Dividends
Interest
Royalties
Branch remittance tax
0%
15% 25% (d)
15%
0%
0
Unlimited (e)
b)
c)
d)
e)
pricing practice led by Carlos Ayub. The team is working with a Brazilian subsidiary to conduct transfer pricing calculations under a complex international tax
environment. Ayub has more than 23 years of experience in accounting audit, corporate tax and transfer
pricing services. He has advised local, European, Asian,
Latin and North American clients in various industries
such as automobile, chemical, pharmaceutical and
electronics. The professionals who work with him are
able to perform a situation analysis of a companys
transfer pricing; identify transactions that may be subject to such rules; and advise on specific issues in
managing transfer pricing, to name a few.
Katherine Pinzon now leads EY Tercos transfer
pricing practice. The firms clients span the financial,
pharmaceutical and technology sectors. Pinzon has
experience designing and managing transfer pricing
documentation and implementing transfer pricing
and restructuring for large multinational companies
in Latin America. The team is capable of helping
companies with strategy and policy development,
documentation, controversy, and assessments and
mitigation of risks resulting from documentation
requirements.
www.worldtransferpricing.com
Brazil
administrative tax court. The team is also helping a
company looking to set up a plant in Brazil with all its
strategic tax concerns, including transfer pricing and
royalties. Clients and peers identify the firm as one of
the best in the tax arena in Brazil.
Lilla, Huck, Otranto, Camargo Advogados transfer
pricing practice has three partners working with
clients in agribusiness, telecommunications, luxury
goods retail and financial services. The practice helps
clients comply with local laws, especially in the
importing and exporting of goods and services.
Mauricio de Carvalho Silveira Bueno leads a team
that includes Joo Paulo de Seixas Maia Krepel and
Isabel Garcia Calich da Fonseca. The team has skills
in indirect and tax ligation, tax consulting and transactional matters and domestic and international tax
planning. De Carvalho Silveira Bueno specialises in
indirect taxation and tax litigation. He is an elected
administrative judge of the 11th Chamber of the
Administrative State Tax Court. De Seixas Maia Krepel
specialises in tax consulting and transactional matters, focusing on corporate, estate and tax planning
and foreign investments. Calich da Fonseca has
expertise in tax consulting and transactional matters
but with an emphasis on domestic and international tax planning.
Trench, Rossi e Watanabe Advogados is associated with Baker & McKenzie. The firms transfer pricing
team has a financial background and strong knowledge in accounting and economics. Its lawyers provide consulting and litigation advice to clients. The
team consists of five partners and nine fee earners
and is led by Clarissa Machado and Simone Dias
Musa. Machado has extensive experience advising
clients in tax planning. She has worked in Baker &
McKenzies Chicago and Amsterdam offices and has
co-written many article on tax issues. She has
advised local and multinational clients on transfer
pricing matters involving global projects. Likewise,
Musa is a recognised tax lawyer who has received
numerous awards for her work. She worked in Baker
& McKenzies Chicago office and for a Big 4 accounting firm in Brazil. Musa works on corporate income
tax issues, tax planning for inbound investments,
reorganizations and M&A. Musa has a great knowledge of all tax matters here in Brazil and she is very
fast to answer our questions, a client said. She
makes herself available all the time.
Tier 2
Machado Associados multidisciplinary team takes a
customised approach to resolving its clients transfer
pricing issues. Lus Rogrio Farinelli leads the team
of four partners and four fee earners. He is a professor in postgraduate tax law and speaks at lectures
locally and abroad. Farinelli and his team assist companies with matters of calculation and planning and
litigation at all levels of administrative or judiciary
courts. The firms clients are in the pharmaceutical,
technology, cosmetics and automobile industries to
name a few. Interviewees emphasised the teams
understanding of the transfer pricing rules in Brazil.
The five partners and four fee earners at Machado
Meyer Sendacz e Opice Advogados handle all kinds
of transfer pricing issues and disputes for clients in
many industries that range from telecommunications
to oil and gas. The team is leading an important
transfer pricing dispute in the country surrounding
the resale price method with a 60% margin. The firm
is also advising several ongoing cases at the CARF.
From 2010 to 2013, Machado Meyers tax team led
relevant transfer-pricing discussions with an estimated worth of more than $4 billion. Raquel Novais
leads the team. She is well known for her planning
and litigation skills in the area.
Luiz Felipe Ferraz and five associates work in
Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga
Advogados transfer pricing practice. He has experience advising on public and private M&A, and
domestic and cross-border transactions. The firm
serves clients in all industries, including infrastructure
and educational sectors. In 2014, the team assisted
Sinochem Petroleo Brasil and FCC do Brasil in administrative proceedings regarding corporate income tax
and social contribution on net profits. The issues
resulted from a difference of opinion about the criterion used by the Brazilian Revenue Service and that
used by the taxpayers to determine the maximum
33
Brazil
import costs of products using the resale price
method with a 60% profit margin. Clients like the
relationship and advice they get from the team. I
personally like a lot of their advice. They are very
simple, strict and are useful, a client said.
PwCs expert team helps multinational companies
with a range of intercompany transactions such as
planning, documentation studies, audit defence, APA
services and dispute. Cristina Medeiros and Graziela
Batista lead its Brazil team.
Founding partner Joo Dcio Rolim leads the transfer-pricing department at Rolim, Viotti & Leite
Campos Advogados, which is capable of handling
various domestic and cross-border issues. Rolim is a
prolific writer and speaker on the issue. A client said
Rolim and his team are friendly and attentive.
Tier 3
The seven partners and 28 fee earners in Barbosa,
Mssnich & Aragos transfer pricing practice advise
national and international clients on issues such as
intercompany debt transactions and policy and strategy. Its clients can be found in sectors such as retail,
insurance/reinsurance, pharmaceutical and e-commerce. The team has been analysing the transfer
pricing policy and strategy of Swiss Re, an international insurance company, on transactions with related Brazilian companies. Transfer pricing legislation is
Brazil does not provide methods applicable to insurance/reinsurance activities since they cannot be
described as services, which adds a challenge. Paulo
Bento leads the team. He has experience in direct
and indirect taxes, M&A, joint ventures, project
financing and debt and equity market transactions.
As a full-service law firm, Felsberg Advogados provides planning, consulting, and advice on transfer
pricing. Its dispute work includes all phases of litigation. Thiago Rufalco Medaglia heads the practice of
three partners and approximately 18 associates. The
team also specialises in both inbound and outbound
investments. It is working with clients in the airline
and other types of transportation businesses on
issues such as reorganisation and intangibles.
The team at Lefosse Advogados works in domes-
34
Firms to watch
Castro, Barros, Sobral, Gomes Advogados has a
small but effective transfer pricing practice with offices
in Rio de Janeiro, So Paulo, Braslia and Lisbon.
The lead transfer pricing contact is Andr Gomes
de Oliveira, who is also the firms head of tax.
Oliveira has extensive experience in tax consultation
www.worldtransferpricing.com
Brazil
and planning, having advised Brazilian and foreign
companies on structuring investments in Brazil and
abroad. He also coordinates the tax litigation area in
the administrative and judicial spheres, particularly at
the appellate level where he has won many leading
35
Brazil
Office
Av. Rio Branco, 110 14th floor
20040-001 Rio de Janeiro RJ
Brazil
Phone: (+55 21) 2132-1855
Fax: (+55 21) 2132-1856
Contact
Andr Gomes de Oliveira
Andre.oliveira@cbsg.com.br
www.cbsg.com.br
Profile
KPMG is a global network of professional firms providing Audit, Tax and
Advisory services. We operate in 155
countries and have 162,000 people working in member firms around the world. In
Brazil, approximately 4.000 professionals
working in 22 cities located in 13 States
and the Federal District.
KPMG in Brazil relies on a Transfer
Pricing team of experienced advisors who
provide advisory services on transfer pricing matters including global policy, planning and implementation. Our unique
approach allows us to draw on the experience of our professional team which combines knowledge of the market and legislation with the use of information technology resources.
36
www.worldtransferpricing.com
Brazil
in transfer pricing tax litigations at all
levels.
Contact
Lus Rogrio Godinho Farinelli
lfarinelli@machadoassociados.com.br
Machado Associados Advogados e
Consultores
HEAD OFFICE
Avenida Brigadeiro Faria Lima, 1656,
11th floor
01451-918 So Paulo, SP Brazil
Phone: +55 11 3819 4855
Fax: + 55 11 3819 5322
Website:
www.machadoassociados.com.br
Offices
Rio de Janeiro and Braslia
Machado Associados is a leading Brazilian
law firm with over 25 years of experience
assisting its clients in the main areas of
business law. Our transfer pricing team,
composed of highly qualified individuals
with expertise in tax and legal issues, as
well as complex accounting and financial
concepts, is dedicated to assist clients in
all areas of the industry and services with:
analyzing the effects of the adoption of
each possible method prepared by the
client;
identifying the best transfer pricing
method considering the activities and
transactions performed by the client;
preparing legal opinions addressing specific concerns/doubts raised by the
client;
fulfilling ancillary obligations;
obtaining the necessary support documents in Brazil and abroad; and
supporting and defending our clients
37
Bulgaria
Tax authorities
Ministry of Finance of the Republic of Bulgaria
102, G. S. Rakovski str. Sofia, 1040
Tel: +359 2 9859 1
Email: +359 2 9859 1
Website: www.minfin.bg
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 Baker Tilly Klitou
Delchev & Partners
Grant Thornton
3 CMS Reich Rohrwig Hainz
Tax & Financial Solutions
38
www.worldtransferpricing.com
Bulgaria
Tax rates at a glance
Corporate income tax
Capital gains tax rate
Branch tax rate
10%
10%
10%
0
5
Tier 1
Pieter Wessel leads the transfer pricing division of
Deloitte Bulgaria and collaborates with 21 other professionals on these projects. The tax group has
served a large number of local and international
clients performing activities in various industries.
Deloitte serves some of the biggest companies in the
energy and resources, life sciences and healthcare,
telecommunications, media and technology, and
financial services industries.
The team has been busy working on a range of
exciting transfer pricing projects in the wake of the
new Base Erosion and Profit Shifting (BEPS) initiative.
39
Bulgaria
parties down the supply chain; so Deloitte had to
propose a new working procedure for the client to
recover the overpaid VAT. The effect of this not only
impacted the client but the overarching pharmaceutical sector in Bulgaria, which is a testament to
Deloittes reach and influence within the tax market.
EY is a full-service firm offering an array of transfer
pricing services to cater to every client. The transfer
pricing team is led by Piotr Wielinski. Wielinski joined
EY Bulgaria in 2014 and his expertise can be seen in
global investment structuring projects, tax due diligence and M&A. He has managed many international compliance and reporting projects for multinationals in various services industries. Indeed, EY Bulgaria
services some of the biggest clients within the oil &
gas, financial services, technology and telecommunications sectors. To supplement this extensive international outreach, EY began their exclusive CFO forum in
June 2015 to support and develop the financial leaders community. The forum consists of a series of
seminars hosted by some of the countrys most prestigious speakers. This is just one unique way EY
seeks to impart and share their wealth of knowledge
and expertise to the global community at large.
Kalin Hajidimov heads the transfer pricing team at
KPMG as head of tax, legal and TBO. The team consists of six professionals in total because they were
recently joined by Polina Ruseva in September 2014.
The team is slowly growing and aims to widen its
focus. The teams main service is preparation of TP
documentation and it also has access to the
AMADEUS database. It is also active in compliance,
compiling reports, benchmarking and justification
during tax audits. Additionally the transfer pricing
team is involved in assisting companies in their TP
methodology and the meeting of their business
needs. In the future the team hopes to develop into
TP analysis of financial transactions and IP and also
litigation of TP disputes.
We have one of the largest TP practices in
Bulgaria, said Hajidimov. We have five full-time professionals. We are also involved in discussions with
the revenue authorities. KPMG Bulgaria also assists
KPMG in Albania and Macedonia in developing their
40
Tier 2
Svetla Marinova is the director of the tax and legal
services team at Baker Tilly Klitou. She has more
than 20 years of experience, which includes 12 years
of tax and legal experience in the Big 4 in Bulgaria;
four of which were as a senior tax manager. She
specialises in the telecommunications, IT, manufacturing and wholesale industries, among many others. The team focuses on TP advisory work; offering
advice on all transfer pricing issues including crossborder implications. It also assists in preparing documentation for their high-profile enterprise client base.
Baker Tilly Bulgaria is a wholly independent and
autonomous firm but draws support from the global
network resulting in efficient collaboration across
jurisdictions.
Delchev & Partners is a Law firm with a dedicated
tax practice. The firm was founded by Emil Delchev,
who started the practice while he was head of tax
at EY Bulgaria. The firm is a mix of lawyers and tax
professionals which allows them to structure solutions from both points of view.
The transfer pricing team is led by Galina Slavova.
The team reviews, amends and edits documentation
for compliance for parent companies. It also assists
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Bulgaria
with the tax audit and assessment process. On
cross-border aspects, Delchev cooperates with World
Tax Services (WTS) and has been in alliance with
them for more than nine years.
Transfer pricing still has some momentum to gain
in Bulgaira. TP is not popular with the tax authorities, said Slavova. If at all, transfer pricing issues
relate to restructuring matters, but usually restructuring is not driven by this.
The firm comes highly recommended by its clients;
one praising the TP team, saying: I can conclude
that they are excellent experts by providing qualified
services. We feel safety and anxiety-free by having
them as our partner. Thanks to the practice the team
of Delchev and Partners, we manage to reimburse
our debts with accumulated interest, and to convict
our debtors.
Grant Thornton Bulgaria has a strong focus on
transfer pricing. The firm offers a wide range of services with a particular attention to documentation.
Preparation of documentation files includes business
analysis, functional analysis, characteristics of transactions and choice of method, benchmarking and
economic analysis. There is great emphasis on the
global Grant Thornton network and all firms under
the international group are devoted to providing high
quality services to all clients. Clients span from a
range of industry sectors and include some of the
biggest enterprise names in the country.
Tier 3
Valentin Savov leads the transfer pricing operations
at CMS Reich Rohrwig Hainz as head of tax. It is a
small but dedicated team of four professionals.
Savov joined CMS in 2005 and has international
experience working in law firms in Bulgaria, Tokyo
and Amsterdam. He specialises in tax law, customs
duties, corporate and M&A. Savov also participated
in the EU Commission seminar for aggressive tax
planning, representing Bulgaria and attending meetings with the tax authorities in summer 2015. He
also founded the Bulgarian division of the
International Fiscal Association (IFA) last year and is
the chairman of this institution.
The transfer pricing pursuits of CMS are ever-growing. Documentation and TP advisory work are their
main staples. What sets us apart are the important
and very interesting projects we work on, said
Savov. The tax team handles large projects as well
as day-to-day issues related to taxation, bookkeeping and compliance. Services span representation in
VAT and other audits, litigation, corporate and individual taxation and cross-border restructuring. We participate in lasting relationships with clients and their
reoccurring business is recognition that we do our
job well, he said. One client cited the lawsuits they
had won in collaboration with CMS, labeling them as
outstanding professionals in their field.
Tax & Financial Solutions is an independent law
firm offering tax and incentives advisory services. The
ethos of the firm centres on providing top-quality
services whilst concurrently maintaining a small and
streamlined organisation that offers excellent value
for money. The firm provides tax advisory and compliance services in respect to transfer pricing for its
clients; who range from international public companies and financial institutions to private entrepreneurs and individuals.
The tax group is led by Plamen Grozdanov,
Dimitrinka
Spiridonova
and
Andreana
Premyanova. Grozdanov has more than 15 years
experience and previously worked for the Belgian
tax administration. This experience gives him
insight and first-hand knowledge of authority
developments, which gives their clients an advantage. He also has experience working in Big 4
companies and holds a US Treasury certificate as a
professional lecturer. Spiridonova also has prior
experience in the Bulgarian tax administration and
the Big 4. One of her key areas of specialisation is
transfer pricing. She has been nominated by the
national tax authorities and approved by the
European Commission to act as one of the four
Bulgarian arbiters for the transfer pricing disputes
Bulgaria is involved in under the Arbitration
Convention. Premyanova specialises in VAT, excise
and customs duties and environmental taxes. She
was admitted to the Bulgarian Bar in 2003.
41
Canada
Tax authorities
International Tax Services Office
Office address: 2204 Walkley Road, Ottawa ON, K1A 1A8
Mailing address: P.O. Box 9769, Station T, Ottawa, ON K1G 3Y4
Tel: +1 613 952 3741; +1 613 941 8495; +1 613 940 8497; +1 613 940 8499
Fax: +1 613 941 2505; +1 613 952 3845; +1 613 941 6905
Website: www.cra-arc.gc.ca
LEADING FIRMS
1 Blake, Cassels & Graydon
Deloitte
EY
KPMG
Osler, Hoskin & Harcourt
PwC
2 Gowling Lafleur Henderson
McCarthy Ttrault
3 Grant Thornton
McMillan
Stikeman Elliott
42
www.worldtransferpricing.com
Canada
Tax rates at a glance
15% (a)
7.5% (b)
25% (c)
Withholding tax
Dividends
Arm's-length interest
Non-arm's length interest
Rent, royalty or similar payments
25% (d)
0% (e)
25% (f)
25% (g)
Three
20
Tier 1
Blake, Cassels & Graydons transfer pricing group
advises multinational companies worldwide on all
issues including planning strategies, cost-sharing
agreements, competent authority proceedings and
APAs. Its six partners work with clients in top industries such as the food and beverage, pharmaceutical,
financial services and automotive. The firm has been
representing an international pharmaceutical distributor in a transfer pricing case that is pending appeal
to the Federal Court of Appeal. The unique matter
involves the application of Canadian transfer pricing
rules to determine an arms-length discount rate in a
receivables factoring transaction. Two partners, Janice
McCart and Scott Wilkie, are among the most highly
regarded in their field. McCart is an expert in international tax controversy who specialises in transfer
pricing. She has been representing multinational
companies before the Canadian and foreign governments and in the Canadian courts for more than 32
43
Canada
years. Meanwhile, Wilkie focuses on international
corporate tax planning, transfer pricing and tax treaty
advice. He has approximately 30 years of experience.
Deloittes transfer pricing practice has 15 partners
and 56 fee earners, who help with dispute resolution, designing and implementing global transfer
pricing models. The practice, which is led by Markus
Navikenas, serves many of the largest exploration
and production companies in the world. It is involved
in developing the supply chain and transfer pricing
models for the countrys emerging liquid natural gas
industry. Over the last year it assisted a consumer
business in a complex dispute resolution matter
involving intangible transactions between the
Canadian subsidiary and affiliates in three foreign
jurisdictions. The issue was resolved without any
financial impact to the taxpayer. They are familiar
with enough of your business to hit the ground running, one client said.
EYs transfer pricing group has approximately 12
partners and about 70 transfer pricing professionals
in offices in Calgary, Montreal, Ottawa, Toronto and
Vancouver. The firm assists clients with transfer pricing strategy and policy development, controversy
and risk assessment, and remediation or mitigation
resulting from documentation requirements. Tom
Tsiopoulos leads the practice. Sean Kruger now
leads the transfer pricing supply chain planning
group. He has advised multinational companies on a
range of issues and has experience in documentation, planning and controversy.
At KPMG, David Francescuccis team of 13 partners
and 44 fee earners performs planning, compliance,
dispute resolution, APA, repatriation and recharacterisation services. Its offices are located in Toronto,
Montreal, Calgary, Ottawa, and Vancouver.
Practitioners at Osler, Hoskin & Harcourt advise on
all kinds of transfer pricing issues. They also assist
with methodologies, document preparation, managing audits, appeals to competent authority and litigation. Monica Biringer and Firoz Ahmed are the coleaders of the tax department, which has 16 partners
and 11 fee earners in the transfer pricing practice.
The firm is currently involved in several transfer pric-
44
Tier 2
Dale Hill heads Gowling Lafleur Hendersons transfer pricing and competent authority group. Three
partners and two fee earners perform planning and
advisory services, risk assessments, policy and documentation review and preparation among other services. They also help multinational companies with
APA and audit defence. The firm has a good relationship with the CRA. Hill worked in international transfer pricing and tax avoidance with the agency for 16
years. The team was recently successful in getting
the taxpayer ombudsmen to overrule the CRA on a
$28 million transfer pricing claim for a Canadian and
US company for which the firm was seeking a downward adjustment. In 2014, after the taxpayer had
given up its right to appeal, the practice convinced the
government to vacate adjustments of approximately
www.worldtransferpricing.com
Canada
$8 million on a Canadian company that resulted
from various intercompany transactions and management fees. A client said the team is very responsive, very knowledgeable and very helpful. They
explain everything in a detailed fashion.
Douglas Cannon is head of a six-partner transfer
pricing-practice with three fee earners at McCarthy
Ttrault. The team has expertise in litigation, audits,
administrative appeals and court proceedings. Senior
partners such as Tom Akin bring more than 30 years
of experience with a focus on transfer pricing, tax litigation and dispute resolution. Cannon works on
domestic and cross-border M&As, divestitures, reorganisations and financing, transfer pricing and private equity investments.
Tier 3
With the addition of six professionals, Grant
Thorntons transfer pricing team has increased to 14
people. Brad Rolph leads the team of accountants,
economists and tax experts whose work consists of
planning and consulting, compliance, analysis, documentation and controversy management or litigation.
Last year, the firm helped a home medical equipment manufacturer with a $20 million intellectual
property transfer pricing valuation that would be
migrated to a development headquarter overseas.
The firm was also a part of a multi-adviser team that
helped an aquaculture fishery company to implement an accounts receivable factoring transfer pricing model with a European mix of investors and
banks. The deal closed in January 2015 with approximately $200 million in funding. For the last 18 years
Rolph has been providing multinational companies
with transfer pricing services. His expertise includes
planning, implementing and documenting intercompany transactions for tangible goods, services and
intangibles, resolving audit and disputes at field,
appeals and competent authority levels, negotiating
APAs, and providing litigation support.
45
Canada
Markus Navikenas
Partner
Canadian Transfer Pricing Leader
Deloitte
Direct: +1 403 267 1859
Email: mnavikenas@deloitte.ca
Website: www.deloitte.ca
Website: gowlings.com
wragge-law.com
46
Contacts:
LEADER
Dale Hill
Tel: 613-786-0102
Email: dale.hill@gowlings.com
Quality tax advice,
globally
www.worldtransferpricing.com
Chile
Tax authorities
Servicio de Impuestos Internos (SII)
Alonso Ovalle 680, Santiago
Tel: +56 22 395 1115
Website: www.sii.cl
LEADING FIRMS
1 Deloitte
EY
PwC
2 KPMG
Salcedo & Cia
3 BaseFirma
Carey
Grant Thornton
Tier 1
The transfer pricing market in Chile has matured
with both businesses and authorities having a better understanding of issues and the potential
impact of international changes. A 2012 tax reform
to be implemented in 2017 introduced some new
transfer pricing provisions that followed the OECD
criteria, and businesses are now able to conduct
APAs with the IRS.
Despite the growth in education and options, the
reform is still a concern for Chilean companies, as
the authorities seek to increase their revenue
through higher taxes. With Chile being a part of the
OECD, BEPS guidelines set to be published later this
year, could be implemented in the local tax laws.
Moreover, the transfer pricing business is shifting to
incorporate more than compliance work to various
types of advisory. This shift is causing new TP
advice firms to enter the market, making it more
competitive.
Multinational companies operating in Chile are
thinking more globally about their transfer pricing
operations.
47
Chile
Tax rates at a glance
Corporate income tax rate
Capital gains
Branch tax
Withholding tax
Dividends
Interest
Royalties
Net operating losses (years)
Carryback
Carryforward
22.5% (a)
22.5% (b)
22.5% (c)
35% (d)
4% / 35% (e)
0% / 15% / 30% (f)
Unlimited
Unlimited
48
Tier 2
KPMG helps multinational companies to plan and
structure tractions with related parties. The firm also
assists with compliance and documentation, dispute
resolution at the administrative and court levels.
www.worldtransferpricing.com
Chile
KPMGs transfer pricing professionals have performed
more than 7,000 intercompany transactions combined. The team assists multinational companies to
assess and manage transfer pricing risks and helps
its clients to push the tax authorities to establish
APAs on the import of goods and some intercompany services. Over the last year, the firm has been
assisting with restructurings for clients in Latin
America and the US, and planning incoming and
outgoing transactions, Juan Pablo Guerrero leads the
firms transfer pricing practice, which has 14 other
professionals. Rodrigo Stein assists local and multinational companies with international tax transaction matters. He also works closely with Guerrero to
review tax issues of all transactions.
The transfer-pricing department at Salcedo & Cia
helps with transfer pricing reports and audit supervision by the Chilean IRS. They also assist clients in
administrative and judicial litigations; serve as permanent counsel for transfer pricing matters; and conduct risk analysis for companies. Claudio Salcedo
leads the practice.
Tier 3
BaseFirma provides documentation, master-file
reporting, audit defence, in-house training and
implementation of transfer pricing models, among
other services. The three partners and two fee earners, in its transfer pricing practice, work with clients in
the chemical industry, finance and insurance, medical supplies and equipment, aquaculture and food
industries. The firm successfully developed an alter-
49
Chile
50
www.worldtransferpricing.com
China
Tax authorities
State Administration of Taxation
No 5 Yangfangdian West Rd
Haidian District, Beijing 100038
Tel: +86 10 6341 7114
Website: www.chinatax.gov.cn
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 Baker & McKenzie
DLA Piper
Grant Thornton
Hendersen Taxand
King & Wood Mallesons
NERA Economic Consulting
Firms to watch
WTS Consulting
25%
25% (a)
25%
10%
10%
10%
0%
0
5
Source: www.ey.com
There is a changing attitude towards tax and transfer pricing disputes in China, according to Brendan
Kelly of Baker & McKenzie who attributed the
increasing workload to the large number of regulation changes recently. Kelly also considers dispute to
be the most interesting topic in Chinas transfer pricing market. The authority has become really aggressive, said Kelly.
On the subject of BEPS, Khoon Ming Ho, of KPMG,
said there will be a requirement for country-by-country reporting in Chins in due course. There will be
issues in connection with permanent establishments, Ho added.
Circular 16 has been introduced this year by the
State Administration of Taxation. The regulation
deals with China-bassed companies claiming
deduction on service fees and royalty charges made
51
China
to offshore-related parties. It focuses on proving
these services have taken place and the entity in
China benefited from the services, and ensuring the
pricing for those services is reasonable. [Clients]
need to know [the] criteria they need to satisfy
before the companies can claim deduction on service fees and royalty paid to overseas-related parties, said Ho. They have to put in place the documentation to demonstrate that the services have
happened and theres a reasonable basis to the setting of the prices.
Tier 1
Deloittes transfer pricing team comprises more than
200 professionals across China, and including Hong
Kong. Eunice Kuo heads the transfer pricing department nationally, with 28 years of cross-border tax
experience. Three other partners are Liantang He,
Cynthia Chen and Bill Bai. Many of the transfer pricing professionals in Deloitte were employed by
Chinas major taxation bureaus. Some were even
leading architects in developing transfer pricing practices.
The firm offers a wide range of transfer pricing services: transfer pricing advisory and documentation,
dispute avoidance, dispute resolution, business
model optimisation and transfer pricing risk management. Deloittes transfer pricing clients come from
industries including manufacturing, consumer business, technology, media and telecommunications,
financial services and energy and resources.
The firm also houses a Japanese transfer pricing
team in China. The team that is conversant in both
Chinese and Japanese offers advice to many
Japanese and foreign clients.
EYs transfer pricing team in China provides a multidisciplinary operating model to set up ideal supply
chain models, business restructuring, systems implications, human resources and tax issues. The team
has the ability to construct and implement the new
operating models for clients.
Khoon Ming Ho heads-up the transfer pricing practices of both KPMG China and Hong Kong. KPMG
Chinas transfer pricing practice boasts a number of
52
Tier 2
Baker & McKenzies transfer pricing practice in China
consists of two partners and eight other fee earners.
The transfer pricing team is headed by Glenn
DeSouza, a PhD economist from the United States.
www.worldtransferpricing.com
China
The transfer pricing department is supported by
Shanwu Yuanfrom New York City, who is a former SAT
transfer pricing official and representative to the OECD.
High-technology (Silicon Valley), retail and pharmaceuticals are the main industries the firm advises on
in the area of transfer pricing.
One of the most innovative transfer pricing matters
the firms transfer pricing team advised on in the past
year was supporting an IT manufacturers negotiations with the tax authorities on several major transfer pricing audits. This is one of the biggest transfer
pricing audit cases in China.
DLA Pipers transfer pricing practice in both China
and Hong Kong is headed by Windson Li. The practice consists of five partners and 22 other fee earners.
Daniel Chan is involved in structuring and analysis in
the transfer pricing practice. Chan also leads the tax
practice in the two jurisdictions. Another partner in the
team, Doris Ho, also provides tax advice on corporate
acquisitions and restructuring transactions.
The firms transfer pricing practice has hired Karen
Cheng, Michelle Wong and Queenie Chan, since
August 2014.
The main industries the firm serves in transfer pricing include software R & D, industrial, telecommunication and network equipment, consumer electronics, luxury, as well as clothing and foot wear.
Grant Thorntons transfer pricing practice in China
is led by Rose Zhou. Richard Bao is the lead partner
for the transfer pricing team in Shanghai. There are
20 transfer pricing specialists in Shanghai alone.
The team offers a wide range of transfer pricing
services ranging from risk assessment, benchmarking/documentation, dispute resolution and advance
pricing agreement (APA) to transfer pricing planning
and transfer pricing training.
Significant industry-clients for the firm include electronics, healthcare and pharmaceuticals, automobile,
food and beverage, and fashion & retailing.
The transfer pricing practice of Hendersen Taxand
is headed by Dennis Xu, who is a founding partner
of Taxand China, which changed its name to
Firms to watch
The transfer pricing services provided by WTS
Consulting in China comprise statutory transfer pricing documentation that includes preparing transfer
pricing studies, conducting benchmarking and related continuing advice.
53
Colombia
Tax authorities
Direccin de Impuestos y Aduanas Nacionales (DIAN)
Carrera 8 No 6C 38 Edificio San Agustn, Bogota
Tel: + 57 1 607 9999; +57 1 546 2200; +57 1 325 6800
Fax: +57 1 333 7841
Website: www.dian.gov.co
LEADING FIRMS
1 Baker & McKenzie
Brigard & Urrutia Abogados
Deloitte
PwC
2 BaseFirma
EY
KPMG
Philippi Prietocarrizosa & Uria
54
I think we have moved from having a transfer pricing market centred on making transfer prices to having these big cases and big confrontations with tax
authorities, said Catalina Hoyos Jimenez, director of
taxes and foreign trade at Godoy & Hoyos. Another
thing is the market has moved from thinking of transfer pricing as a tax problem to understanding it can
be reflected in corporate decisions and in the creation of big transfer pricing groups within the enterprises. From our perspective, our challenge now is in
the area of tax litigation but also helping big companies to create internal groups of transfer pricing. Now
we have to be prepared to give the enterprises all
the training to create their internal groups.
Tier 1
Gustavo Sanchez-Gonzalez leads Baker &
McKenzies team in fulfilling clients consulting,
documentation, disputes and audit needs in
Colombia as well as Chile, Ecuador, Guatemala,
Panama, Peru, Dominican Republic and Venezuela.
Their expertise spans the energy, mining,
infrastructure, pharmaceutical, consumer goods,
service and airline industries. Within the last two
years, the firm has advised important oil players in
matters of guarantee fees surrounding their
exploration and production contracts, and on
implementing global transfer pricing policy change
for certain products. Sanchez-Gonzalez works with
companies in various sectors in South and Central
America. He advises counsels the companies on
compliance, transfer pricing policy, APA negotiations,
and legal defence on transfer pricing disputes. I
think their advice is proper. It is deep enough but not
www.worldtransferpricing.com
Colombia
too deep you waste a lot of time reading. They get
to the point and I like that a lot. They are very good
with complying with deadlines, a client said.
Brigard & Urrutia Abogados transfer pricing team
is capable of helping clients with all areas of transfer
pricing, including advising on legal and economic
issues. The team, led by Jos Andrs Romero, consists of lawyers, economists, accountants and other
professionals, which allows for client solutions that
look at all possibilities. It also provides training for
clients in-house transfer pricing teams. The team
predominantly works with clients in the mining, agriculture, oil and gas, entertainment and services
industries. In May 2015, the practice helped an outsourcing company improve its financial position
through a group debt structure that factored in local
and regional transfer pricing rules. Romero has
worked as a national and international tax adviser
and in transfer pricing for more than 16 years. He is
an expert at treaty application to avoid double taxation and in corporate structuring and protection and
planning.
The transfer pricing team at Deloitte handles
compliance, consulting, planning, value change
management, valuations and dispute resolutions. It
consists of two partners and 27 fee earners and is
led by Jose Erney Guarn. The group advises one of
the largest petroleum companies in the country,
and is advising many Colombian-based multinational companies on business model optimisation,
compliance and regional planning and structuring.
Its clients are in the consumer, manufacturing, energy and resources, technology, media, telecommunications, life sciences and health-care business.
PwC offers a range of transfer-pricing services,
including compliance, defence, special attorney,
planning, general consulting, consultancy and/or
APA support. Carlos Mario Lafaurie Escorce is the
lead partner for the transfer-pricing practice. He has
Tier 2
Diana Mogollon leads BaseFirmas team of three
partners and 10 fee earners. Besides documentation,
the team also helps to set and implement policies,
structure shared services centres, value companies,
tangible and intangible assets, plan transactions,
develop master files and transfer pricing models, and
audit defence. From its location in Colombia, the
team is able to manage and coordinate projects for
multinational companies in Latin America and outside the region. The transfer pricing department is
designing and implementing strategies for a US
medical device manufacturing company to ensure
the companys policies are applied consistently
across its locations worldwide. Mogollon has been
consulting on transfer pricing for the BaseFirma for
more than 11 years. She has strong experience in
documentation, facilitating planning studies, and
coordinating policy implementation for multinationals in Latin America.
EY Colombias transfer-pricing group is led by
Andres Felipe Parra Ramirez. The group can perform documentation, planning, cross-border transactions and controversy work associated with
transfer pricing.
The transfer-pricing practice at KPMG focuses on
planning and compliance for companies with operation in Colombia and Latin America. Partner Vicente
Javier Torres leads the practice.
The team at Philippi Prietocarrizosa & Uria focuses on preparing economic analyses, transfer-pricing
analysis, structuring, consulting, document verification, litigation and APA negotiation. Martn Acero
leads the team. Acero has advised local and foreign
companies in joint ventures, national and terrestrial
tax issues, and multi-jurisdictional matters.
55
Colombia
Tax rates at a glance
56
25% (a)
9% (b)
5% (c)
10%
25%
www.worldtransferpricing.com
Czech Republic
Tax authorities
Ministry of Finance
Letensk 15 118 10 Praha
Tel: +420 257 04 1111
Fax: +420 257 04 2788
Email: podatelna@mfcr.cz
Website: www.mfcr.cz
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 WTS Alfrey
Tier 1
Deloitte has one of the largest transfer pricing practices in the Czech Republic. Head of tax and transfer
pricing, Marek Romancov, leads the team of 16 other
professionals. The team has experienced rapid
growth this year, thanks to the merger with the valuation team from the financial advisory services
department, which has only served to expand on the
teams expertise and knowledge.
57
Czech Republic
Tax rates at a glance
58
19% (a)
0/19 (b)
19%
0
5
www.worldtransferpricing.com
Czech Republic
Tier 2
WTS Alfreys transfer pricing operation is led by
head of tax Jana Alfrey. Alfrey has worked in the tax
profession for 24 years now and began her career
at EY Austria where she worked for three years
before becoming a registered tax auditor in the
Czech Republic. Alfrey works closely with tax adviser, Roman Pechacek, and the team has five dedicated professionals in total. The firm specialises in international tax law, tax structuring for international
businesses and M&A transactions. But as transfer
59
Czech Republic
pricing has become one of the major areas targeted by various European countries in recent years,
the WTS Alliance network created a special transfer
pricing team to respond to this development. We
60
www.worldtransferpricing.com
Denmark
Tax authorities
Ministry of Taxation - Skatteministeriet
Nicolai Eigtveds Gade 28, DK- 1402 Copenhagen K
Tel: + 45 33 92 33 92
Fax: + 45 33 14 91 05
Email: www.skm.dk
LEADING FIRMS
1 Deloitte
EY
KPMG ACOR TAX
PwC
2 Bech-Bruun, Taxand Denmark
Plesner
Corit Advisory
3 Vistisen Tax Attorneys
Tier 1
Deloitte boasts one of the biggest transfer pricing
teams in Denmark that offers a wide range of integrated services. The transfer pricing group is led by
Niels Josephsen, head of tax. His core areas of
expertise include corporate and international tax and
61
Denmark
tax strategy. Key service industries for Deloittes transfer pricing team include energy and transport, the
financial sector and consumer business.
EY remains one of the biggest accounting firms in
Denmark following the July 2014 merger with KPMG.
Anders Bjrn, head of tax, is also the front-man of
the transfer pricing practice. Bjrns focus area is
transaction tax and he works in close proximity with
Henrik Arhnung whose main domain is transfer pricing. The firm is well-known for its wide array of indepth transfer pricing services.
KPMG ACOR TAX was born out of the 2014 merger
of EY and KPMG Denmark. Although the firm is smaller than the other Big 4, this is not seen as a disadvantage, but quite the opposite. We have the agility
and flexibility of a small firm but the KPMG network
simultaneously supporting us; giving us the best of
both worlds, said Pia Konnerup, partner at ACOR TAX.
We have a positive energy as we are in an exciting
new period and are able to hand pick our talent and
select those who specifically would like to work with
us. This precision helps us to achieve 360 degree
solutions for clients. We hope we can preserve this
approach once we become bigger.
Martin Neilsen together with Simon Krogsgaard
Schaadt and Henrik Lund are praised as the best
transfer pricing team in the market by one client.
The firm also boasts a fully-fledged service line. The
transfer pricing team has significantly grown since
last year but still manages to consist of highly experienced transfer pricing professionals from former Big
4 companies. Defining features of the team include
characteristically intelligent tax solutions and innovative approaches.
The overarching aim of the team is to deliver clientcentric solutions to transfer pricing challenges. This
can be seen through their recent work which
includes specification of tailored IT requirements for
automated transfer pricing monitoring within the
enterprise resource planning (ERP) and IT landscape
of large and medium sized companies. In addition,
KPMG provided a value chain analysis within a BEPS
context in October 2014 for a large Danish C20 company with global activities.
62
Tier 2
Anders Oreby Hansen heads the transfer pricing
team at Bech-Bruun, Taxand Denmark. In response
to the increase of TP litigation, they have expanded
their team to keep up with increasing demands. We
are serious about transfer pricing, Hansen said. We
like to remain one step ahead and do things differently. Our clients have responded well to this.
The Danish tax authorities routinely publish the
amount of transfer pricing increases being made and
in 2014 Bech-Bruun had a market share of 16% and
11% of litigation cases. The firm is also in close dialogue with clients to understand what it is that they
want Bech-Bruun to deliver. We dont just deliver
legal services but also some services that were traditionally from accounting firms as well as supply
chain analysis, said Hansen.
The team has recently hired six more economists
to enable them to provide a more in-depth analysis,
which they feel will put them ahead of competitors.
The goal is to create a niche within the transfer pricing market; so the firm is taking into account a mix
of economists, financial advisers and legal advisers.
The amount of cases the team has closed so far is
a testament to the success of this approach.
Plesner has four partners heavily involved in transfer pricing. Headed by Hans Severin Hansen, the
team maintains a strong focus on litigation and controversy; which is reflected in the vast number of
beneficial ownership cases where Plesner has a big
market share. Other key partners in the team are
Nikolaj Bjrnholm and Lasse Esbjerg Christensen.
www.worldtransferpricing.com
Denmark
Tax rates at a glance
Corporate tax rate
Capital gains
Branch tax
Witholding tax
Dividends
Interest
Royalties
Net operating losess (years)
Carryback
Carryforward
23.50% (a)
23.50%
23.50%
27%
22% (b)
22% (c)
0
unrestricted
Tier 3
Although it is a niche tax litigation boutique,
Vistisen Tax Attorneys comes highly recommended as a leading firm for transfer pricing controversies. Founding partner, Eduardo Vistisen, leads the
practice as a sole practitioner. He is an established
tax litigator with expertise in Danish and international tax litigation before the European Court of
Justice, the Danish Administrative Tax Tribunal, and
the Danish Courts. Martin Nielsen of KPMG
Denmark praised Vistisen and its excellent tax litigation services.
63
Finland
Tax authorities
Finnish Tax Administration
Finnish Tax Administration, OCR Service, Corporate, PL 200, 00052 VERO
Tel: 020 697 051 (from inside Finland); +358 20 697 051 (from outside Finland)
Website: www.vero.fi
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 Alder & Sound
Borenius Taxand Finland
3 Roschier
May 2015 saw the entry of a new coalition government for Finland. The main party of the government,
the Centre Party and the new Prime Minister, Juha
Sipil, are having to endure a very difficult economic
period in Europe. The Finnish economy has contracted for three consecutive years following several economic predicaments; including the decline of Nokia
and the forestry industry.
It is still too early to see any major changes in the
finance system. So far the provisions on new tax
policies have been very general, said Janne Juusela
of Borenius Taxand. However there are some
impending changes to the system to look forward to
as the last government was not so hot on tax issues
(despite the reduction in income tax rates), he
added. One clear line of action that can be seen is
the desire to keep the system amiable for international companies and simplyfy the corporate and
capital income tax system.
As one of the aims of the new government is to
make tax administration more customer-friendly so
that there is a change in the market, tax authorities
are being particularly aggressive in regards to trans-
64
Tier 1
Outi Ukkola leads the transfer pricing team at
Deloitte. She has over 20 years of experience within taxation with a special focus on transfer pricing,
particularly: planning, documentation and litigation.
She is also an avid speaker at many tax seminars;
both domestic and international. The main objective
of the TP team is to help companies mange risks by
aligning practical solutions with their overarching
www.worldtransferpricing.com
Finland
Tax rates at a glance
20% (a)
20% (b)
20% (c)
Withholding tax
Dividends
Interest
Royalties
20% (d)
0% (e)
20% (f)
0
0
65
Finland
transfer pricing. Key industries for KPMG Finland
include welfare services, public administration, real
estate and construction and consumer products.
Sari Takalo is head of transfer pricing operations at
PwC. Alongside transfer pricing, she specialises in
corporate taxation and M&A. PwC has a large tax
department with more than 140 tax and legal professionals. Transfer pricing services offered include
documentation, design and policy advice within
many key industry sectors.
Tier 2
Reima Linnavirta is head of tax at Alder & Sound and
leads the transfer pricing team together with HannuTapani Leppnen, managing partner. The firm is still
very young, having been around for only five years and
was one of the first independent transfer pricing services providers in Finland. The firm offers all tax services
with transfer pricing being their biggest sector.
The Alder & Sound approach hones-in on reduction in administrative burdens, while maintaining the
highest compliance level, with a strong focus on
documentation and the arms-length nature of intragroup transactions. The aim is to provide a comprehensive turnkey solution, utilising the cross-discipline
approach and aligning the optimal transfer pricing
model with the operational model and strategic
goals of the corporation. Despite not being one of
the biggest firms, its innovative approach gives the
firm a unique spot in the market based on its technological approach using online tools. We are a
centralised and small but flexible team who are
good at finding solutions, said Linnavirta.
One of the more important deals the firm closed
last year was to do with the implementation of a
transfer pricing model to ensure the TP compliance
of a multicurrency cash pool involving group entities
located in several Eastern European countries. Alder
& Sound comes highly recommended by its clients,
one saying: Cooperation with them is always very
efficient, punctual and easy. Their approach to solve
the issue is customer-based and solution-oriented.
They are knowledgeable and also have good understanding on business as a basis.
66
Tier 3
The transfer pricing team at Roschier is small but
devoted. It is led by head of tax and structuring,
Mika Ohtonen, who is supported by several senior
associates. The TP practice revolves around disputes and transaction work. Transfer pricing represents about a third of the firms overall tax work. Its
main service involves representing multinationals
in TP disputes. In particular this year there is a lot
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Finland
of activity around transactions and negotiations,
said Ohtonen. We are currently involved in many
disputes and are expanding the team as a result.
One important transfer pricing venture the firm is
working on revolves around a listed company
merger for private equity clients. Roschier has provided its services by advising on the rulings. In
Ohtonens opinion, the strength of the team lies in
the different transfer pricing corporate income tax
issues they deal with.
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France
An introductory chapter providing an overview of Frances transfer pricing market in the
past year, by Grgoire de Vog, Julien Pellefigue, Aymeric Nouaille-Degorce of Taj, a
member of Deloitte Touche Tohmatsu.
Tax authorities
Ministry for the Economy and Finance
"Tldoc 151
139, rue de Bercy
75572 Paris Cedex 12"
Tel: +33 1 40 04 04 04
Website: www.economie.gouv.fr
n 2015, three main trends impacted the
French transfer pricing landscape: (i) a change
in the audit practices (more technical and more
severe); (ii) the development of the new
mandatory TP form; and (iii) the inroads of
transfer pricing into the corporate communication area. All these elements illustrate the will
of France to be, in the context of BEPS, one of
the leaders of the TP transformation effort to
bring a better alignment between economic substance and taxation.
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France
finance. Whereas it used to be difficult to
have a discussion with tax auditors concerning the valuation of businesses or assets, there
is now a group of specialised auditors who
can debate the way the beta or the equity risk
premium is calculated.
This increased technicality is used in the
framework of a generally more severe tax audit
policy. The relationship between the FTA and
the taxpayers has not necessarily worsened,
however it is our experience that tax auditors
have proved less willing to negotiate or to adopt
a lenient approach. In particular, concerning TP
documentation, tax auditors now do not hesitate to use article L13AA of the French tax
code to its full extent to make it mandatory for
taxpayers to provide TP related information
under a month delay, whereas it used to be
much easier to obtain delays in the past few
years. And penalties for lack of documentation
have been increased and can reach up to 0.5% of
the transactions not properly documented.
Another example of the increased severity of
the FTA is the pre-litigation process, during
which it is now harder and harder to obtain an
agreement with the FTA, which is more likely
to stick to its position without making any compromise.
The FTA did not seem to have an industry
focus in 2015, however it is clear they targeted
more restructuring operations (transfer of valuable assets abroad, post-acquisition change in
the TP policy and shutting down of operations),
in effect applying some kind of exit tax, even
though this concept is not included in the
French tax code.
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France
LEADING FIRMS
1 Arsene Taxand
Baker & McKenzie
CMS Bureau Francis Lefebvre
EY
Fidal
Taj (Deloitte)
2 Freshfields Bruckhaus Deringer
Landwell et Associes (PwC)
3 August & Debouzy
DLA Piper
LexCase
Mayer Brown
TPHC Associs
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France
Tax rates at a glance
33% (a)
0/15/33% (a)
19%
Witholding tax
Dividends
Interest
Royalties
30/55 (b)(c)(d)
0/50 (b)(e)(f)
33/50 (b)(e)(f)
e)
1 (g)
unrestricted (h)
f)
d)
Tier 1
Antoine Glaize is head of transfer pricing at Arsene
Taxand. He has a wealth of experience having
worked previously at EY and Arthur Anderson, and
the French tax authorities before that. Antoine also
leads Taxands global transfer pricing and business
restricting team. The Arsene TP practice has a large
team of 12 professionals with a mix of lawyers and
economists. It is an independent stand-alone practice that works in close proximity with the tax
department for a wider scope of solutions. Its specialty is on business restructuring for clients who
want to develop their ventures and many of these
clients are from the digital economy, distribution
and luxury industries. The team has also grown
this year with the addition of senior manager
Benoit Bec, Illan Glaubert and Philippe Gadiou.
As we were independent from the beginning we
have developed in the market and can afford to
g)
h)
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France
The transfer pricing at Baker & McKenzie comprises tax experts, economists and lawyers. Our
unique selling point is that we work closely together in a very integrated manner, said Caroline
Silberztein, head of transfer pricing. We feel this
gives us an advantage over the likes of the Big 4
who arent lawyers. In terms of size, Baker &
McKenzie have one of the biggest teams in the
market and stand out from the other law firms,
many of whom do not have a transfer pricing practice.
The team uses this diverse pool of expertise to
provide their clients with the full range of transfer
pricing services. The economic side of the practice
is led by Lionel Ochs, who has more than 12 years
of experience in developing intercompany pricing
and valuation methodologies. Silberztein assists
multinational companies with TP risk assessment
and management, design and implementation of
policies, audits, litigation, mutual agreement procedures (MAP) and advanced pricing agreements
(APAs). Aside from leading the team of six,
Silberztein chairs the firms global transfer pricing
group and was also head of the OECD Transfer
Pricing Unit from 2001 to 2011 before joining Baker
& McKenzie.
Clients are left impressed by the firms expertise
and depth of knowledge. One said: Working with
Baker and McKenzie was very interesting and productive. The partner in charge of our cases demonstrated a very high level of competency and a very
strong reactivity. Each time we consulted the firm
on specific international and complex tax matters,
they provided us with very satisfying advice in a
very short time that we have successfully implemented.
CMS Bureau Francis Lefebvre is one of the
largest firms in France with 141 qualified lawyers
and 61 partners in the tax department. Notable
transfer pricing professionals include Bruno Gibert
who is well-known in the country for transfer
pricing and has been chairman of the EU Joint
Transfer Pricing Forum since 2002 Stphane
Austry co-heads the tax department and is a lead-
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France
programme dedicated to the client structures of
documentation, audit defence, business restructuring and financial.
Fidal employs 2,300 people in 90 locations
across France. It offers tax and legal advisory services. Fidal is an independent legal entity that is
separate from KPMG International and its member
firms but is cooperating with this network. The
transfer pricing department, led by Pascal Luquet is
composed of more than 20 experts in Paris (both
economist and tax) and 8 people in the French
regions and mainly deals with dispute resolution
services (tax audit assistance, APAs, MAPs) but also
offers a full range of services including documentation, assistance, devising and implementing TP
policies and economic analysis.
The transfer pricing team at Taj, Socit dAvocats
is made up of a vibrant mix of 30 professionals
that include tax practitioners, economists and
lawyers. Grgoire de Vog joined Taj recently in
February 2014 and leads the team. He has particular expertise in strategic consulting, specifically
within the financial services industry. Other notable
team members include Gianmarco Monsellato,
Julien Pellefigue, Aymeric Nouaille-Degorce and
Jean-Luc Trucchi. Taj takes great pride in its TP
team as professionals such as these are scarce in
France and hard to find, according to corporate tax
partner Sophie Blgent-Delapille. As part of the
global Deloitte network, Taj works alongside other
Deloitte member firms transfer pricing teams in
more than 150 countries, who provide international perspectives.
What differentiates Taj from its competitors in
France is the teams emphasis on business, economic and legal skills and their depth of experience in corporate strategy; as well as the experience in both the French administration and private
sector. It covers the full-spectrum of transfer pricing
services; consultation and documentation, dispute
avoidance (APAs), dispute resolution and mutual
agreement
procedure/competent
authority
(MAP/CA) and business model optimisation (BMO).
This year, in light of the current French tax climate,
Tier 2
The transfer pricing team at Freshfields Bruckhaus
Deringer is led by head of tax, Cyril Valentin,
whose expertise is in financial institutions on corporate tax issues. The tax experts at the firm do
not align to any specific practice areas, so all 11
members of the tax team work on transfer pricing
matters. The transfer pricing team supports the
transaction side of the firm by working on the tax
side of deals, particularly for real estate acquisitions.
Many traditional TP services are provided by
Freshfields, including documentation, policy design
and implementation and advanced pricing agreements (APAs). This year, the team advised a USbased multinational company in the consumer
goods industry on a BEPs-inspired challenge in
which the authorities argued that the companys
French sales commissionaire structure was artificial
and relied on inadequate transfer pricing. It is one
of the first matters of this kind in France and is likely to constitute a test case for future challenges.
Highly-regarded by their clients, Freshfields provides a quality service. One said: What we do
value is their ability to go beyond the usual scope
of analysis and always find practical and businessoriented solutions.
Landwell et Associes (PwC) is the French member firm of the PwC international group, that has
offices in 10 cities across France. The strong
regional presence in France enables the firm to
meet client needs, developing a close relationship
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France
and considering the best regional nuances. Alain
Chedal, Thierry Morgant and Alice de Massiac are
key personnel in the Paris/Neuilly-sur-Seine office.
Transfer pricing is one of the key business taxation
areas of the firm. Landwell likes to take a multidisciplinary approach through teams of tax, business
law and employment collaborating to provide the
most pragmatic solutions; therefore the TP team
likes to coordinate with the other key tax areas in
the department to ensure that clients are receiving
well-informed advice.
Tier 3
Philippe Lorentz is partner in charge of August &
Debouzy. He specialises in M&A, investment
funds, restructuring and negotiations with the
French tax authorities. Xavier Rohmer is a key
member of the transfer pricing team and is also
very active in private equity and restructuring
advice. In terms of transfer pricing at the firm,
clients are supported particularly through the validation and implementation of policies in line with
the OECD guidelines and French national standards, as well as documentation and tax audits. In
addition, August & Debouzy often collaborates
with its network of foreign correspondents and
economic analysts.
Guillaume Valois leads the transfer pricing practice at DLA Piper, as head of tax. DLA Piper transfer pricing teams consist of both lawyers and economists around Europe; with centralised offices in
US, the UK and Paris. The Paris team is a standalone practice that new hire Herv Isral works
closely on. The group has expanded this year with
the additions also of Jeanne Castelle and Emilie
Renaud. Services include the full range including
documentation, compliance and support to M&
transactions, business restructuring, supply chain
reorganisation and APAs. We are big on transfer
pricing audit and litigation, said Isral. We are
looking to expand to transfer pricing advice and
strategy soon.
LexCase is a multidisciplinary firm of lawyers
with regional offices in Paris, Lyon and Marseille.
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France
maceutical and technology sectors. In addition, the
ethos of the firm is to deliver high quality work as
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France
tions, indirect taxation, tax audit and litigation, international mobility taxation,
labor law, business law and insolvency law.
Taj is a member of Deloitte Touche
Tohmatsu Limited, enabling its clients to
benefit from the expertise of 30 000
Deloitte tax experts in 150 countries.
Taj, Law firm, member of Deloitte
Touche Tohmatsu Limited
181 avenue Charles de Gaulle
92524 Neuilly-Sur-Seine Cedex
Tel: +33 1 40 88 22 50
Website: www.taj.fr
Contacts:
Grgoire de Vog
Partner Transfer Pricing
Tel: +33 1 40 88 22 20
Email: gdevogue@taj.fr
Aymeric Nouaille-Degorce
Partner Transfer Pricing
Tel: +33 1 55 61 48 74
Email: aynouailledegorce@taj.fr
Julien Pellefigue
Partner Transfer Pricing
Tel: +33 1 55 61 79 72
Email: jpellefigue@taj.fr
Jean-Luc Trucchi
Partner Transfer Pricing
Tel: +33 1 40 88 83 81
Email: jtrucchi@taj.fr
Profile
Taj is one of the leading French law firms,
specialized in international tax and legal
strategies. With 455 practitioners, including 55 partners, Taj primary areas of
expertise include international taxation
and transfer pricing, mergers and acquisi-
76
The rising volume and variety of intercompany transactions, the current evolution of transfer pricing regulations and the
increased enforcement activities worldwide have made transfer pricing a major
area of concern for global businesses.
Within that framework, the goal of Taj
professionals working alongside the
Deloitte transfer pricing network is to
help companies manage risks by aligning
practical transfer pricing solutions with
their overall global business operations
and objectives, assist with strategic documentation to support their transfer pricing practices, and resolve disputes efficiently.
The specificity of Taj approach is based on
the understanding that transfer pricing is,
by nature, a transdisciplinary topic, at the
intersection of Tax law, economics and
business strategy. Dealing efficiently with
transfer pricing matters, whether in consulting or litigation, therefore requires a
proficiency in these three domains. Based
on this notion, Taj team has been built by
combining together attorneys at law,
Ph.D economists and former strategy
consultants, which proved to be a very
successful approach and Taj won a wellearned reputation for quality and delivering results.
www.worldtransferpricing.com
Germany
Tax authorities
Bundesministerium der Finanzen Federal Ministry of Finance
Wilhelmstrae 97, 10117 Berlin
Postanschrift: 11016 Berlin
Tel: +49 3 018 682 0
Fax: +49 3 018 682 32 60
Website: www.bundesfinanzministerium.de
Bundeszentralamt fr Steuern Federal Central Tax Office
An der Kueppe 1, 53225 Bonn
Tel: +49 228 406 1200
Fax: +49 228 406 3200
Website: www.bzst.de/EN/Steuern_International/Steuern_international_node.html;
www.steuerliches-info-center.de/EN/Home/home_node.html
LEADING FIRMS
1 Deloitte
EY
Flick Gocke Schaumburg
PwC
2 Baker & McKenzie
KPMG
Luther, Taxand Germany
NERA Economic Consulting
3 Dentons
Freshfields Bruckhaus Deringer
LW TAX Lemaitre Wittkowski
Oppenhoff & Partner
WTS
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Germany
ideal scenario would be to deter the tax authorities
from pursuing this approach.
Because base erosion and profit shifting (BEPS) is
an international trend, there are lots of changes that
concern Germany. We are particularly affected as
Germany has a lot of headquarters and a lot of the
measures pertain to these. Clients are generally worried about making sure that their structures done in
the past are compliant, said PwCs Tanja Koch. The
new substance requirement that is popular in other
European jurisdictions is not so much a big change
for Germany as this is something that has always
been on the radar for German authorities, she
added. One measure that will be affecting Germany
is the authorised OECD approach (AOA) towards permanent establishments that will be considered as
subsidiaries. Discussions are also taking place
regarding the formalisation of country-by-country
reporting.
Tier 1
Jobst Wilmanns is head of transfer pricing at Deloitte
Germany. The team comprises 14 partners and directors and a mix of economists and lawyers with
expertise in valuation, legal, implementation, financial
services and business model optimisation (BMO). This
combination of experts allows Deloitte to analyse
transfer pricing needs from every perspective. Clients
for the firm include many of the most prominent
German multinationals, medium-sized businesses
and mid-market clients. Important projects the team
have worked on within the past year include an
implantation of a new centralised business model in
Europe for one of the worlds largest companies, and
creating a global risk assessment and transfer pricing
guideline for a multinational group.
The firm goes beyond documentation and audit
work and extends to valuation services for intangibles and relocations of functions, BMO, M&A, advisory and IT-based solutions and compliance. Deloitte
Germany has eight offices across the country which
enables the team to build close relationships with
clients and provides flexibility so projects can be
taken on short notice.
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Germany
Tax rates at a glance
Corporate tax rate
Capital gains
Branch tax
Witholding tax
Dividends
Interest
Royalties
Net operating losses (years)
Carryback
Carryforward
15% (a)
15% (a)
15% (a)
25% (a)(b)(c)(d)
0% (e)(f)
15% (a)(b)(f)(g)(h)
1 (i)
unrestricted (j)
f)
g)
h)
i)
j)
Source: EY
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Germany
particularly taxing because it included ensuring the
elimination of the risk of double taxation of licence
fees. In addition, it required collaboration not only
with the German authorities but with the US competent authorities also. The team succeeded in achieving the desirable outcome with credit to its significant experience in dealing with such cases and
working relationships with authorities. The deal
closed at $250 million.
One client said of the firm: The consulting services are always of a high quality on a top level with a
high practical relevance.
PwCs transfer pricing team is led by Lorenz
Bernhardt and this year has experienced significant
growth with the addition of five new partners all from
Deloitte; Heinz-Klaus Kroppen, Jrg Hlshorst, Axel
Eigelshoven, Stephan Rasch and Roman Dawid.
There is now a total of 13 partners within the tam and
more than 160 additional transfer pricing professionals. PwC has employees based in every major city in
Germany. The team boasts specific product expertise
that includes IT, business restructuring and compliance. It is also an international team with members
from a diverse range of countries, including Brazil,
India, China and Russia. Diversity is something other
German firms are not able to offer, said Tanja Koch, a
senior manager in the team. We are also experts on
any transfer pricing matter you can think of and our
offices collaborate across their individual locations.
In addition to strong relationships across Germany,
PwC is firmly embedded within the international PwC
TP network which consists of over 3000 professionals based in more than 80 countries. Jrg Hanken of
the German team is PwCs German and Global TP
technology leader. Technology is a particular area of
expertise for the team as the practice is known for
its strong technical capabilities and its industry focus.
Furthermore, the team uses a range of technology
solutions to prepare global documentation and support technology solutions, which facilitates the price
setting for multinationals and has also set up tools
that pertain to country-by-country reporting.
Important projects the team has worked on within
in the past year include the design of a new transfer
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Tier 2
Stephan Schnorberger heads the transfer pricing
team as the sole partner at Baker & McKenzie
Germany. The transfer pricing practice began in
2005 in Dsseldorf. As the team is comparatively
small compared to others in the market, it does not
do much commodity work but focuses on tax controversy work, tax planning, business restricting,
APAs, valuation and documentation. We are
unique because we pursue a more in-depth
approach than our competitors and unlike any
other practice, we merge economics and legal
skills with our global outlook and connections,
said Schnorberger.
The TP practice has a global clientele with a particular emphasis in the US and with German multinationals who are longstanding clients, attracted to
the high quality of Baker & McKenzies economic
work. The team may not be top of the market,
size-wise, but regardless, it works on cutting edge
cases, high-value and sophisticated controversies
and is quick to react to clients.
Key deals the team worked on this year include
a transfer pricing dispute on a profit split with a
large company in Hong Kong. The tax authorities
were under the impression that the client had
engaged in profit sharing in Hong Kong and therefore did not want to reveal their accounts. The
team defended its client against a challenge from
the authorities to view its accounts. Furthermore,
the team also advised a biotechnology company in
relation to product IP owned by a foreign holding
company into an existing Dutch IP structure.
Achim Roeder leads the transfer pricing practice
at KPMG Germany. The team has 10 partners, three
directors and more than 85 additional professionals. The partners and directors reflect the diversified team because they not only consist of tax
specialists but also of lawyers and economists.
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Germany
The firm offers the full suite of transfer pricing services including planning, model implementation,
operational transfer pricing, documentation, audit
defence, dispute resolution and APAs. In terms of
operational transfer pricing and documentation,
KPMG is developing unique tools to provide a high
standard of work and project quality. It is employing
data analytic tools and is collaborating with KPMGs
tax consulting and management team to run and
document clients transfer pricing systems. In addition, the team has also developed common standards and practices to determine arms-length transfer prices for intangibles and business restructurings.
It seeks to develop approaches that are consistent
with economic valuation theory, in addition to the
relevant tax law and regulations.
Clients are mainly large German multinationals,
German SMEs and financial service enterprises; with
a particular focus on the manufacturing, pharmaceuticals, transport and logistics, internet and new-economy industries. This year the team has been working on a country-by-country readiness assessment
and selected business units and the implementation
of new OECD documentation standards for a major
German provider of logistics and transport services
with global operations. It has also been involved in
the reorganisation of sales structures and transfer
pricing system for the distribution of chemicals
through a permanent establishment structure.
Ulrich Siegemund leads the transfer pricing practice of Luther, Taxand Germany as head of tax. The
team is a diverse mix of both lawyers and economists that strives to achieve the ultimate solutions to
client needs. It is a full-service transfer pricing practice, with planning, documentation, dispute resolution and audit services available. The majority of
transfer pricing issues the firm works on pertain to
the real estate, financial, software development and
consumer goods industries.
Alexander Voegele heads the transfer pricing practice at NERA Economic Consulting. He is an economist specialising in intercompany transfer pricing, valuation and intellectual property. He has a wealth of
experience in advising multinationals on defining
Tier 3
Partners and co-heads of tax, Michael Graf in
Frankfurt and Michael Helm in Berlin, head-up the
transfer pricing practice of Dentons in Germany. They
regularly advise clients on transfer pricing issues that
include a particular emphasis on disputes. As the
allocation of risks and rewards requires a comprehensive analysis of the underpinning legal contracts,
transfer pricing documentation is another focus area
for the team.
The team has a broad expertise area with a fluid
approach and no particular focus in any specific industry. This year the team has worked on an array of complex and innovative projects. One concerned an
administrative appeal and mutual agreement proceeding regarding transfer pricing policy between Germany
and China. The team advised a former family-owned
business in this respect, and is still in the process of
working on this case. Furthermore again within transfer pricing controversy the team advised a producer
of electronic components in its dispute with the
German fiscal authorities regarding transfer pricing
issues with China. In addition, the team is also in the
process of planning and implementing a low-risk distributor (LRD) for a large US multinational. The diversity
of these projects demonstrates the dynamic range of
expertise and services that Dentons Germany exhibits.
Transfer pricing operations at Freshfields
Bruckhaus Deringer are overseen by Norbert
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Germany
Schneider, an international tax partner for the
Cologne and Dsseldorf offices, who also heads the
German and Austrian tax group. He has more than
20 years experience and specialises in cross-border
tax matters and advises on the structuring and
financing of M&A transactions and tax optimised corporate restructurings.
The transfer pricing team combines economics, tax,
IP law and dispute resolution expertise across a wide
range of industries. Freshfields splits its TP practice
into three main areas; transactional services, regulatory services and risk services. It ensures that clients
receive the maximum value in transfer pricing planning, dispute resolution and compliance.
Ansas Wittkowski is the key contact for transfer pricing at LW TAX Lemaitre Wittkowski. He specialises in
transfer pricing and VAT and came from a Big 4 background. He works closely with Claus Lemaitre, head of
tax, on TP matters. The firm has recently changed its
name after leaving the Taxperience network at the
end of 2014. Now, it embraces its new boutique status that provides personal, high customised and specialised tax advice and transfer pricing services.
This past year has been successful for the TP team.
Clients, who the firm advises on corporate tax and
M&A matters on a regular basis, are engaging the
team for their transfer pricing needs. In September
2014 the team advised a German company with significant subsidiaries in other jurisdictions on the different tasks that were centralised in different countries. IT was done in Spain, book-keeping in the UK,
but the headquarters were in Germany. The team
ensured the cost was implemented correctly for each
of the six or seven different countries spread across
Europe, and implemented a transfer pricing model.
We also work with companies who know nothing
about transfer pricing but need it as they have acquisitions in different countries. We also do restructuring,
tax audits and documentation, said Wittkowski.
Axel Bdefeld leads the transfer pricing group at
Oppenhoff & Partner, along with two other partners.
The team has recently grown with the addition of Eva
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Germany
Franklinstrasse 50
60486 Frankfurt am Main, Germany
Germany
Ernst & Young GmbH
Wirtschaftsprfungsgesellschaft
Graf-Adolf-Platz 15
40213 Dsseldorf, Germany
Jobst Wilmanns
Tel: +49 (0)69 75695 6120
jwilmanns@deloitte.de
Deloittes transfer pricing team in
Germany is led by Jobst Wilmanns who
works alongside three partners, twelve
directors and a team of 80 further colleagues. This team includes business
economists, economists, tax advisors,
CFAs and attorneys. With its eight hubs
in Germany Deloittes transfer pricing
practice serves clients with a wide service
spectrum in almost all regions and industries. These industries span a wide range
like automotive, consumer business,
chemical and pharmaceutical as well as
financial services. Our industry-specific
competencies allow for offering specialised services , e.g. in the fields of business model optimization, transfer pricing
operationalizing, controversy and dispute
resolution and technology approaches.
Oliver Wehnert
Transfer Pricing Leader
Phone +49 211 9352 10627
oliver.wehnert@de.ey.com
Flick Gocke Schaumburg is an independent law firm that has established itself as
one of Germanys leading tax law practices, combining the experience of lawyers,
tax advisors and certified public auditors to
develop tailor-made and tax-efficient legal
structures and solutions. Transfer pricing is
today one of its major disciplines. The TP
teams main strength include defense of
TP mechanisms in tax audits, tax litigation, mutual agreement and arbitration
83
Germany
procedures as well as APAs.
With offices in Bonn, Berlin, Frankfurt,
Munich and Hamburg the firm counts
105 partners and more than 250 associates with multiple qualifications in the
fields of law and economics.
In addition to its representative offices in
Vienna and Zurich, the firm maintains
strong working relationships with premier
consultants in many other countries.
Flick Gocke Schaumburgs client base
includes national and international groups,
affiliated corporations, family-owned
businesses and high-net-worth individuals.
Contact: Dr. Xaver Ditz
Tel: +49 228 9594-0
Email: xaver.ditz@fgs.de
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Greece
Tax authorities
Hellenic Republic Ministry of Finance
Kar. Servias 10, GR-105 62 Athens
Tel: +30 210 337 5000
Fax: +30 210 333 2608
Email: minister@minfin.gr
Website: www.minfin.gr
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 Dryllerakis & Associates
Zepos & Yannopoulos Taxand
3 UnityFour
the Eurozone bailout fund or to other Eurozone creditors. Many Greeks blame the harsh austerity measures for many of the countrys continuing economic
woes. On the other hand, many of Greeces exasperated creditors point fingers at Athens for failing in its
obligation to carry out the economic renewals as
stipulated under its bailout agreement.
Perhaps alleviating the panic somewhat is the fact
that Greece does not have to make any payments
on the Eurozone bailout fund until 2023; with the
IMF suggesting that this is further extended. EYs
Christos Kourouniotis suggests that hope may be on
the horizon: We are in a much better position than
we were a couple of months ago. The austerity
measures are putting pressure on profitability but
now we are focusing on spending in accordance
with the reforms which will assist in the recovery of
the Greek economy.
In response to all that has gone on, transfer pricing
has become the focus of the Greek tax authorities,
as it is an area where they feel they can raise taxes
to provide higher revenue. We are experiencing a lot
of changes in the transfer pricing rules, said Sophia
Grigoriadou of Dryllerakis & Associates. We have
modernised the permanent establishment definition,
and a lot of the old provisions were eliminated. The
base erosion and profit shifting (BEPS) initiative by
the OECD has been partially incorporated into Greek
legislation, but regardless has had a major effect on
the tax market. It calls for an entirely different mindset, said EYs head of tax Stephanos Mitsios. What
was applicable in the past is not always applicable
now. Substance is the name of the game. It is not
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Greece
about simply having substance; it needs to be
demonstrated to avoid the formalistic penalties. As
transfer pricing becomes a centre of focus for the tax
administration, it is definitely becoming a busier area.
Clients are needing to change their attitude from
being responsive to being proactive.
Tier 1
Eftichia Piligou leads Deloittes transfer pricing practice within a team of 14 other professionals. It seeks
to broaden and deepen its range of services, focusing on transfer pricing controversy and advice regarding the effective initiation, monitoring and defence of
transfer pricing policies; including advice on
advanced pricing agreements (APAs). The team is
able to draw on its wealth of knowledge and experience from within the worldwide Deloitte network,
and develop within its business sectors that include
manufacturing, energy & resources, consumer, financial services and life sciences & health care.
This last year has been significant for Deloitte in
terms of assisting clients in the defence of the transfer pricing positions during tax audits. One particular
exemplary case concerned a Greek multinational
group of companies that were successfully moved
through a transfer pricing audit that simultaneously
took place in Greece and Germany. The team assisted the client and presented their technical arguments
against the suggested adjustments from both jurisdictions, resulting in minimised double taxation charges.
EY Greece has one of the largest transfer pricing
teams in the country, with 22 professionals including
new head of transfer pricing, Spyros Kaminaris. This
year the department grew by another 10%. Transfer
pricing is taken extremely seriously within the team.
EY was the first invest in TP in terms of working with
the Ministry of Finance and we have been doing so
since about 2007 to aid in formulating legislation,
said Kourouniotis. EY Greece is involved in a large
advanced pricing agreement (APA) application in the
energy sector and also has the leading position in
negotiating APAs with the Ministry of Finance.
We are keen to promote TP awareness in Greece;
being proactive ensures quality in services, which is
86
the main differentiating factor between us and competitors, added Kourouniotis. This can be seen in
the first Athens TP Forum EY organised in November
2014 with the participation of 120 clients and representatives of the Ministry of Finance, including the
General Secretary of State Revenues. Workshops
were organised which updated the attendees on TP
developments in Greece and highlighted the risk and
merits of being proactive in the new economic climate, with a view to formulating a more favourable
environment for taxpayers.
The team also has a strong presence in controversy cases by providing support to major multinationals during TP audits. The team is one of the leaders
in the filing of hybrid APA applications (Law 89
regime) under which the operational mark-up of
intragroup services centres in Greece is determined.
Particularly, EY successfully continued to negotiate
several cases with fiscal authorities in the period
concerned.
Effie Adamidou, a tax services partner at KPMG,
leads the transfer pricing team. It is one of the most
successful and recommended teams in the country
for this field. The ethos of the firm is that an effective
transfer pricing strategy should permeate all elements of an organisation. This includes not only the
arms-length pricing of tangible goods and services,
but also encompasses the transfer of intangible
assets, and incorporating compliance and controversy solutions where necessary. A distinguishing feature of KPMG is its strong emphasis on client relationships that underpins its tailor-made approach to
TP projects. Key industries for the firm include financial services, energy and utilities, and telecommunications.
PwC Greece is a full-service transfer pricing firm.
Leading the team is head of transfer pricing services,
Antonis Desipris, who also specialises in international, income and corporate tax. The teams key services include TP planning and compliance advice,
advice and assistance in preparing documentation,
benchmarking reports and TP audit assistance. A
strong emphasis is placed on the effective management of corporations financial positions and their fis-
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Greece
Tax rates at a glance
Corporate income tax
Capital gains tax
Branch tax
Withholding tax
Dividends
26%
26%
26%
10% (a)
Interest
Bank interest
15% (b)(c)
Interest on Treasury Bills and corporate
bonds
15% (b)(c)
Repos and reverse repos
15% (b)(c)
Other interest
Paid to Greek legal entities
Paid to foreign legal entities
c)
15%
15% (c)(d)
b)
0
5
Tier 2
Sophia Grigoradou leads the tax team at Dryllerakis
& Associates and is in charge of all transfer pricing
services. She works closely with the other members
of the TP team, Nikolaia Lepida, Maria Gkoustsiou
and John Gkotsis. The firm assists on all aspects of
d)
e)
87
Greece
range of services. Our long-lasting cooperation indicates the professionalism and integrity of Dryllerakis
as well as the quality of services provided.
This year the firm has been busy working on various TP projects that involve advising on policy issues
and preparing TP reports and intercompany business
cooperation agreements. There has been a particular
focus on clients from the chemicals, health products,
books and education, and packaging industries.
Elina Filippou leads the transfer pricing team at
Zepos & Yannopoulos Taxand. Apart from TP, she
specialises in business restructuring and corporate
and international taxation. She joined the firm in 2004.
She frequently advises on the implementation of global transfer pricing policies, including documentation
and reporting requirements. In addition, she assists
clients in managing, assessing and planning any related transfer pricing issues. Her expertise also extends
to dispute resolution and she commonly advises on
the tax consequences of intragroup transactions.
While the firms main clientele are multinationals, it
has found that transfer pricing is becoming a more
complex issue locally, following the increase in
88
awareness and sophistication of the tax administration. Transfer pricing related dispute resolution is a
key service area for the team; both on domestic and
EU legislation.
Tier 3
UnityFour is an independent tax and accounting
firm, led by managing partner Nikolaos Siakantaris.
He works closely with head of international tax, Illias
Sakellariou, who previously worked for seven years
in the CONSULCO HQ in Cyprus as head of the Greek,
Polish, Romanian, Bulgarian and Maltese offices
before joining UnityFour in 2014Transfer pricing is a
relatively new and exciting venture. We are doing
well and have attracted many new multinational
clients, said Sakellariou.
The transfer pricing activities of the firm have a niche
focus on software, IT/technology and digital economy.
In addition, the firm also provides services to the construction and telecommunication industries.
One client praised them, saying: Overall the entire
team is excellent and I strongly recommend the firm
as a rapidly rising star in the Greek market.
www.worldtransferpricing.com
Tax authorities
Ministry of Finance
Building 100, Road 1702, Block 317,
P.O Box 333,
Diplomatic Area
Manama
Tel: +973 175 7 5000
Fax: +973 175 3 2853
0% (a)
0%
0%
0%
Source: www.ey.com
89
Tax authorities
Ministry of Finance
Ministries Complex, City of Kuwait 13001
P.O. Box 9, Safat
Tel: +965 22480000
Email: webmaster@mof.gov.kw
Website: www.mof.gov.kw
15% (a)
15% (a)
15% (a)
Withholding tax
Dividends
Interest
Royalties
Management fees
Branch remittance tax
15% (b)
0% (c)
0% (d)
0% (d)
0%
0
3 (e)
90
www.worldtransferpricing.com
Source: www.ey.com
Tax authorities
Ministry of Finance
PO Box 506, Muscat
Tel: +968 2473 8201
Fax: +968 2329 5888
Email: info@mof.gov.om
Website: www.mof.gov.om
12%
12%
12%
10% (a)
0
5
Source: www.ey.com
QATAR
Tax authorities
Ministry of Economy & Finance
PO Box 83, Al Corniche Road, Doha
Tel: +974 4446 1444
Fax: +974 4441 3617
Email: info@mof.gov.qa
Website: www.mof.gov.qa
10%
0%/10%
10%
5%/7%
0
3
Source: www.ey.com
91
Tax authorities
Ministry of Finance
Al Malaz, Riyadh, 12641
Tel: +966 405 0000
Fax: +966 405 9502
Email: info@mof.gov.sa
Website: www.mof.gov.sa
0
Unlimited
5%
5%
15%
Source: www.ey.com
Tax authorities
Ministry of Finance and Industry Building
Old Jawazet Street 433, Abu Dhabi
Tel: +971 2-672-6000
Fax: +971 2-676-8414
Email: webmaster@mof.gov.ae
Website: www.mof.gov.ae
92
0% (a)
0%
0%
0%
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Source: www.ey.com
93
Hong Kong
Tax authorities
Inland Revenue Department
Revenue Tower, 5 Gloucester Road, Wan Chai, Hong Kong
Tel: +852 2187 8088
Fax: +852 2519 9316
Email: taxinfo@ird.gov.hk
Website: www.ird.gov.hk
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 Baker & McKenzie
DLA Piper
Quantera Global
Tier 1
Deloittes transfer pricing team in Hong Kong is part
of a larger Chinese transfer pricing practice. The
whole practice in China comprises more than 200
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Hong Kong
Tax rates at a glance
Corporate income tax
Capital gains tax
Branch tax
Withholding tax
Dividends
Interest
16.5%
0%
16.5%
0%
0%
0%
Unlimited
Source: www.ey.com
transfer pricing planning, transfer pricing documentation, transfer pricing controversy, advance pricing
arrangement, tax valuation, end-to-end transfer pricing execution, transfer pricing academy, value chain
transformation, and transfer pricing integration.
PwC has a financial services transfer pricing team
serving in China and Hong Kong. This team focuses on
providing practical and technologically sound advice
for financial services taxpayers: inbound and outbound banks, insurers, and fund managers. Key partners of this team are Phillip Mak and David McDonald.
Tier 2
Richard Weisman heads Baker & McKenzies transfer pricing practice in both Hong Kong and China. The
firms China transfer pricing team advises clients on
matters comprising documentation, advance pricing
agreements, competent authority negotiations, controversy management and transfer pricing methods
development.
The most common industries the firm works with
include: high-technology (Silicon Valley), retail and
pharmaceuticals.
DLA Pipers transfer pricing practice in both China
and Hong Kong is headed by Windson Li. The prac-
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Hong Kong
tice consists of five partners and 22 other fee earners. Daniel Chan is involved in structuring and analysis in the transfer pricing practice. Chan also leads the
tax practice in the two jurisdictions. Another partner in
the team Doris Ho, who provides tax advice on corporate acquisitions and restructuring transactions.
The firms transfer pricing practice has seen new
hires in Karen Cheng, Michelle Wong and Queenie
Chan, over the past year.
The main industries the firm serves in transfer pricing include software R&D, industrial, telecommunication and network equipment, consumer electronics
and luxury goods including retail.
The firms tax practice is committed to pro bono
matters. It has assisted a few charities in establishing
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Hungary
Tax authorities
National Tax and Customs Administration
Large Tax Payers Directorate
1077 Budapest, Dob utca 75-81
Postal Address: 1410 Budapest, Post Box 137
Tel: +36 1 461 3300
Website: www.nav.gov.hu
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 Mazars
Tandax Advisory
3 BDO Magarorszag
DLA Piper Horvth & Partners Law Firm
Jalsovszky Law Firm
Kajtr Takcs Hegymegi-Barakonyi Baker & McKenzie
WTS Klient Tax Advisory
Firms to watch
Orientax Consulting
Ryan
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Hungary
Tax rates at a glance
Corporate tax
Capital gains
Branch tax
Withholding tax
Dividends
Interest
Royalties
Net operating losses (years)
Carryback
Carryforward
10%/19% (a)
10%/19%
10%/19% (b)
0%
0%
0%
0
Unlimited
Tier 1
Pter Gmesi is a director in Deloittes tax department and leader of the transfer pricing team. He has
many years experience in international taxation and
works closely with senior managers, Judit Helybly
and Hedvig Tth. Helybly works on the transfer pricing issues concerning transactions with associated
parties and has expertise in tax audits concerning
transfer prices and also in the preparation of TP
reports. In addition, she works on the planning of
prices applied in intercompany transactions. Hedvig
on the other hand engages in advisory projects on
the transfer prices of multinational and local companies, including planning, documentation, advance
pricing agreements (APAs) and participation in
authority proceedings.
Deloitte is one Hungarys biggest accountancy
firms, with a transfer pricing team to match. It offers
a comprehensive and classic transfer pricing service.
98
In addition, the team likes to focus on transfer pricing examinations by the authorities as they believe
that early intervention in the transfer pricing policy
process makes for an effective model. To this end,
part of the services include APAs, administrative
appeal assistance, representation during litigation
and the mutual agreement procedure with a competent authority (MAP/CA) process. The Hungarian team
has TP MAP/CA specialists who ensure that the
requirements for indirect taxes are met.
EY taps into the global EY multidisciplinary network to bring its clients integrated expertise across
all tax areas. Transfer pricing services include planning, design, business restructuring, advance pricing
agreements (APAs) and dispute resolution, alongside the traditional documentation and policy
advice. Key industry sectors for EY Hungary are
chemicals, telecommunications, and banking and
capital markets.
Mihly Gdor is a director and head of transfer
pricing at KPMG Hungary. He works closely with
Csaba Lszl, senior partner of the advisory services
team and former head of TP. The main work of the
group centres on transfer pricing reviews; which are
created to assist in identifying related party transactions, any areas of challenge or potential exposure
and to recommend on remedial redress. In addition,
KPMG offers compliance services and drafting transfer pricing policies throughout the value chain. More
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Hungary
specifically, the teams expertise extends to armslength margin support and dispute resolution. A
unique offering from KPMG are the training groups
that are run for professionals within the TP realm as
a way of sharing and promulgating its knowledge
and experience throughout the jurisdiction.
Anita Mekler is the new leading partner of the
transfer pricing team at PwC Hungary. She is an
economist with extensive experience in the automotive industry. Zaid Sethi is another notable partner in
the team; a certified accountant with more than 30
years of experience in tax. He has been involved in
transfer pricing since 1988 assisting the government in development of TP legislation and assisting
clients on their cross-border prices. He has specialist
experience in transfer pricing defence and migration.
PwCs clientele includes major multinational companies in many industry sectors including financial
services, oil and gas, pharmaceuticals, manufacturing
and retail and consumer. To meet the diverse needs
of these industries, the team focuses on review of TP
documentation, localisation of centrally prepared
group documentation and also assistance with the
design of documentation. Concerning APAs, there is
guidance both with the application of the agreement
and with the negotiations involved. Dispute resolution and planning are also focal parts of the teams
work.
Tier 2
Gabriella Nagy is the transfer pricing senior manager at Mazars. She is an expert in international tax
and heads the international coordination of the
Mazars transfer pricing network and was also heavily involved in the preparation of the OECD guidelines
pertaining to TP. Other members of the team include
Sndor Szmicsek and Tams Tth. Mazars views
transfer pricing as not only an obligation in todays
tax climate but also an opportunity for tax optimisation. A broad approach is taken as the professionals
in the team not only have experience in transfer pricing but also in tax assessments in support of the
legal issues that surround the settlement of transfer
prices. The team is a diverse mix of tax experts,
Tier 3
Zsfia Siegler is head of transfer pricing at BDO
Magarorszag. Before working at the firm, she was previously employed by the Ministry of Finance as the
permanent representation of Hungary to the EU. The
team comprises four full-time transfer pricing experts
who specialise in transfer pricing matters of financial
99
Hungary
transactions; instant cash loans, guarantee, hybrid
structures and factoring. The practice offers every
transfer pricing service including the preparation of TP
documentation, rulings, APAs and TP policy advisory.
The firm also participates in transfer pricing projects as
part of the global BDO network. As we are part of a
network, we get the opportunity to deal with big international projects on the same scale as the Big 4,
said Siegler. The BDO network focuses on three key
pillars tax advisory, compliance and transfer pricing.
This year the firm is taking steps to focus on transfer
pricing and make it even more visible, in response to
all the recent changes that have gone on in the TP
landscape.
kos Becher and Levente Torma, heads of tax for
DLA Piper Horvth & Partners Law Firm, jointly oversee the transfer pricing activities of the firm. Transfer
pricing is a relatively new venture for the firm, with
the TP practice only being two years old. As such, the
firm aims to strengthen this arm of the practice and
have four transfer pricing specialists on the team and
a dedicated compliance project analyst. At the
beginning of 2014, Peter Kiraly joined the team from
EY. He focuses on APAs, mutual agreement procedures and other transfer pricing matters. He is a valuable addition to the team; having succeeded in
bringing in clientele over from the the Big 4. Work is
also increasing for the team; in particular, the number of high-value-adding planning and controversy
engagements and TP compliance projects.
The team is also gearing up in the realm of litigation, following the Hungarian tax authoritys sharper
focus on transfer pricing controversy. Following on
from this, the team seeks to educate both clients
and non-clients on potential changes they may
experience in the wake of the OECD developments
within Hungary by organising multiple conferences.
These were attended by tax authority figures and
representatives from the Ministry of National
Economy, who delivered presentations on the most
cutting-edge and recent transfer pricing matters. The
quality services of the team are summed up by one
client: We work with DLA Piper on tax, accounting
and transfer pricing matters. The transfer pricing doc-
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Hungary
they have access to international databases in particular, the Bureau van Dijk database which they
combine with traditional TP services such as compliance, advisory and litigation to provide a comprehensive and updated service to their clients. At the
end of last year, WTS received the Hungarian Quality
of Product Award from the Hungarian Parliament in
recognition for its outstanding tax cross-border services. We are in constant discussions with the
Ministry of National Economy and we know the tax
inspectors well, said Gynyi. We are constantly
making presentations and educating tax advisers
within Hungary. In addition, WTS issues transfer pricing newsletters in more than 70 countries and the
global expatriate team is present in more than 100
countries around the globe.
Firms to watch
Karoly Radnai is head of tax for Orientax Consulting.
It is a small but dedicated tax team with advisers
with wide-spread technical knowledge. Recently,
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India
Tax authorities
Department of Revenue, Ministry of Finance
Room No 46, North Block
New Delhi, 110001
Tel: +91 11 2309 4595
Email: jsrev@nic.in
Website: www.dor.gov.in
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 BDO India
BMR Advisors Taxand
Dhruva Advisors
Grant Thornton
Sudit K Parekh & Co
TP Ostwal & Associates
3 Economic Laws Practice
GM Kapadia & Co
KC Mehta & Co
Khaitan & Co
Luthra & Luthra
Nangia & Co
Firms to watch
Advaita
Lakshmikumaran & Sridharan
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India
Tax rates at a glance
Corporate income
Capital gains
Branch tax
30%-40% (a)
10%-20% (b)
40%
0% (d)
5% - 20% (e)
25%
25%
0%
0
8 (f)
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India
Tier 1
The transfer pricing practice of Deloitte India includes
12 partners and more than 350 transfer pricing professionals. The firms transfer pricing team is led by
Vishweshwar Mudigonda. The transfer pricing practice has added six members into the team during the
past year.
The firms transfer pricing practice offers services in
areas including compliance and documentation,
planning and implementation, controversy management, global documentation, mutual agreement procedure, advance pricing agreement, Fin 48, and business model optimisation.
The main industries the firms transfer pricing
department advises on include technology, media
and telecommunications, manufacturing, energy and
resources, consumer business, as well as financial
services.
Deloitte India also has a specialised global transfer
pricing centre (GTPC) team, headed by Rahul Tomar.
This GTPC team is spread across all the key locations
and serves as a centre of excellence for the firms
network offices. The team has rich experience in
working with network offices across the globe on
global documentation and specialises in complex
and dynamic transfer pricing issues concerning
financial transactions, licensing and valuation of
intangibles.
Vijay Iyer is the transfer pricing leader at EY India.
Iyer has accumulated 19 years of experience in the
transfer pricing practice.
KPMG India consists of 11 partners and 354 professionals plus two advisers. Rohan Phatarphekar
leads the transfer pricing practice. The firm has
welcomed Rahul Mitra from PwC as a partner in
the tax and transfer pricing practice and national
leader of dispute resolution and litigation for direct
taxes and transfer pricing. Mitra is recommended
by peers for his skills in transfer pricing disputes
and APA negotiation.
Financial services, IT & ITeS, industrial manufacturing, pharmaceuticals and life sciences, and private
equity are the key industries the firms transfer pricing team advises.
104
Tier 2
BDO Indias transfer pricing practice comprises four
partners and 32 transfer pricing professionals. The
transfer practice team is headed by Milind S. Kothari.
The firm has added one new member to the team
during the past year.
The main industries the firms transfer practice
advises on range from IT & ITeS, shipping and logistics, infrastructure, pharmaceuticals, telecom and
auto components, to Japanese trading houses, and
fashion and lifestyle.
One of the most innovative transfer pricing matters
the firms transfer pricing team worked on this year is
representing the Indian entity of a client headquartered in the US before the Indian Tax Tribunal. The final
order by the appellate authority was in the clients
favour. This matter involved large stakes for the client
and included an in-depth analysis of the FAR of the
comparables by laying out a careful defence strategy
before the Tax Tribunal. The transfer pricing practices
engagement involved conducting comprehensive
research and careful interpretation of the judicial pronouncements in India and meticulously distinguishing
the factors leading to the tax adjustment.
The transfer pricing practice at BMR Advisors
Taxand consists of three partners, one of counsel,
and 55 transfer pricing professionals. The practice is
led by of Mukesh Butani, who is recommended by
a peer for his skills in APA negotiation. The firm has
added two new members to this transfer pricing
team during the past year.
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India
The firm serves clients in all dimensions of transfer
pricing, including planning and advisory, compliance,
dispute resolution and advance pricing agreements.
The firm is also involved in transfer pricing transaction advisory, as well as handling supply chain and
business models for companies intending to enter
India or for deal structuring.
The main industries the firms transfer pricing team
advises on include technology, automobile, oil and
gas, retail, and consumer durables.
A notable transfer pricing deal in the past year pertains to the issue of shares in the case of Shell India
Markets and the Revenue authorities seeking to
make a transfer pricing adjustment. The matter was
finally adjudicated by the Bombay High Court in
favour of the taxpayer. The transfer pricing adjustment is about US$2.5 billion. The order was pronounced in November 2014.
Dhruva Advisors was established by Dinseh
Kanabar, the firms CEO, in November 2014. Kanabar
is formerly the deputy CEO of KPMG India and the
chairman of its tax practice. The firm began with four
partners and about 25 employees. It has flourished
to nine parters and more than 80 employees in total
in six months. Dhruva Advisors and Dhruva Vox, a
multi-service law firm (previously VoxLaw) focusing
on customs and international trade, and indirect
taxes, merged to as a full service tax and regulatory
organisation with pan-Indian presence. Both firms
are supported by the network of WTS Alliance, a
worldwide recognised tax network.
Kanabar is also the firms transfer pricing lead and
the department comprises two partners and 10
transfer pricing professionals. The firm hired Sudhir
Nayak as a partner involved in transfer pricing in April
2015.
One of the most innovative transfer pricing matters
the firm advised on in the past year is an evaluation
of the global transfer pricing policy for a global conglomerate completed in April 2015.
Arun Chhabra leads the transfer pricing team at
Grant Thornton. The firms transfer pricing practice
is composed of six partners and directors, in addition to 64 transfer pricing professionals. The firm
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India
The international tax and transfer pricing services
consists of areas including group transfer pricing
policy, litigation, transfer pricing policy and study,
tax efficient transaction structuring, withholding tax
compliances and fund structuring.
Tier 3
The transfer pricing practice at Economic Laws
Practice is led by Rohan Shah. The practice is
composed of two partners and four transfer pricing
professionals.
The team offers clients solutions focusing not
only on a comprehensive analysis but also on
assisting clients in planning their transfer pricing
operations. The team is also able to provide advice
on trade and customs. The key industries this
transfer pricing team advises on consists of manufacturing, automobile, telecommunications, IT and
FMCG.
GM Kapadia & Co consists of 14 partners across
its entire tax practice. Ashwin Damania, the managing partner of the firm, leads the firms direct tax,
consultancy and exchange control laws practices.
Damania mainly handles all compliance issues
regarding domestic and international tax. Hitesh
Trivedi and Harsh Shah are other key partners
involving the taxation matter in the firm. Sharh is
also involved with transfer pricing.
Arpit Jain leads the international tax and transfer
pricing practice at K C Mehta & Co, with the technical leadership of Milin Mehta to the firms international tax, transfer pricing and direct tax practice.
The firm provides clients with a wide range of
fully integrated services in areas including accounting, assurance, risk, tax, financial and capital management, business consultation, and other advisory services.
Khaitan & Cos transfer pricing practice is headed by Sanjay Sanghvi. The main industries for the
firm are information technology, financial services,
pharmaceuticals, engineering and infrastructure.
The firms tax team advises on high-end transfer
pricing controversies experienced by different
clients. The team is currently advising and repre-
106
senting various clients in their on-going high profile transfer pricing disputes.
The tax team also partners with clients to identify, and devise effective and legally sound strategies
to handle potential and existing transfer pricing
issues. This involves conducting legal analysis on
the approach to be adopted, when benchmarking
transactions. Moreover, the team gives resourceful
legal inputs on benchmarking reports obtained by
clients.
Vikas Srivastava oversees the transfer pricing services at Luthra & Luthra Law Offices. The team combines lawyers, accountants, and tax specialists to
provide holistic services to clients. The direct tax
group of the firm has been engaged with a wide
range of cross-border taxation issues. An example
would be advising clients on a few withholding and
transfer pricing related issues with regards to transactions undertaken or proposed to be undertaken.
Amit Agarwal head the transfer pricing practice at
Nangia & Co. The practice includes three partners
and 14 transfer pricing professionals. The team has
seen the addition of Ayush Rajani plus other three
members during the past year.
The team possesses a wide range of experience
in offering transfer pricing services such as transfer
pricing documentation, litigation, transfer pricing
advisory, supply chain restructurings, dispute resolutions at DRP and ITAT levels, MAP and APA.
Key industries for the firm include oil and gas,
hospitality, infrastructure and construction, aviation
and IT/ITES.
Firms to watch
Sujit Ghosh leads the tax practice at Advaita that
houses one partner and 37 tax professionals. AR
Madhav Rao, Shailendra Singh and Satyajit Gupta,
together with six other professionals, have joined
as new members during the past year.
The firm was established by two partners and
some advocates in New Delhi and Mumbai in
September 2013. Its areas of specialisation are: tax
(indirect and direct taxes) including stamp duty,
strategic legal advice, involving infrastructure projects,
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India
contract documentation and negotiation assistance,
as well as commercial dispute resolution through
arbitration, mediation and conciliation.
The tax division of Lakshmikumaran &
Sridharan offers advisory, consultation and ligitation services in excise, customs, service tax,
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India
Website: www.bmradvisors.com
Locations: Delhi NCR, Mumbai,
Bangalore, Chennai, Pune
BMR Advisors, is exclusively, Taxand
India.
Quality tax advice,
globally
108
www.worldtransferpricing.com
India
Nangia & Co
New Delhi, INDIA.
Ph.: +91-11- 4737 1000,
Fax: +91-11-4737 1010
Website: www.nangia.com
New Delhi | Mumbai |
Dehradun | Singapore
Key Contacts:
Rakesh Nangia, Managing Partner
Nangia@nangia.com
Amit Agarwal Partner, Transfer Pricing
amit.agarwal@nangia.com
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Indonesia
Tax authorities
Directorate General of Taxes
Jalan Gatot Subroto, Kavling 40-42,
Jakarta 12190, PO Box 124
Tel: +62 21 5250208; +62 21 5251509
Fax: +62 21 584792
Email: pengaduan@pajak.go.id
Website: www.pajak.go.id
LEADING FIRMS
Tier 1
1 Deloitte
EY
KPMG
PwC
2 Danny Darussalam Tax Center
Hadiputranto, Hadinoto & Partners
MUC Consulting
PB Taxand
SF Consulting
Firms to watch
VDB Loi
Indonesias transfer pricing market is lively with frequent developments in legislation and litigation.
There will be so many tax audits. Among others,
the focus of [these tax audits] is transfer pricing-related cases, said Ponti Partogi of Hadiputranto,
Hadinoto & Partners .
Permana Adi Saputra of PB Taxand also noted a
dramatic increase in tax audit activity. If we compare
2014 to 2015, the [increase] in tax income target is
about 30%, said Saputra. The targets were $1.8 billion in 2014 and $5.6 billion in 2015.
However, the authorities are not meeting these
targets.
The authorities are getting hotter on compliance
too and taxpayers are forced to spend more time on
their documentation.
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Indonesia
Tax rates at a glance
Corporate income
- Revenue >IDR4.8 billion per annum 25% (a)
Capital gains
25%
Branch tax
25%
Withholding tax
Dividends
- Individual
- Corporate (with share
ownership of <25%)
Interest
Royalties
Technical service fees
Branch remittance tax
Net operating losses
Carryback
Carryforward
c)
10%/20% (b)
10%/20%
15%/20%
15%/20% (c)
15%/20% (d)
2%/20% (e)
20%
d)
0
5 years
e)
f)
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Indonesia
business ventures. She has been involved in numerous tax advisory assignments on corporate mergers
and acquisitions, tax due diligence investigations,
cross-border transfer pricing issues and defence
cases, handling tax refunds, secured favourable tax
rulings and tax dispute resolution cases.
Tier 2
The transfer pricing practice of Danny Darussalam
Tax Center comprises two partners and 13 professionals. The practice is headed by Romi Irawan.
The client base of the firms transfer pricing practice
has attained a year-on-year growth rate of 48% during 2014. The firm offers a wide spectrum of transfer
pricing services: documentation, advisory, setting
transfer prices, transfer pricing risk management and
planning, public advocacy, policy considerations, APA,
MAP, audit defence, litigation, and intercompany
agreements drafting.
The five main industries the firm advises, with
regards to transfer pricing, include automotive industry,
oil and gas industry, mining industry, plantation industry, and pulp and paper industry. Most of the firms
transfer pricing clients are multinational companies,
accounting for 95% of its transfer pricing clientele.
One of the firms most innovative transfer pricing
matters in the past year was providing transfer pricing audit assistance services for a large refined
oil/automotive fuel distributor in Indonesia. The matter involves rationalisation of a complex cost contribution agreement in relation to shared service.
The member firm for Baker & McKenzie in
Indonesia is Hadiputranto, Hadinoto & Partners.
The transfer pricing practice is composed of two partners and six professionals. Wimbanu Widyatmoko is
the head of the tax practice group of the firm, leading both the tax and transfer pricing operations.
Widyatmoko is also the firms managing partner. His
practice includes a great spectrum of corporate
Indonesian tax and international tax planning on
inbound and outbound investment.
Another partner of note is Ponti Partogi, who focuses on domestic and international tax issues relating
to inbound and outbound investment, as well as
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cross-border corporate exercises including JVs, establishing new operations, M&As, divestitures, spin-offs
and takeovers. In an ongoing transfer pricing matter
led by Partogi, the firms transfer pricing practice supports a multinational consumer products company in
defending its arms-length profit margins.
The firms transfer pricing practice deals with work
including transfer pricing litigation and dispute resolution, and documentation. The firms transfer pricing
operation serves clients mainly from such industries
as the media, entertainment and publishing, chemicals and plastics, as well as pharmaceuticals and
nutrition.
Wahyu Nuryanto is the head of the transfer pricing
and international tax department at MUC Consulting.
The transfer pricing practice consists of one partner
and 11 professionals.
The transfer pricing team serves clients in services
such as documentation, tax audit assistance, objection, appeal, transfer pricing structuring (planning)
and other transfer pricing matters.
The main industries the firm advises on in the
area of transfer pricing include automotive, chemicals, manufacture (consumer goods, shoes and
apparels) including some listed companies on
Indonesia Stock Exchange, financial including
some listed finance companies in IDX, as well as
electronic parts.
In one of the most innovative transfer pricing matters advised since May 2014, the firms transfer pricing team successfully managed the tax audit process
on transfer pricing matters for a large automotive
manufacturer, with the transfer pricing adjustment of
$145 million saved by the firm.
PB Taxands sole transfer pricing partner Permana
Adi Saputra heads a team of 21 transfer pricing professionals. Saputra has participated as a speaker in
different transfer pricing forums and workshops held
domestically and overseas.
The practice offers an extensive range of transfer
pricing services: conducting ex-ante and ex-post
transfer pricing studies, providing advice on supply
chain functions and business restructuring, assisting in APA application, and assisting in dispute
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Indonesia
processes involving tax audit, tax objection, tax
court levels and MAP.
Automotive, pharmaceutical, coal, palm oil and
chemicals are the main industries the firms transfer
pricing team advises on.
The transfer pricing team of SF Consulting consists
of two partners and 30 professionals. Sri Wahyuni
Sujono leads the transfer pricing practice, serving as
the head of the tax practice of the firm as well. The
firm has become a member of global tax network,
Crowe Horwath, since November 2013.
One of the most innovative transfer pricing matters
for the team in the past year was a completion of
transfer pricing analysis on the arms-length interest rate
on the intercompany loan of Hutchison 3 Indonesia.
Firms to watch
VDB Lois transfer pricing practice consists one partner
and three other transfer pricing professional. Graham
Garven, recommended by a peer in Indonesias transfer pricing market, leads the transfer pricing practice.
The firms transfer pricing team advised a client in
response to tax audit findings at final stages, including the high level assessment of transfer pricing risks
and the consideration of weakness in the tax authoritys position.
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Ireland
A overview of the transfer pricing audit environment in Ireland by Martin Phelan and
Declan Lavelle of William Fry Taxand.
Tax authorities
Revenue Commissioners
Large Cases Division
Ballaugh House
73-79 Mount Street Lower
Dublin 2
Tel: +353 (0) 1 613 1800
Email: largecasesdiv@revenue.ie
hile Ireland has a Code of Practice for
Revenue Audit, it does not yet have any
specific legislation or guidance to deal with
transfer pricing audits. Revenue has now started
to commence transfer pricing-specific audits.
They have recruited from private practice over
the past few years to upskill their resources.
The transfer pricing division is housed within
the Large Cases Division.
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Ireland
TPCR. According to Revenue guidance, the
information which should be contained in the
report provided to Revenue in response to a
TPCR is as follows:
The group structure;
Details of related party transactions entered
into by the Irish entity, specifying the type of
the transaction(s) and the associated companies involved;
The pricing policy and the transfer pricing
methodology for each type of related party
dealing;
The functions, assets and risks of the parties
to the transactions;
A listing of the documentation available and
reviewed in the context of the self review;
and
The basis for establishing that the armslength standard has been satisfied.
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jurisdiction which supports the Irish arrangement provided such documentation is in
English.
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Ireland
LEADING FIRMS
On a more positive note, Ireland is still experiencing lots of inward investment. The positive effect of
the BEPS initiative is that Ireland will still be the best
place to locate international investment, because of
the low tax rates, and being a member of the EU and
the OECD gives protection to Ireland, said Maples &
Calders Andrew Quinn. Brian Duffy of William Fry
echoed this sentiment: Inward investment is booming and transfer pricing is the key to the structuring
of those matters, he said.
1 Deloitte
EY
KPMG
Matheson
PwC
2 William Fry Taxand
3 A&L Goodbody
Grant Thornton
Mason Hayes & Curran
Tier 1
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Ireland
Tax rates at a glance
Corporate tax rate
Capital gains
Branch tax
Withholding tax
Dividends
Interest
Royalties
Net operating losses (years)
Carryback
Carryforward
12.5%/25% (a)
33% (b)
12.5%/25% (c)
0%/20% (d)
0%/20% (e)
20% (f)
1
Unlimited
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pute resolution; with an emphasis on responding to
authority challenges with detailed economic justifications for transfer prices.
Mathesons established transfer pricing team is led
by Joe Duffy. He works very closely with Greg
Lockhart and Catherine OMeara on the tax controversy team. The TP practice consists of three partners
and one consultant specialising in transfer pricing, as
well as three additional TP professionals. All the practitioners are international leaders in the field and are
comprised of a diverse assortment of lawyers,
accountants and a former in-house transfer pricing
professional. We have the most established transfer
pricing practice in the Irish legal market, said
Turlough Galvin, head of tax.
What differentiates Matheson is the calibre of TP
work it offers. Aside from the traditional services,
Matheson regularly engages in contentious transfer
pricing settlements, correlative adjustments and
advance pricing agreements (APAs). Moreover, typical
work for the team tends to be of a highly sensitive
and confidential nature as it commonly involves
large enterprises with an element of controversy. The
team has a strong focus on its advisory services too;
and works within a range of spheres including classic product and service pricing, IP transfers and the
allocation of profits to permanent establishments.
Following the increase in international audit activity, Matheson has seen an increase in the need to
negotiate transfer pricing adjustments among clients.
It also has advised on restructurings involving IP
migrations into and out of Ireland. The firm exercises
a very involved and hands-on approach in respect of
the OECD BEPS project. It has made various written
submissions on the Actions and has participated in
numerous public consultation meetings.
Gavan Ryle leads the transfer pricing group at PwC.
His niche area is advising multinational companies
on their TP planning as an element of overall management of their effective tax rate. He also focuses
on structuring their related party transactions to take
advantage of the Irish corporate tax rate. Ryle works
closely with tax partner, Ronan Finn, on the teams
transfer pricing ventures.
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Tier 2
Martin Phelan, head of the tax department at
William Fry Taxand is in charge of transfer pricing
operations at the firm. The overall department has
had a lot of new recruits within the last 12 months,
with Shane Wallace and Declan Lavelle, both from
Deloitte, joining the transfer pricing team.
The team offers the full range of transfer pricing
services and in this respect is on a similar scale to
the Big 4. No other law firms do full-service advisory or compliance work, said Sonya Manzor.
Areas of specialisation include supply chain management, benchmarking and economic input-output (EIO) analysis, group charges, IP valuations and
share valuations. Over the past year, William Fry
has worked with a number of high-profile, internationally-renowned companies.
Tier 3
Head of tax at A&L Goodbody is Peter Maher. He
specialises in inbound investment procedures,
cross-border financing and structuring and capital
market transactions. The firm offers a range of classic transfer pricing services, including preparation
of TP documentation, implementation of models
and dispute resolution. The firm has felt a shift in
its workload following the changing Irish tax climate. We have had an unbelievably busy last
couple of years with inversion transactions as
Ireland is now the preferred location for most of
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those transactions, said Maher. In this respect, the
team has been keeping busy safeguarding its
client portfolio against any potential changes
brought about by the BEPS initiative.
Peter Vale is in charge of Grant Thorntons transfer
pricing team. He has a wealth of expertise in international corporate tax structuring, including financing
structures, company migrations and international
reorganisations. Grant Thorntons transfer pricing
client base includes Irish and overseas multinationals and large-scale indigenous Irish companies. Key
sectors are the distribution, energy, food and financial services sectors.
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Ireland
William Fry Taxand
Dedicated to tax
Local knowledge, global view
Partner led from start to finish
Complex problems, customised advice
Conflict free & un-bureaucratic
Passionate about working together
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Israel
Tax authorities
Income Tax Office
66 Kanfei Nesharim Street,
Jerusalem
Tel: +972 2 654 5111; +972 2 654 5415
Fax: +972 2 654 5183; +972 2 654 5413
LEADING FIRMS
1 Deloitte
EY
PwC
2 BDO
Herzog Fox and Neeman
Fahn Kanne & Co Grant Thornton
Gornitzky & Co
KPMG
Tier 1
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Israel
The firms transfer pricing consultancy is based on
an understanding of international legislation, regulations and guidelines in the transfer pricing regime,
together with US transfer pricing legislation, OECD
guidelines and transfer pricing regulations in Israel.
Gerry Seligman is an international tax partner from
PwC US, now residing in the Tel Aviv office of PwC
Israel. Seligman looks after the international tax and
transfer pricing practice. Tax department head Doron
Sadan also supports Seligman in the Tel Aviv office.
The transfer pricing services team offers TP policy
advice, benchmarking, comprehensive studies and
transfer pricing documentation reports, transfer pricing strategy planning, transfer pricing policy planning
with regards to local and foreign regulations, negotiation of pre-rulings and APAs.
Tier 2
The transfer pricing department of BDO, as part of
the global BDO TP network, is led by Amit Shalit, who
founded the firms transfer pricing practice in 2007.
Shalit has years of experience in international taxation, especially with regards to overseas investments
by Israeli residents and investments in Israel by foreign residents.
The transfer pricing team offers services in transfer
pricing policy, documentation, audits and APA services.
Meir Linzen is Herzog Fox and Neemans managing partner, heading the firms tax and transfer pricing
departments. Boutique law firm specialising in transfer
pricing and high-tech Bar-Zvi & Ben-Dov merged with
Herzog Fox and Neeman and co-founders and partners of Bar-Zvi and Ben-Dov, Yariv Ben-Dov and Eyal
Bar-Zvi, joined Herzog Fox and Neeman as partners in
November 2014. The firms transfer pricing practice
now has two partners and three professionals.
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Israel
Tax rates at a glance
Corporate income tax
Capital gains tax
Branch tax
26.5% (a)
26.5% (a)
26.5% (a)
Withholding tax
Dividends
0%/15%/20%/25%/30% (b)(c)
Interest
0/26.5 (a)(b)(d)(e)
Royalties from, for example,
patents, know-how
26.5 (a)(b)(d)
Branch remittance tax
0
Net operating losses (years)
Carryback
Carryforward
0
Unlimited
Source: www.ey.com
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An audit guide by Domenico Fava of Fava & Partners.
Tax authorities
Agenzia Entrate
Cristoforo Colombo n. 426 C/D, 00145 Rome
Tel: +3906 9666 8933
Email: cop.pescara@agenziaentrate.it
Website: www.agenziaentrate.gov.it
Website in English: www1.agenziaentrate.it/inglese/
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3. When a company has been notified of
audit, what is the first thing it should do?
It is recommended taxpayers ask for the
immediate involvement of a tax adviser, for
proper assistance in the course of the tax
audit.
Usually the assistance of the tax adviser
might help to properly address any request of
IRA and to better protect the taxpayers
position.
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10. Are there any restrictions on the
taxpayers advisers during audit?
No.
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LEADING FIRMS
1 BonelliErede Pappalardo
Maisto e Associato
Studio Associato (KPMG)
Studio Legale e Tributario (EY)
Studio Tributario e Societario (Deloitte)
Valente Associati GEB Partners
2 Belluzzo & Partners
Bernoni Grant Thornton
Fantozzi & Associati, Taxand Italy
Hager & Partners
3 Allen & Overy
Baker & McKenzie
Chiomenti Studio Legale
Di Tanno e Associati
DLA Piper
Fava & Partners
Legance Avvocati Associati
McDermott Will & Emery
NCTM Studio Legale Associato
Studio Musselli
Transfer Pricing Associates
Valdani Vicari & Associati
WTS R&A Studio Tributario Associato
Firms to watch
Studio Uckmar
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icy to fit clients on a formal rather than substantial
basis, but this is now changing, said Fava.
Tier 1
27.5% (a)
0% to 27.5%
27.5%
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Withholding tax
Dividends
0% to 26% (b)
Interest
0% to 12.5% to 26% (c)
Royalties from patents and licences
0% to
22.5% to
30% (d)
Branch remittance tax
n/a
Net operating losses (Years)
Carryback
Carryforwards
n/a
No time limit
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of profit to permanent establishment including several dealings.
Guglielmo Maisto, founding partner of Maisto e
Associato, is head of tax and oversees all the transfer pricing activities of the firm. There are two other
partners on the transfer pricing team, Marco Valdonio
and Aurelio Massimiano, who lead the team of eight
additional transfer pricing specialists.
The main practice areas for the TP team are advisory and litigation, but it is a full-service provider of
all things transfer pricing. The team advises major
multinational groups on transfer pricing policies,
reviews documentation, assists with pre-litigation
settlements and the negotiation and conclusion of
APAs. We have broad activity on the litigation side,
said Valdonio, and this is one thing which is unique.
We dont take it as a constructive/routine matter, we
tend to take it as a jurisdictional matter and use an
interpretational, analytical approach not purely as an
economic matter. We work with economists and the
legal side and clients really appreciate this.
Indeed, one client had high praise for Maisto: I
have been working with Maisto on TP matters in the
last year. We filed together the request for an extensive APA with Italian tax authorities. The partner I am
working with is Aurelio Massimiano, a skilled professional with very good relationships with [the authorities]. The firm is undoubtedly the leading tax practice in Italy, and its TP department is aligning with
such tradition of excellence.
The transfer pricing team at Studio Legale e
Tributario is EYs Italian branch led by Davide
Bergami, who has 25 years of experience in international tax. He joined EY in 1997 and founded the
transfer pricing practice in 2000 and leads the team
of 40 dedicated TP professionals. EY boasts one of
the larger TP practices in Italy and it offers the full
suite of services; from documentation, APAs, assistance during litigation to design and restructuring of
transfer pricing policies. The main clients of the firm
are multinational corporations from all the main
industry sectors in the country.
Aldo Castoldi leads the transfer pricing practice at
Studio Tributario e Societario (Deloitte). Apart from
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Italy
puter science specialist who provides consultancy
services to multinationals in TP, with particular reference to transfer pricing policy and price policy testing.
This year has been another favourable one for
Valente in terms of its transfer pricing practice. We
are currently experiencing a period of growth and our
model is favourable to clients as we offer in-house
transfer pricing, said Filipa Correia, international tax
partner. Indeed, the firm is present within the global
arena through its TP-focused strategic alliance with
Transfer Pricing Associates Global; which meant
forming teams and establishing operating procedures among all members of the network to be able
to acquire joint clients and provide consultancies
consistently at the international level.
In addition, this year Valente led the organisation
of the first Masters degree programme in transfer
pricing ever offered in Italy. In terms of innovative TP
projects, some of the teams most exciting projects
included the reorganisation of a distribution process
of a multinational group, the integration of three
multinationals following acquisitions and also the
redefinition of the production process for a multinational group with an Italian parent company.
Tier 2
Ettore de Pace is head of transfer pricing at Belluzzo
& Partners. It is a small but dedicated team also
comprised of partner, Emiliano Lenti, and Stefano
Casartelli and Alice Casarotto. The team recently
expanded with Luca Guazzo Crescini joining from
Studio Pirola in December 2014.
Although the team is not vast in size, all professionals have several years of experience in designing, implementing and documenting transfer pricing
solutions for the firms clients that span the mechanical, engineering and plant project, hydro-health,
agribusiness, and logistics and wholesale industries.
The majority of clients are large multinational corporations and the team has specific skills to assist
such clients also in tax assessments and litigation. In
addition, Belluzzo also supports clients in obtaining
ex-ante rulings on complex matters.
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Paolo Besio is head of international tax and transfer pricing at Bernoni Grant Thornton and leads a
focused team of seven dedicated transfer pricing
professionals. The firm prides itself on being one of
the few Italian tax practices, outside of the Big 4,
who perform in-house financial transfer pricing
analyses independently.
Bernoni Grant Thornton is a full-service transfer
pricing practice; with a special expertise on the TP
implications of business restructuring and litigation.
This year the firm has been busy on a range of
diverse ongoing TP projects. One involved the supporting of intercompany financial transactions for a
private equity client investing in the renewable energy sector with transactions worth $195 million.
Another deal involved the evaluating, modelling and
supporting of notional cash pooling for the Italian
headquarters of a multinational commodity producer; which demonstrates the teams diverse array of
expertise due to the peculiar analyses needed here
to establish an arms-length remuneration and the
need to evaluate the opportunity to assess the cash
pool benefit amongst the various participants.
The strength of the firm, however, lies in its level of
client satisfaction. One client in particular praised the
firm saying: The Grant Thornton teamhas always
been very responding and cooperative, both in terms
of the content of the analysis and consequent output,
and in terms of timing for delivering the reports. The
TP documents have proved to be properly prepared
and as such have been accepted in general terms by
the tax authorities as compliant with the Italian rules.
We are satisfied for the support received and for the
professionalism devoted in carrying out the work, and
consequently [we have] assigned to Grant Thornton
further mandates for support for our TP policies.
Alfredo Fossati and Stefano Bognandi are coheads of the transfer pricing operations at Fantozzi
& Associati, Taxand Italy. The firm has offices in
both Milan and Rome. The team comprises both
economists and tax advisers; for advice that covers
all potential perspectives.
Presently the team deals with more than 20 different client groups across the pharmaceutical, gas
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trading, financial services and manufacturing industries. It is a full-service practice; offering classical TP
services such as documentation, design and implementation, as well as more advanced services such
as APAs, assistance during litigation and benchmarking analysis.
This year in particular the team has worked on a
Masterfile/countryfile of an Italian multinational of
cosmetic products, closing the audit after an assessment with TP adjustments, with the transaction
worth $120 million. The team also is still working on
a bilateral APA for a listed pharmaceutical company,
aiding the client to arrive at a just transfer pricing policy.
One client said of the firm: The team dedicated to
our company is very proactive and professional with
the good knowledge and with a clear view and strategy [we are] very confident to work with this firm
and a real trust on their judgment.
The transfer pricing team at Hager & Partners is
led by founding partner and head of tax Heinz Peter
Hager and Gian Luca Nieddu. The team has
increased its expertise this year with the addition of
Gianfranco Dolic, Fiorella Franco and Federico De
Rosa. The strength of the team comes from the outstanding knowledge of its professionals who have
worked in top-tier Italian and multinational consultancy firms. The team frequently advises big corporations, as well as small and medium-sized businesses across a range of sectors including fashion, pharmaceutical, energy, automotive, finance and real
estate.
Hager & Partners provides an impressive range of
TP services; offering the full-suite, which includes
mapping intercompany flows and applying transfer
pricing policies, identification and implementation of
changes in policies and group structure, preparation
of OECD, EU and domestic compliant documentation,
business restructuring and benchmarking analysis.
The firm also provides assistance during tax inspections and litigation, MAPs, APAs and advisory services to do with permanent establishments, tax residence, cross-border M&A and double tax treaties.
One client said: I have been working with Studio
Tier 3
Francesco Bonichi and Francesco Guelfi lead the
transfer pricing team of Allen & Overy as joint heads
of tax. Gulelfi specialises in tax, accounting and regulatory advice on structured finance transactions,
debt restructurings, M&A and corporate reorganisations. Bonichi focuses on banking, capital markets,
derivatives, structured finance, M&A, VAT and international tax.
Transfer pricing is a strong limb of this international law firm; with a wide spectrum of services on offer
for its impressive portfolio of clients across the financial services, real estate, private equity, insurance and
telecommunication sectors, among many others.
The transfer pricing team in particular is up-to-date
on all the major tax developments in the market;
fully geared up for any impending changes or
reforms to regulations, as well as any EU developments aimed at increasing transparency. In particular,
the team focuses on assisting clients with advice in
light of BEPS and the new voluntary disclosure law
ensuring the awareness for reputational risks is
raised.
Baker & McKenzie Italy has offices in both Milan
and Rome, with more than 100 lawyers across the
two offices, serving the largest Italian and multinational corporations in a wide range of industry sectors such as energy, machinery, financial services,
information technology and pharmaceuticals.
Massimo Giaconia has extensive experience in all
tax areas, including transfer pricing, general tax planning, supply chain tax, dispute resolution and M&A.
Transfer pricing is a key practice area for the firm,
with the team working on several transfer pricing
projects each year and the full-suite of services on
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offer. The main industries the teams TP endeavours
pertain to are the financial, leasing, pharmaceutical,
IT, oil and gas, industrial and consumer products.
Massimo Antonini, head of tax, is the key personnel for transfer pricing matters at Chiomenti Studio
Legale. His main practice areas are M&A, international tax, structuring, real estate and transfer pricing.
Raul-Angelo Papotti and Paolo Giacometti are also
key professionals within the transfer pricing team,
which has recently expanded with the addition of
Paolo Ronca and Filippo Molinari from Pirola and
Norton Rose respectively. We are in a period of
growth, said Antonini, currently bringing in lots of
new hires and talent.
This is also shown through the strategic alliances
Chiomenti has recently made; partnering with the
most established transfer pricing boutiques such as
NERA consulting and Quantera Global to widen its
reach and broaden its expertise. Chiomenti offers a
wide-range of transfer pricing services but is particularly active in transfer pricing litigation, where a number of successful settlements were reached. One in
particular involved a dispute with the Italian tax
authorities based on the relevance of brand for the
purposes of a distribution agreement for Harley
Davidson. In addition, the team is also working on a
litigation procedure to do with a partial restructuring
of the European distribution model, alongside two
mutual agreement procedures (MAPs) started with
the US and Belgium competent authorities.
In light of the newly introduced patent box regime,
the team is also busy advising Italian multinationals
on the TP repercussions of this and in regards to the
integrated IP practice. A main practice area for
Chiomentis TP team is within the banking and financial sector industry; advising foreign investment managers in regards to their Italian TP issues.
Di Tanno e Associati is an Italian law firm based in
Rome and Milan with a strong focus on tax.
Founding partner Tommaso Di Tanno began the firm
after being managing partner for the tax department
at Arthur Andersen. His main areas of expertise are
tax litigation, taxation of banks and insurance companies and taxation of holding companies. Transfer
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mentation, assisting companies in TP design and
policy, assisting external partners in joint ventures
and second reviews of policies drawn up by the Big
4. The team also puts a strong focus on reviewing
the basis of BEPS and assisting all groups in international TP tax disputes.
The transfer pricing team prides itself on its economic skills and business knowledge as well its
technical background and knowledge about the
international taxation framework; this year the team
worked on a TP policy for a big Italian group with
tangible assets in Ireland and assisted in compliance
with the OECD guidelines. In addition, Fava &
Partners distinguishes itself by its proactive approach
with the tax authorities, which leads to a high rate of
successful tax settlements. An example of this is the
tax dispute the firm worked on related to the permanent establishment in TP about undeclared revenues
for a multinational worth more than $400 million in
value. The team succeeded in its benchmarking
analysis for the client.
Co-heads of tax, Claudia Gergori and Marco
Graziani, lead the transfer pricing team at Legance
Avvocati Associati and are supported by a team of
highly-qualified associates. New hires, Monica
Califano and Francesco Rizzo, have expanded the
teams TP expertise this year. Davide Nespolin, former senior officer of the Italian revenue agency, is a
key member of the team lending his experience as
a previous authority figure and as a qualified lawyer
with an MBA.
We do high-profile TP work, said Graziani, including negotiation of tax agreements, litigation and
audits. Our strength is that few Italian firms are specialised in fund work like we are; and we have a
broad knowledge of the market here, structured
finance, project finance and are involved in sophisticated litigation work. Prior to any litigation, however, the team exercises its strong skills in negotiating
with the tax authorities for the settlement of audits
and assessments. The department also has a wealth
of knowledge in risk analysis and determination of
policies, rulings, APAs and drafting of master and
country files.
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border activity. Here the firm focuses on advising
clients on all the transfer pricing implications of business developments on a cross-border basis.
Clients highly regard the work of the firm, with one
saying: This is a tax boutique with whom we feel
very comfortable, because it has the important
assets we prefer as client. Our work experience of
more than 16 years [has been] a great success. Also
in critical situations of tax audits they found the right
way [through] strong argumentations and the appropriate sound to communicate with authorities. In
regard to tax planning or restructuring they could
assist and offer solutions which did fulfil and support
our business needs.
Studio Musselli offers high quality tax, legal and
economic advice. The transfer pricing activities of the
firm are led by managing partners, Andrea Musselli
and Alberto Mussellio, who both are certified public
accountant legal auditors.
Tax is a key pillar for the firm, alongside its corporate services and economic and financial counselling
work. Tax services include transfer pricing planning
and compliance across a wide range of business
sectors; prominent ones being financial services,
telecommunications and manufacturing.
Transfer Pricing Associates Italy is one of many
firms across the globe collaborating in the international TPA network. The team in Milan delivers premium quality transfer pricing services that are customised to suit the needs of individual clients across
a wide range of sectors. TPA provides multidimensional solutions including sophisticated TP design,
control framework, benchmarking, valuations, supplychain optimisation, and controversy management.
The firm has recently affiliated with Valente
Associati GEB Partners to further develop its extensive client-base and share its specialised transfer
pricing expertise.
Giandomenico Petronella is head of tax at Valdani
Vicari & Associati. Transfer pricing is a serious focus
of the firm, which does not underestimate its relevance within increasing globalisation and in the key
markets of multinational enterprises and cross-border transactions. The firm has had a specialised TP
136
practice since 2010 made of economists, tax advisers and accountants, who offer clients services from
an economic, managerial, fiscal and procedural
angle. There is not one transfer pricing service that
Valdani Vicari & Associati do not offer; from preparing and updating documentation, assessment of
policies, planning policies, integrated design, representation before the authorities via APAs, MAPs and
in the assistance of tax audits and litigation. The
team also drafts valuations and plans corporate and
business model restructurings.
Head of tax and main contact for the transfer pricing practice at WTS R&A Studio Tributario Associato
is Giovanni Rolle. The transfer pricing activities of the
firm are strategically integrated within the other tax
endeavours to ensure that clients receive a wellrounded solution that is watertight against any other
potential tax implications. Design, documentation
and defence of transfer pricing policies are the key
services the firm offers. The TP practice also extends
to VAT, excise and customs, due diligence and risk
management matters related to target companies of
M&A deals, mainly within the electronics, pharmaceuticals and commodities industries.
This year, the focused team has worked on the
attribution of the free capital to the Italian permanent
establishment for a foreign insurance company;
combating a new approach of the Italian tax authorities on the issue in light of recent OECD changes.
In addition, the team secured the structuring of intragroup services for an Italian multinational and constructed a European chemicals supply chain in a
BEPS compliant manner.
Firms to watch
Studio Uckmar is an up-and-coming firm with an
international perspective on transfer pricing. A classic
range of services are offered among other corporate
tax services, such as OECD compliant documentation, valuation services and implementation of transfer pricing models for Italian-based multinational corporations. The team is rapidly growing and maintains
an outlook to provide pragmatic, cost-effective and
unique solutions.
www.worldtransferpricing.com
Italy
ITALY
Milan Via Santa Maria Fulcorina
tel. +39 02 36569657
Verona Stradone San Fermo 14
tel. +39 045 8005353
UK
London 38 Craven Street
tel. +44 20 7004 2660
www.belluzzo.net
Contacts:
Luigi Belluzzo Managing Partner,
luigi.belluzzo@belluzzo.net
Ettore De Pace / Transfer Pricing
Specialist ettore.depace@belluzzo.net
Emiliano Lenti / Transfer Pricing
Specialist emiliano.lenti@belluzzo.net
Firm profile:
Fava & Partners is an independent Tax
firm of International Tax and Economists
experts, providing independent Transfer
pricing advice and assistance.
In the context of International Tax and
Transfer Pricing , Fava & Partners is the
qualified advisor to in-house tax departments, law firms and supervising bodies,
for advice/support on:
Field tax audits and tax settlement
procedure
Mutual Agreement Procedures
Advance Pricing Agreements
Design and implementation of TP
Policy
Independent review of TP policy
International tax structure advice and
execution
Your contacts:
Domenico Fava
Partner
Tel: +39 02 87069700
domenico.fava@st-fava.com
domenico.fava@favapartners.com
137
Italy
Studio Associato
Consulenza legale e tributaria
Head office:
Via Vittor Pisani, 27
20124 Milan (MI) Italy
Tel: +39 02 676441
Fax: +39 02 67644758
Email: it-fmksa@kpmg.it
Website: www.kpmg.com/it
Contact: Gianni De Robertis
Email: gianniderobertis@kpmg.it
Firm profile:
Hager & Partners was founded in 1995
and today has offices in Bolzano, Milan
and Rome. The Firm is composed of
approximately 100 staff members, of
which 60 professionals and is member of
NEXIA International network. Hager &
Partners counts on a fully-dedicated transfer pricing & supply chain department:
team members positively couple strong
knowledge and widespread experience on
transfer pricing, business economics and
international taxation. The practice assists
large multinationals as well as small-medium enterprises in industries such as energy, oil&gas, constructions, mechanics,
automotive, real estate, pharmaceutical,
food&beverage, fashion, IT & ICT, house
appliances, banking, financial and investment services. The department advises on:
design of TP policies; preparation of TP
documentation; benchmarking analyses
(including financial transactions); business
(re)structuring; enterprise internationalization; tax controversy; MAPs, EU
Arbitration Convention, APAs.
138
www.worldtransferpricing.com
Italy
Head Office:
Viale Bianca Maria, 45
20122 Milano
Tel: +39 02 7626131
Fax: +39 02 76001091
Email: info@gebnetwork.it
Website: www.gebpartners.it
Partners:
Piergiorgio Valente
(p.valente@gebnetwork.it)
Ivo Caraccioli
Alessandro Cotto
Gianpaolo Valente
Maurizio Meoli
Salvatore Mattia
Antonella Della Rovere
Pietro Schipani
Caterina Alagna
Antonio De Luca
Filipa Correia
Of Counsel:
Raffaele Rizzardi
Emanuela Fusa
R&A Studio
Tributario Associato
The Italian member firm of WTS
(www.wts.com) specialises in cross-border taxation, with a focus on transfer pricing, M&A and corporate reorganisations.
Main contacts:
Giovanni Rolle
giovanni.rolle@taxworks.it
Marina Lombardo
marina.lombardo@taxworks.it
Chiara Mejnardi
chiara.mejnardi@taxworks.it
Valentina Stecca
valentina.stecca@taxworks.it
Offices
Piazza SantAngelo 1
20121 Milan
Tel: +39 02 3675 1145
Corso Francia 32
10143 Turin
Tel: +39 011 433 83 51
139
Japan
An overview of the Japanese transfer pricing environment by Michael Tabart and
Timothy OBrien of Deloitte Tohmatsu Tax.
Tax authorities
National Tax Agency
Tokyo Regional Taxation Bureau
Otemachi Godo Chosha #3, Otemachi 1-3-3, Chiyoda-ku, Tokyo
Tel: +81 3 3821 9070
Website: www.nta.go.jp
he Japanese government is generally supportive of the OECD BEPS initiative and, of
the countries in the Asia Pacific region, may be
considered to be as a first-mover in adopting
BEPS-related changes. Japanese law already
contains certain BEPS-related measures, such as
controlled foreign company (CFC ) rules, thin
capitalisation and earnings-stripping rules, and
other anti-avoidance and anti-treaty shopping
provisions.
In addition to this, Japans 2015 tax reform
package included changes related to BEPS
issues, such as changes to the way that Japanese
consumption tax (JCT) applies in the digital
economy (how JCT applies to electronic transactions) and changes relating to neutralising
benefits from hybrid mismatches (by an exclusion of deductible dividends paid by foreign
subsidiaries from the Japanese dividend exemption rule).
From a TP perspective, it is broadly expected
that the Japanese government will introduce
BEPS-related documentation changes in
response to BEPS Action 13 (Re-examine transfer pricing documentation).
The date for such changes has not been
announced, however it is expected that such
rules would be contained in the 2016 tax
reform package at the earliest.
The content of these rules is expected to be
generally consistent with the OECDs deliver-
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Japan
observed that if the timing rules are introduced
as above, there would be a heavy burden on
them to prepare the documents in time. The
Japanese government has not provided a view
on this issue.
It is not clear when (or to what extent) the
Japanese government would update the local
TP regulations to incorporate other TP focused
BEPS actions (for example, relating to intangibles, risk and capital, etcetera)
On the assumption that the OECD updates
its
Transfer
Pricing
Guidelines
for
Multinational
Enterprises
and
Tax
Administrations (OECD guidelines) to incorporate these actions, a situation may occur
where the Japanese regulations are inconsistent
with the OECD guidelines for a time.
In these circumstances, local examiners may
be expected to apply the Japanese TP regulations, however may also refer to the OECD
141
Japan
LEADING FIRMS
1 Baker & McKenzie
Deloitte Tohmatsu Tax
EY Shinnihon Tax
KPMG
Zeirishi-Hojin PwC
2 White & Case
3 Grant Thornton
Kojima Law Taxand
Nagashima Ohno & Tsunematsu
Tokyo Kyodo Accounting Office
Tier 1
Ken Okawara is the head of Baker & McKenzie
Japans transfer pricing and economic analysis group.
The practice has four partners and seven professionals.
The transfer pricing and economic analysis group
provides comprehensive economic and valuation
services of transfer pricing and tax planning, controversy resolution, disputes and other international tax
and business planning matters.
Digital and IT services, financial services, manufacturing, consumer products and food production are
the main industries the transfer pricing and economic analysis group advises on.
Deloitte Tohmatsu Taxs transfer pricing practice
boasts more than 120 professionals including 20
partners. The transfer pricing team is headed by
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Japan
Tax rates at a glance
Corporate income tax
Capital gains tax
Branch tax
Withholding tax (b)
Dividends
Interest
Royalties from, for example,
patents, know-how
Branch remittance tax
Net operating losses (years)
Carryback
Carryforward
25.5% (a)
25.5% (a)
25.5% (a)
20% (c)
15%/20% (c)(d)
20% (c)
0%
1 (e)
9
Tier 2
White & Cases transfer pricing practice offers services in resolving disputes by means of advance pricing agreements. The firm offers the full suite of transfer pricing services and is well known for its work in
permanent establishment issues, cross border structuring. The firm has lost its lead partner, Gary
Thomas, in the past year however.
Tier 3
Grant Thornton Japans transfer pricing practice comprises one partner and five transfer pricing professionals, including one who is on secondment in the
Source: www.ey.com
143
Japan
The main industries the firms consist of are consumer products, information technologies, energy,
financial services and pharmaceutical.
Tokyo Kyodo Accounting Offices transfer pricing
offers services including:Assessment of risks relating
to transfer pricing; provision of assistance to meet
different documentation requirements; support on
the development of a global pricing policy; support
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Japan
Bureau and later the NTA. He focusses on
transfer pricing and cross border tax
issues such as permanent establishments,
cross border M&A, anti-tax haven regulations, CFC rules, foreign tax credits, and
tax treaty interpretation.
Contacts:
Michael Tabart
National Leader Deloitte Tax Co.,
Transfer Pricing Group.
Phone: +81 (3) 6213 3914
Email: michael.tabart@tohmatsu.co.jp
Timothy OBrien
Partner - Deloitte Tax Co., Transfer
Pricing Group.
Phone: +81 (3) 6213 3923
Email: timothy.obrien@tohmatsu.co.jp
New Partners who joined this past year:
Hiroki Yamakawa
Hiroki joined Deloitte after more than
three decades of service at the NTA,
where he was the director of large business examination. Hiroki was involved in
the development of Japans TP rules and
APA program as well as supervising
audits, MAP procedures and international
projects such as OECD publications.
Gary Thomas
Gary has practiced tax in Japan for over
30 years and was previously the head of
White & Cases global tax practice and is
fluent in Japanese. He is registered as a
Japanese zeirishi (licensed tax attorney),
fully qualified to practice before the NTA
and the National Tax Tribunal, the only
US tax lawyer with such qualifications.
Akira Akamatsu
Previously at White & Case, he also spent
15 years with the Tokyo Regional Tax
Kai Hielscher
Previously the leader of EY Japans transfer pricing and international tax services
group, and the head of the transfer pricing services for the AP region. Kai has a
PhD in economics and is fluent in
Japanese, English and German.
Arin Mitra
Arin leads Deloittes Asia Pacific TP practice, is the Deputy Managing Principal of
Deloitte Tohmatsu Tax in Tokyo and previously led Deloittes Washington D.C.
transfer pricing team. He focuses on complex business model optimization engagements involving intellectual property,
management and functional rationalizations, and supply chain rationalizations.
His industry focus areas include technology, pharmaceutical, and healthcare. Arin
has a PhD in Economics and is also a
Chartered Accountant.
Kei Maeda
Prior to joining Deloitte, he worked for
EY, National Economic Research
Associates (NERA) and Arthur Andersen.
Kei has over 15 years experience in TP,
serving primarily Japanese-based companies in the oil & gas, energy, chemical,
technology and financial institutions
industries.
Kaoru Fukazawa
Kaoru has over 10 years experience in
Transfer Pricing at Big 4 firms. Before
then, she worked for a Japanese trading
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Japan
company, one of the largest Japanese
multinationals.
Number of transfer pricing partners: 18
Other fee earners: over 110 across Tokyo,
Osaka and Nagoya
146
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Japan
147
Luxembourg
A transfer pricing overview by Philippe Neefs and Heike Weber of KPMG Luxembourg.
Tax authorities
Administration des Contributions Directes
45, Boulevard Roosevelt, L-2982, Luxembourg
Tel: +352 40 800 1
Fax: +352 40 800 2022
Website: www.impotsdirects.public.lu
ust like it was last year, transfer pricing is still
a hot topic in Luxembourg. It must be concluded that transfer pricing has become a key
element with which the Luxembourg government wants to show the international community that it is willing to fight for more tax transparency. Indeed, through a recent report on the
practice of tax advance agreements,
Luxembourg has confirmed its intention to
adopt the new rules of documentation as laid
down by action 13 of the OECD base erosion
and profit shifting reports. Action 13 formalises
the tools to exchange transfer pricing information on a cross-border basis through a masterfile, local files, and a country-by-country report.
This announcement follows changes in the
Luxembourg tax legislation that went into
effect from the beginning of 2015. The Law of
19 December 2014 provides for the application
of the arms-length principle on a general basis
in Luxembourg Income Tax Law (LITL),
whereas, before, reference was made to the
applicability of the relevant tax treaties signed
by Luxembourg according to the OECD Model
Tax Convention.
The new article 56 LITL states: When an
enterprise participates, directly or indirectly, in
the management, control or capital of another
enterprise, or where the same individuals participate, directly or indirectly, in the management, control or capital of two enterprises and
where, in either instance, the two enterprises
148
are, within their commercial or financial relations subject to conditions made or imposed
which differ from those which would be made
between independent enterprises, the profits of
these enterprises are to be determined under
conditions prevailing between independent
enterprises and taxed in consequence.
Hence, the arms-length principle is applicable to transactions between two related parties,
either in a purely domestic or in a cross-border
situation.
In another paragraph, the new article allows
any upward or downward transfer pricing adjustment for transactions between two related parties
that are not carried out at arms-length, notwithstanding the application of any specific tax treaty
signed by the Luxembourg government.
In addition, the Luxembourg General Tax
Law (LGTL) has also been modified to take
transactions between related parties into
account. General disclosure and documentation
requirements explicitly apply in the frame of
transfer price settings ( 171 al. 3 of the
LGTL). However, as yet, no explicit documentation requirements have been indicated. The
parliamentary commentary on the Law refers to
Chapter V of the OECD guidelines and its
ongoing revisions directing principles relating
to documentation. Reference can be made to
the above-mentioned BEPS Action 13.
This Law, however, does not contain any specific indication on, for example, the transfer
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Luxembourg
pricing methods considered specifically acceptable by the Luxembourg tax authorities, the
level of documentation and a common path of
documentation, or any threshold under which
light documentation would be sufficient.
It may be expected that, in the absence of
proper documentation, there is a reversal of the
burden of proof; placing it on the taxpayer
rather than the tax authorities.
In this spirit, reference must be made to the
Luxembourg Court case of July 1 2013, which
increased the focus on transfer pricing for intercompany financing. This case law, addressing
both a domestic and a cross-border situation,
demonstrates that the absence of appropriate
transfer pricing documentation shifted the burden of proof to the taxpayer with respect to the
interest rate level applied to loans. Whereas the
cross-border situation was documented for foreign tax reasons, the domestic transaction was
not, and applied an interest rate according to
past assessments that was not arms-length for
the relevant fiscal years.
Although the Luxembourg practice still promotes constructive engagements with the taxpayers instead of confrontational dialogue, we
have seen more and more cases this year where
the Luxembourg tax authority challenged the
application of the arms-length principle for
transactions between related parties, particularly in the realm of financial transactions.
The Luxembourg tax authority is entitled to
perform an audit during the statute of limitations period until the final income tax assessments are issued. The general rule is a five-year
period unless the corporate tax returns are
incomplete, or not filed, or suspected of fraud
where the period is extended to 10 years.
This year we have also seen a trend of taxpayers preparing for significant intra-group transactions by producing, in advance, more transfer
pricing documentation to be used as a first line
of defence in case the Luxembourg tax authority launches a transfer pricing audit.
As an immediate implication of the 2016
anticipated country-by-country report and the
master-file of BEPS Action 13, Luxembourg taxpayers have begun to focus on the quality of their
local file. This trend is widely seen among banks,
asset managers, and commercial companies.
Looking to the future, one may anxiously
await the recommendations and special measures for BEPS Actions 8 to 10, ensuring that
transfer pricing outcomes are in line with value
creation.
As a final word, the Luxembourg market will
certainly closely follow the outcome of the
European Commissions preliminary decision
on potential state aid relating to a transfer pricing arrangement applied by a Luxembourg company, which was published on September 30
2014. In its preliminary decision, the
Commission took the view that the said
advance pricing arrangement of the company
called FFT may represent a selective advantage
to the taxpayer.
One of the key items challenged by the
Commission was that different transfer pricing
methodologies must be applied before that tax
authority accepts the taxpayers selected
method. The Commission expressed some
doubts on the application of the transactional
net margin method, whereas it considered the
comparable uncontrolled price method to be
more appropriate in that specific case. It may be
understood that the Commissions argument is
that a transfer pricing methodology aiming to
achieve the lowest result should not be acceptable. The case is certainly expected to take
years before a final conclusion will be reached.
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Luxembourg
LEADING FIRMS
1 Deloitte
KPMG
PwC
2 ATOZ Taxand
Baker & McKenzie
EY
Loyens & Loeff
Withholding tax
Dividends
Interest
Royalties
21% (a)
21% (a)
21% (a)
0%/15% (b)
0%/10%
0%
3 NautaDutilh
150
0
Unlimited
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Luxembourg
risk allocation. There is also an OECD inspired
emphasis on substance, in terms of having people,
functions and responsibilities to justify structures, as
many groups started without personnel and now
BEPS is correcting this. Overall the OECD is taking corrective measures to alleviate the bad press that
Luxembourg has recently received. While BEPS does
appear to be working well to tighten up the system,
it still has some way to go. A lot of the points are
very broad and some are contentious, said Franck
Mutendam of EY. We are receiving progress reports
but it is still unclear how it will end up. It is important to remember we are only working with soft law;
the OECD can issue guidelines or provide recommendations or text for a mock treaty, but it is not hard
law. Everyone is aware of this, but Luxembourg is following closely nevertheless.
Tier 1
Raymond Krawczykowski, head of tax, leads the
transfer pricing practice at Deloitte that is comprised
of three partners and 20 tax professionals. The team
has recently expanded this year with the addition of
three senior managers: Dinev Dinko, Ignacio Sahira
and Marchesi-Herce Enrique. The team boasts a
diverse and international outlook. Our team comprises 10 different nationalities and this is advantageous because we do a lot of international transactions in Luxembourg which relates to legislation all
over the world. The wealth of language skills also
lends itself to better transactions, said
Krawczykowski. A lot of our members come from TP
teams in large corporate businesses outside
Luxembourg, and so they bring their view of how
transfer pricing should be handled, he added. This
depth of knowledge of international tax adds value
to the team and their services.
Being fully integrated within the global Deloitte network, the transfer pricing practice offers a complete
range of services to meet the ever-increasing needs
of its client base. Deloitte Luxembourg has made a
major investment in recruiting senior professionals in
different key industries and this has resulted in key
transfer pricing strategic offerings in financial transac-
151
Luxembourg
With three fully dedicated transfer pricing partners
and more than 20 transfer pricing specialists, PwC
has one of the largest transfer pricing teams in
Luxembourg. It is led by Loek de Preter who is a fiscal economist with more than 27 years of experience in international tax and transfer pricing, having
previously worked in the Dutch Ministry of Finance
and PwC in the Netherlands. He works closely with
partners Caroline Goemaere and Marc Rasch. Rasch
joined the firm in 2010 and is in charge of advising
on all transfer pricing matters. He has more than 17
years of experience in international corporate taxation and transfer pricing. Goemaere joined the firm in
2012 and specialises in rendering transfer pricing
services to the asset management, insurance and
banking industries.
The team offers TP services in relation to a wide
spectrum of transactions within various industries.
Classic services include documentation and compliance, financial services transfer pricing, asset management and financial transactions transfer pricing.
Tier 2
ATOZ Taxand is a high-end independent advisory
firm that offers a comprehensive range of tax and
financial advisory services. Keith ODonnell is the
managing partner of ATOZ Luxembourg and leads
Taxands global real estate team. He has more than
20 years of experience and has previously worked
as a partner for EY.
The firm is part of the Taxand global network that
takes a structured approach to ensuring transfer pricing policies are efficient and reduce effective tax
rates. There is an emphasis on adapting transfer pricing to real-world business constraints. The firm also
prides itself on maintaining strong relationships with
local tax authorities. Services include documentation,
advance pricing agreements (APAs), intangible asset
valuations and dispute resolution.
The transfer pricing team of Baker & McKenzie has
recently undergone big changes. Andr Pesch is
head of tax. He has more than 20 years of experience in individual and corporate tax, asset management and structured finance for high net-worth indi-
152
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Luxembourg
pricing expertise with the other various tax and legal
practices of the firm. The expertise ranges from planning, documentation and interaction with other tax
and legal issues, to negotiations with international
tax administrations and dispute resolution. The main
specialty of the team is documenting and benchmarking financial transactions.
Furthermore, following recent changes and OECD
guidelines, the team advises clients on the armslength principle and what can be implemented. To
this end, they work closely with the tax authorities;
determining and assessing whether structures in
place will hold up in investigations. Expertise also
extends to the fund management industry. This
involves finding the right price and agreeing on
advance pricing agreements with the authorities.
This is a strong part of what we do as there are lots
of finance companies in Luxembourg, said Moons.
An example of this is a deal the team closed in July
2014, advising a branch in Luxembourg in the bank-
Tier 3
The Luxembourg branch of NautaDutilh is led by
Christoph Joosen who specialises in international tax
law. He also assists and represents many multinational groups in various industries with their planning
and advises them on cross-border issues that
include restructuring, post-merger and post-acquisition integration. It is a full-service independent firm
that focuses on the firms impressive client portfolio
of large multinationals and financial institutions. The
transfer pricing services are embedded within guidance that includes VAT, customs duty and excise, litigation and compliance.
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Luxembourg
KPMG Luxembourg
39 avenue John F. Kennedy
L-1855 Luxembourg
Tel: +352 22 51 51 1
Email: tax@kpmg.lu
Website: www.kpmg.lu
Contact:
Philippe NEEFS
Partner, Transfer Pricing Leader
Tel: +352 22 51 51 5531
Email: philippe.neefs@kpmg.lu
Heike WEBER
Director, Financial Services
Tel: +352 22 51 51 5418
Email: heike.weber@kpmg.lu
Laureen TARDY
Manager
Tel: +352 22 51 51 5593
Email: laureen.tardy@kpmg.lu
Contacts
Stephan Tilquin
Partner
Cross-Border Tax and Transfer Pricing
Tel/Direct: +352 45145 2592
stilquin@deloitte.lu | www.deloitte.lu
Balazs Majoros
Partner
Cross-Border Tax and Transfer Pricing
Tel/Direct: +352 45145 3047
bmajoros@deloitte.lu | www.deloitte.lu
154
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Luxembourg
PwC Luxembourg
2, rue Gerhard Mercator
L-2182 Luxembourg
Tel: +352 49 48 48-1
Website: www.pwc.lu
Contacts:
Loek de Preter
Partner, Transfer Pricing Leader
Tel.: +352 49 48 48 2023
Email: loek.de.preter@lu.pwc.com
Marc Rasch
Transfer Pricing Partner
Tel.: +352 49 48 48 3712
Email: marc.rasch@lu.pwc.com
Caroline Goemaere
Transfer Pricing Partner
Tel.: +352 49 48 48 3002
Email: caroline.goemaere@lu.pwc.com
Description
With a team of over 20 transfer pricing
specialists, PwC is the largest transfer
pricing firm in Luxembourg. Having
gained international transfer pricing experience in over ten countries and in different industries, we can help you build a
transfer pricing strategy that make you
stay ahead of the game in the ever-shifting tax landscape.
155
Malaysia
Tax authorities
Royal Malaysian Customs Department
Ministry Of Finance
No. 3 Persiaran Perdana,
Precinct 2, Federal Government Administrative
Centre, 62596 Putrajaya
Tel: +60 3 8882 2100/2300/2500
Fax: +60 3 8889 5899/5901
Website: www.customs.gov.my
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 Lee Hishammuddin Allen & Gledhill
Shearn Delamore & Co
Taxand Malaysia
Wong & Partners
3 Raja, Darryl, & Loh
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Tier 1
The transfer pricing practice of Deloitte Malaysia is
headed by Theresa Goh. The transfer pricing practice
consists of three partners and 35 professionals, with
a recent hire in Hisham Halim as partner, along with
three other three new members during the past year.
The top five industries the firms transfer pricing
team advises on are electronics and electrical, real
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Malaysia
estate/construction, energy and resources/O&G,
pharmaceutical/life sciences, and financial services.
One of the most innovative transfer pricing deals of
the year is the transfer pricing teams preparation of
transfer pricing documentation across the whole
supply chain of related companies engaged in an oil
palm plantation group.
EY Malaysias transfer pricing practice is led by
Sockalingam Murugesan. Murugesan has more than
17 years of experience as a tax adviser.
Mei Seen Chang heads the transfer pricing practice
at KPMG Malaysia. The practice comprises two partners and 32 transfer pricing professionals. The transfer pricing team has added one more member in the
last year, in addition to one secondee from the firms
corporate tax department, and one returning from
secondment in KPMG Singapore.
The firm is the first firm that possesses experience
as Expert Witness, who isOne professional within the
firm, Bob Kee, was an expert witness in the first
Malaysian transfer pricing case heard at the Special
Commissioners of Income Tax.
The main industries the firm advises on include
commodities oil palm, electronics, insurance, oil
and gas, and automotive.
The transfer pricing professionals of PwC Malaysia
are led by S.M Thanneermalai, senior executive
director. Jagdev Singh leads the firms tax practice.
The firms transfer pricing practice helps clients to
comply with local country requirements, prepare for
audit response, resolve transfer pricing disputes and
lower transfer pricing exposure in future periods.
Tier 2
Lee Hishammuddin Allen & Gledhills transfer pricing practice is led by D. P. Naban. Naban, a senior
partner of the firm, also heads-up the financial services practice group of the firm, as well as tax, GST &
private clients practice group. Naban has been
actively involved in civil and commercial litigation,
and corporate advisory for almost 30 years. He advises businesses on different tax matters which include
indirect tax, stamp duty, tax advisory and planning,
tax audit and investigation, and transfer pricing.
157
Malaysia
Tax rates at a glance
Corporate income tax
Real property gains tax
Branch tax
25% (a)
30% (b)
25% (a)
c)
d)
e)
0%
Unlimited (i)
158
b)
f)
g)
h)
ed by a team of four other tax lawyers and advisers located in Singapore, Malaysia and Indonesia.
The firm serves clients in transfer pricing services
including transfer pricing compliance and planning,
dispute resolution, as well as restructuring and valuation.
www.worldtransferpricing.com
Malaysia
Pharmaceuticals, technology/electronics, natural
resources, financial services, and consumer products are the main industries the firm works with.
One of the most innovative transfer pricing matters
the firm advised during the past year was completed in March 2015. This matter involved the teams
analysis and advice offered to a client in determining
the appropriate transfer pricing method across the
clients entities in the region.
Tier 3
The transfer pricing practice at Raja, Darryl, & Loh is led
by tax partner Vijey Mohana Krishnan. Krishnan has
been with the firm for more than 15 years. His areas of
practice range from corporate/individual tax
planning/advisory, dispute resolution with tax authorities, income tax appeals to the courts, application for
approved status with respect to charitable institutions/organisations, double taxation treaties, real estate
gains tax, stamp duty, custom duties and service tax.
159
Mexico
Tax authorities
Servicio de Administracin Tributaria (SAT)
Av. Hidalgo 77, col. Guerrero
cp 06300 Mexico, DF
Tel: +52 1 800 4636 728;
+1 877 4488 728 (from US and Canada)
Website: www.sat.gob.mx
LEADING FIRMS
1 Baker & McKenzie
Deloitte
Mancera (EY)
PwC
2 BaseFirma
Chevez Ruiz Zamarripa
KPMG
SKATT International Tax Firm
Mexican taxing authorities are sending a clear message to businesses BEPS is coming. The number of
audits is increasing and so, too, is the complexity of
the audits and number of litigation cases and adjustments, as the authorities become more strategic with
their tax net. Furthermore, the country could soon
adopt the OECDs master file concept and the country-by-country reporting rules.
The tax authority is trying to close old audits but
it is opening new ones in their BEPS eyes, said
Carlos Linares-Garca, co-head of transfer pricing at
Baker & McKenzie. He added that added scrutiny will
be paid towards what the authorities consider to be
aggressive transfer pricing planning.
Being under the microscope has resulted in companies exercising more patience in their transfer pricing transactions. Businesses have also become more
transparent in their communication, advisers said,
moving to create a master file to detail every transaction with subsidiary companies.
160
We are talking a lot with some groups about creating a BEPS master file, said Juan Carlos Becerril,
BaseFirmas head of transfer pricing. At the end,
when BEPS revelations start, they have to create
these communications. We are sharing this knowledge with our clients. I think that Mexican multinationals in other offices are doing the same.
An electronic era of taxes is also adding to the
reporting pressures companies face.
This year we started with the electronic accounting. Many companies are struggling because not all
of them are prepared to do that and additionally,
there are legal matters involved, said Adrin J.
Romero, head of transfer pricing at Grupo Consultor
EFE. The tax authority in Mexico is being allowed to
charter taxes via email. There will not be a traditional audit procedure, which takes at least a couple of
years. Now you will get an email saying you owe
some amount of taxes. It will be an electronic suite,
which represents a high-risk for some companies.
Imagine you dont respond to an email in a certain
period of time and automatically you now owe
some taxes to the government.
Tier 1
Baker & McKenzies team of attorneys, accountants,
economists and foreign trade experts in Mexico offer
planning, compliance, tax litigation, foreign trade,
and transfer pricing advice at the local and regional
level. Moiss Curiel-Garca and Carlos Linares-Garca
lead the team. The team of four partners and 16 fee
earners specialise in the energy, mining, infrastructure, automobile, manufacturing, petrochemical and
www.worldtransferpricing.com
Mexico
Tax rates at a glance
Corporate income tax rate
Capital gains tax
Branch tax
30%
30% (a)
30% (b)
Withholding tax
Dividends
10% (c)
Interest
4.9% 10% 15% 35% (d)
Royalties
25% 35% (e)
Branch remittance tax
10% (b)
Net operating losses (years)
Carryback
Carryforwards
0
10
161
Mexico
Jorge Castellon, whose transfer-pricing planning
expertise includes cross-border structuring, supply
chain restructuring and intangible property management. He also has audit management and competent authority proceeding and controversy resolution
experience.
PwC has one of the largest transfer pricing practices in Mexico with more than 60 specialists working across 21 offices. Its services include transfer pricing studies and documentation, audit defence, valuations, value-chain management, APA and mutual
agreement procedures. Partner, Fred Barrett, leads
the team. He has more than 30 years of experience
and specialises in transfer pricing, Mexican income
tax, structuring, VAT and customs and withholding
taxes, to name a few.
Tier 2
BaseFirma provides multinational companies with
transfer pricing and valuation services, transfer pricing documentation, consulting on international tax,
BEPS assessments and implementation, and strategies for defending controversies. BaseFima helped
an American printing company with the restructuring
and valuation of its Mexican holding company in
2014. That year it also assisted America Movil to
determine the fair value of companies and intangible assets acquired from a billboard group of companies. Juan Carlos Becerril leads the team. He has
more than 15 years of experience in transfer pricing
162
consultation and documentation and has participated in the development of studies for many multinational companies in various industries in Latin and
North America and Europe.
Oscar Campero leads Chevez Ruiz Zamarripas
transfer-pricing practice. The team of two partners
and 22 fee earners has experience with clients in the
financial, services, industrial, energy, and mining
industries. They offer transfer-pricing analysis, APA
negotiation, valuation, restructuring, audit support
and litigation services. The firm has successfully settled audits before the Mexican tax authorities, and
successfully landed two APAs in 2014.
KPMGs transfer-pricing practice in Mexico is led by
Maria Teresa Quinones. It assists with various transfer pricing issues to include compliance, transfer pricing studies and documentation, planning, APA, audit
support and dispute resolution.
Emilio Angeles and his team of two fee earners at
SKATT International Tax Firm provide clients with
consulting, planning, valuation of intangibles and tax
defence services in transfer pricing. Skatts clients are
found in the automotive, communications, financial
and maquiladora industries. In 2015, the team
advised Johnson Controls Group on a fixed assets valuation for manufacturing plants with different equipment. Angeles has more than 20 years of experience
in transfer pricing in Mexico. He participated in drafting and implementing various transfer pricing rules in
the income tax law and others provisions.
www.worldtransferpricing.com
Netherlands
Tax authorities
Ministry of Finance
Korte Voorhout 7, P.O. Box 20201, 2500 EE, The Hague
Tel: +31 70 342 8000
Fax: +31 70 342 7900
Website: www.minfin.nl
LEADING FIRMS
2 DLA Piper
Loyens & Loeff
Ryan (formerly Altus)
20/25% (a)
0%
20/25%
15%
0%
0%
3 BDO
Taxand NL
TPA Global
Firms to watch
Quantera Global
1
9
In the wake of these trends, it appears that several companies are taking a new approach to tax
planning.
Friggo Kraaijeveld, head of international tax at
Kraaijeveld Coppus Legal said: The demand for
reporting and complying, country-by-country
reporting and FATCA has really grown. Before,
clients were making use of hybrid instruments and
more aggressive tax structures, but they dont want
it anymore.
163
Netherlands
Its because of the public opinions. Multinationals
are under fire for international tax planning by the
media, and not paying their fair share of tax. Its difficult to explain to the public, Kraaijeveld added.
On the use of hybrid instruments, Kraaijeveld said:
Its already been on its way out for a few years, but
now it is definite.
Authorities have stepped up their ongoing bid to
combat base erosion and profit shifting, implementing action plans outlined by OECD with particular
emphasis on the access of information, substance
and transparency.
As the Dutch economy continues to grow and
attract more foreign investments and holding countries each year, a greater proportion of enterprises
are seeking assistance in transfer pricing.
Tier 1
Antonio Russo is partner and head of transfer pricing
at Baker & McKenzie in Amsterdam. Highly respected in his field, he speaks regularly at OECD public
hearings on transfer pricing issues relating to BEPS.
Supported by Margreet Nijhof, Russo manages a
multi-skilled team of professionals with expertise in
valuation, competition economics, financial transactions and dispute resolution across several jurisdictions.
The team comprises tax lawyers, economists, analysts and experts in corporate tax, VAT and customs,
particularly recognised for their broad experience and
success in tax litigation.
Aart Nolten takes over from Thijs Heijenrath as
head of Deloittes transfer pricing practice in the
Netherlands. His team comprises four partners and
44 other fee earners. With approximately 20 years of
experience, half of which he has spent at Deloitte,
Nolten has a broad understanding of international
tax with specialist knowledge in technology, media
and telecommunication.
As international tax partner, Heijenrath remains
active in a number of prominent projects throughout
the firms portfolio of transfer pricing work. In one
instance, he worked alongside fellow partner Coen
Bruinen to design and implement a tax efficient
business structure for a client, also securing a sus-
164
www.worldtransferpricing.com
Netherlands
ices including documentation, planning, value chain
transformation, financial transactions, dispute resolution and transfer pricing implementation.
The team comprises six partners and around 50
other fee earners with vast knowledge of international tax issues surrounding cross-border transactions.
Michel van der Breggen is one of the key partners
at PwCs Dutch transfer pricing practice, with years of
experience in international tax, APA, MPA and financial structuring. In addition, Breggen is a lecturer at
the International Bureau of Fiscal Documentation
and member of the Transfer Pricing Committee of the
Dutch association of tax advisers.
Tier 2
In June, Joel Cooper and Randall Fox join the firm
this year as London-based co-heads of DLA Pipers
international transfer pricing group. They replace
gata Uceda, former head of the transfer pricing
practice, who left the firm and moved to KPMG earlier this year. Roderik Bouwman continues to work in
the Netherlands as international head of tax, remaining active in a number of high-profile projects.
Loyens & Loeffs transfer pricing practice is overseen by Harmen van Dam. He is supported by three
partners: Patrick van Oppen, Natalie Reijpens, Peter
Moons and 300 other fee earners. Amongst them is
a melange of tax, economic and legal specialists
with abilities in corporate income tax, value added
tax and customs, structuring, documentation and
dispute resolution.
In a deal concerning the business reorganisation of
an international company operating in the US and
another non-EU country, Harmen van Dam helped the
client to secure documentation with consideration to
the compliance requirements of both countries.
Additionally, Loyens & Loeff maintains a strong
client base in the Benelux regions and Switzerland
and a firm grasp on tax laws and regulatory regimes.
Under the management of partner Michel
Sijmonsbergen, Ryan supports clients with respect to
legal, tax and economic aspects of transfer pricing
with a strong focus in indirect tax. He is supported by
four other fee earners with knowledge and broad
Tier 3
As head of BDOs transfer pricing department in the
Netherlands, Sjoerd Haringman possesses more
than 10 years experience in tax and transfer pricing
and an abundance of expertise, in particular
strengths in M&A, structuring and documentation.
The firm supports clients from a range of sectors
including logistics, finance and software/IT and maintains high levels of international activity in floriculture.
In a pioneering approach to tax planning, BDOs
transfer pricing and international tax specialists
worked together to conceive two unilateral APA
agreements as opposed to a bilateral APA for their
client a producer and seller of automatic welding
equipment. Throughout the process, professionals at
the firm worked closely with the Dutch and foreign
tax authorities, demonstrating their pan-jurisdictional
abilities in transfer pricing.
The transfer pricing team at Taxand NL is led by
Gertjan Hesselberth, who works closely with a team
of associates and others including partner Jimmie
van der Zwaan to deliver fundamental support to a
range of global companies.
165
Netherlands
Hesselberth brings with him extensive knowledge
in international tax planning, M&A, private equity and
vast success in tax litigation. Members of the Dutch
practice maintain strong links to other transfer pricing
professionals within Taxands global network.
Transfer pricing advisers at Taxand Netherlands are
able to provide thorough assistance in transfer pricing documentation and are highly experienced in the
management of strategic supply chain projects and
business restructuring.
Raymund Gerardu is head of the transfer pricing
department at TPA Global, which offers support in
tax and transfer pricing governance, risk quantification, CIT, VAT, compliance, evaluation and automated
reporting.
Gerardu manages a team of three partners and 15
other fee earners in Amsterdam, working as a part of
TPA Globals network which covers more than 50
countries throughout Europe, Asia Pacific and the
Americas. The firm assists multinationals of all sizes;
166
from industry backgrounds including financial services, technology, electronics and media, oil and gas,
commodity trading, pharmaceuticals and consumer
goods.
With a comprehensive understanding of BEPS
action plans outlined by the OECD, TPA Global aims
to design BEPS-proof transfer pricing policies for its
clients. Professionals at the firm used this approach
to design and implement a new transfer pricing policy for a digital economy business, with a strong
emphasis on automated project management, new
governance model intangibles and treaty abuse.
Firms to watch
Quantera Global in the Netherlands is quickly building
up a strong reputation in transfer pricing. Contacts at
the firm include Richard Slimmen, the firms managing
director in the Netherlands, Theo Elshof and Rudolf
Sinx. The firm emphasises the importance of avoiding
disputes in transfer pricing, rather than resolving them.
www.worldtransferpricing.com
Netherlands
Antonio Russo
antonio.russo@bakermckenzie.com
Tel: +31 20 551 7963
Margreet Nijhof
margreet.nijhof@bakermckenzie.com
Tel: +31 20 551 7543
The Amsterdam Transfer Pricing Team
comprises lawyers, economists and financial analysts to ensure we can support our
clients on all aspects of their companys
transfer pricing strategy. The team is
known for identifying pragmatic, sustainable solutions that are aligned with our
clients business model and objectives. We
offer integrated transfer pricing, tax and
legal advice from one single source, which
creates greater efficiencies. The team was
awarded Netherlands Transfer Pricing
Firm of the Year award in 2005, 2006,
2007, 2010, 2012, 2014 and 2015.
What differentiates Baker & McKenzie for
accounting firms is that our advice is legally privileged and its disclosure cannot be
compelled by tax authorities. As lawyers,
we can litigate against tax authorities if disputes arise.
Antonio Russo and Margreet Nijhof head
the team and have also individually
received praise for their accomplishments
in all legal directories. Legal 500 lists
Antonio as a Leading Individual whereas
peers have commented to ITR that Russo
combines very strong technical skills with a
Contact
Jeroen Dijkman
Email: dijkman.jeroen@kpmg.com
Tel: +31 (0)88 909 2543
Meijburg & Co is KPMGs tax member
firm in the Netherlands. For more than
75 years, Meijburg & Co has provided tax
legal and tax advisory services to national
and international businesses, organizations and individuals. As part of KPMGs
Global Transfer Pricing Services (GTPS),
Meijburg & Cos transfer pricing experts
offer a full range of transfer pricing services, including value chain management
reviews, transfer pricing documentation,
benchmarking, operational transfer pricing and implementation, valuation analyses and other economic tax advisory services, assistance in obtaining bilateral and
unilateral advance pricing agreements,
competent authority matters, tax audits
and litigation. Meijburg & Cos transfer
pricing experts have a wide range of
industry experience and are recognized
for their robust technical expertise and
experience.
167
New Zealand
Tax authorities
Inland Revenue
Banking, Crown, insurance, resources, Screen
Production Industry Desk
Inland Revenue
Private Bag 39984
Wellington Mail Centre
Lower Hutt 5045
Computer tax audit, international audit,
non-resident contractors
Inland Revenue
PO Box 2198
Wellington 6140
LEADING FIRMS
1 Bell Gully
Deloitte
EY
KPMG
PwC
TP Equilibrium
2 Grant Thornton
Russell McVeagh
3 Chapman Tripp
168
While property speculators have been put on special notice through changes in property tax rules,
another category of taxpayers likely to get attention
are overseas-owned multinational companies
(MNCs) operating in New Zealand.
In the past year, Inland Revenues audit activities
on MNCs has been ramped-up substantially.
Through its annual Basic Compliance Package (BCP)
programme, the Inland Revenue collects information
on a taxpayers activity including its transfer pricing
policies.
Requests for New Zealand specific contemporaneous transfer pricing documentation are common for
all MNCs under review.
The IRDs primary intent is to determine whether
the overall return derived by the New Zealand member of an MNC is commensurate with the activities it
undertakes.
Such reviews have resulted in detailed audits
where MNCs operating in New Zealand have booked
New Zealand sales revenue overseas, incurred losses, and made material payments for charges such as
service fees, interest expenses and guarantee fees.
Tier 1
Mathew McKay heads both tax and transfer pricing
www.worldtransferpricing.com
New Zealand
Tax rates at a glance
Corporate income tax
Capital gains tax
Branch tax
Withholding tax
Non-residents
Dividends
Interest
Royalties from, for example,
patents and know-how
Payments to contractors
Branch remittance tax
Residents
Dividends
Interest
Net operating losses (years)
Carryback
Carryforward
28%
0%
28%
30% (a)
15% (b)
15% (c)
15%
0%
33%
33% (d)
0
Unlimited
McKay advises New Zealand and offshore corporate clients on all aspects of New Zealand corporate
tax law, comprising tax issues affecting mergers and
acquisitions, capital restructuring and financing
169
New Zealand
arrangements, cross border transactions, debt securitisations, and the establishment and operation of
managed fund vehicles. As a tax disputes specialist,
he represents clients in IRD audits and disputes procedures, and at all levels of tax litigation.
Partner Jarrod Walker advises clients on all aspects
of New Zealand tax law. Walker serves clients in the
tax aspects of mergers and acquisitions, corporate
restructurings, financing transactions and general
corporate taxation. He assists clients in disputes as
well.
As the sole partner, Diana Maitland heads the
transfer pricing team at Deloitte New Zealand. The
transfer pricing team has added six professionals,
leading to 11 in total, during the past year.
The main industries the firms transfer pricing team
serves include sciences, services to mining, technology, agribusiness and financial services.
The firms service delivery model is designed to
adapt and evolve as companies expand, and as priorities shift. Clients can remain agile and respond
instantly and efficiently to changes in the marketplace.
EY New Zealands group is led by Mark Loveday.
The firms transfer pricing practice consists of 11 professionals. The range of services the team provides
includes TP advice, global documentation, global TP
controversy and risk management, and tax efficient
supply chain management, to TP in financial services plus TP and customs.
Kim Jarrett heads KPMG New Zealands global
transfer pricing practice. Two new professionals have
joined the firms transfer pricing practice in the past
year.
The team has been serving clients regarding unilateral and bilateral advance pricing agreements, advice
on implementing supply chain models, in addition to
transfer pricing compliance. It has been working with
many clients to document and defend related party
debt structures as well.
KPMG continues to focus on offering specialist
international trade services. This service stresses
growth to its clients expanding overseas. The
approach adopted in this service offers clients com-
170
mercial tailored advice covering the direct and indirect tax implications affecting their businesses.
The main industries the firms transfer pricing practice advises on include fast-moving consumer goods
such as food, clothing and cosmetics, agriculture,
forestry and related services, property, software as a
aervice (SAAS), as well as engineering services.
The firms transfer pricing deal of significance is
one led by Jarrett. This deal pertains to a New
Zealand-headquartered apparel group which has
recently responded to global market conditions and
re-evaluated the activities undertaken by offshore
entities in different markets. The revisions to the roles
of different group entities and the underlying supply
chain led to the need for analysis of the economic
basis for the restructuring. The firms transfer pricing
practice evaluated the potential for exit payments, in
addition to the deductibility of historic market support payments.
The transfer pricing practice of PwC New Zealand
is led by director Erin Venter. Michael Bignell is also
a partner involved in transfer pricing. Bignell joined
the firms tax practice in 1994 and then he transferred to Sydney, where he specialised in international taxation, transfer pricing in particular.
The firms transfer pricing team generally serves
clients with business transformation planning, compliance and document management, and audit
defence strategies.
As a boutique transfer pricing advisory firm, TP
Equilibrium was formed after Duff & Phelps acquisition of Ceteris. Leslie Prescott-Haar, supported by
two other professionals, leads the TP Equilibrium
team covering Australia and New Zealand.
Prescott-Harr has more than 18 years of specialised
transfer pricing experience in the Australasia region.
Stefan Sunde joined the firm in December 2014.
The key industries for the firms transfer pricing
practice are financial transactions/services, consumer
electronics, other electronics, agriculturally-based
industries and retail operations.
One notable transfer pricing deal is a resolution of
a transfer pricing audit without the client suffering an
adjustment. This deal involved all staff in the firm.
www.worldtransferpricing.com
New Zealand
The firms work on this deal was innovative because
of the application of the transactional net margin
method regarding a high value supply chain.
Tier 2
Greg Thompson is the partner overseeing tax and
transfer pricing practices at Grant Thornton in New
Zealand. The firms transfer practice consists of
Thompson as partner and one other transfer pricing
professional.
The firms transfer pricing practice serves clients in
service areas including pricing related-party transactions, TP documentation, understanding and managing risk, planning tax-efficient international business
structures and supply chains, as well as assisting
with Inland Revenue audits.
Information technology, wholesale trade, food and
beverage, manufacturing, and film are the main
industries the transfer pricing team serves.
Brendan Brown is the head of Russell McVeaghs
tax practice. The firms tax practice comprises three
Tier 3
Chapman Tripp has capability in counselling on
international tax and transfer pricing matters. The
firms partners have advised clients on negotiations
and disputes with the Inland Revenue in relation to
cross border financing and transfer pricing. Graeme
Olding leads the tax practice of the firm that is composed of two partners and eight professionals.
171
Norway
An overview of the audit environment in Norway by Silje Brattetveit Helle and Per Frode
Sundby, PwC.
Tax authorities
Ministry of Finance
PO Box 8008 Dep, NO 0030 Oslo
Tel: +47 22 24 90 90
Email: postmottak@finans.dep.no
Website: www.regjeringen.no
172
www.worldtransferpricing.com
Norway
However, there might be some practical differences when the audit is carried out.
173
Norway
However, the agreement before the administrative decision is not binding for the tax
authorities.
174
defendable transfer pricing policies and preparing transfer pricing documentation that supports the fact that the transactions are at armslength. The company should ensure that reality
does not deviate from the intra-group contracts.
www.worldtransferpricing.com
Norway
LEADING FIRMS
1 Deloitte
EY
PwC
2 BA-HR
KPMG
3 Arntzen de Besche
Wiersholm
Firms to watch
Thommessen
Tier 1
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Norway
Tax rates at a glance
Corporate income tax
Capital gains tax
Branch tax
Withholding tax
Dividends
Interest
Royalties
Branch Remittance Tax
Net operating losses (years)
Carryback
Carryforward
27%
27%
27%
25% (a)
0%
0%
0
0
Unlimited
176
Source: www.ey.com
M&A, oil and gas, finance, and retail with the view to
promote client compliance through the implementation of tax-efficient structuring.
The firm helps clients to achieve sustainable business structures through the value chain transformation service by embracing a holistic approach to the
alignment of operational, tax and legal components
with consideration to local and global tax regulations.
PwC Norway operates in close contact with other
professionals throughout the firms international network, which consists of more than 100 partners and
1,600 dedicated transfer pricing professionals based
in over 70 countries.
Tier 2
The transfer pricing department at BA-HR exists as
an integral part of a full service tax department in
Norway, comprising three partners and 13 fee earners and overseen by Joachim Bjerke.
In 2013, Bjerke was appointed by the government
as member of an eight-person expert committee to
review the corporate tax system. He is highly knowledgeable in a range of areas including corporate tax,
transfer pricing, cross-border transactions and tax
disputes.
In one deal worth approximately $5 million, Bjerke
joined with partner Carl Andreas Rnning to assist a
raw materials manufacturer with a dispute questioning
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Norway
whether interest should be charged on a loan to a foreign subsidiary. The Norwegian taxpayer had not
charged interest on a loan to a foreign subsidiary
because of its poor financial position. This decision
was rejected by the tax authorities, who had calculated the interest at 15%. The transfer pricing team managed to convince the city court to decide in favour of
the company, which meant that the tax authorities
decided not to appeal the case.
One client said: Jan Jansen and Joachim Bjerke are
both excellent tax professionals and are great to provide insight and new angles to complex tax matters.
Sector specialisms at the firm include extractive, oil,
shipping, financial, insurance and consumer staples
industries.
Marius Basteviken is partner and head of KPMG
transfer pricing in Norway, noted for his expertise in
international tax law, cross-border transactions,
restructuring and with particular proficiency in documentation.
KMPG Norway can confidently assist multinationals
with core issues in a manner that incorporates elements of international tax. Their services include documentation and implementation, tax audits, due diligence, APAs, and interactions with local authorities.
Tier 3
Anders Heieren oversees the transfer pricing departments at Arntzen de Besche, which consists of four
partners and four fee earners, strengthened by experience in leading international firms and knowledge
in a broad range of tax matters including transactions, group structuring, transfer pricing methods and
strategies.
The team at is experienced and capable in
assisting clients with complex transfer pricing matters relating to the oil, gas, finance and shipping
industries.
Accountant and lawyer Hanne Skaarberg Holen is
often referenced as a notable member of the firm,
with heightened abilities in tax litigation, having
spent 14 years as head of the dispute resolution
department at PwC before joining the firm. Holen is
Firms to watch
Thommessen offers assistance in transfer pricing as
a spin-off from its multifaceted tax service. The team
is formed by a group of legal and tax professionals
with varied experience in international and local tax
matters.
Stle Kristiansen and Finn Backer Grndahl are
mentioned by competitors as noteworthy players in
tax dispute resolution, with a thorough understanding of international, local and corporate tax law.
They are confident in drafting documentation for
corporate clients such as APAs, MAPs, intercompany
and external policies and transfer pricing policies. In
addition, professionals at the firm are able to provide
services in M&A, restructuring, tax audits, due diligence with special tax schemes for energy, petroleum and shipping clients.
The firm is recognised in Norway for contending
with leading advisory firms in the arena of tax
disputes.
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Norway
Deloitte Advokatfirma AS
Dronning Eufemias gate 14
Postboks 221 Sentrum
0103 Oslo
Norway
Bergen:
Per Frode Sundby
Email: per.frode.sundby@no.pwc.com
Tel: +47 99 44 60 61
Email: hjorgensen@deloitte.no
178
Oslo:
Georg Brresen
Email: georg.borresen@no.pwc.com
www.worldtransferpricing.com
Peru
Tax authorities
Superintendencia Nacional de Aduanas y de
Administracin Tributaria (SUNAT)
Av. Garcilaso de la Vega 1472, Lima
Tel: +51 1 315 0730; +51 1 634 3300;
+51 1 634 3600
Website: www.sunat.gob.pe
LEADING FIRMS
1 Deloitte
EY
PwC
2 Estudio Olaechea
Grant Thornton
KPMG
Rodrigo, Elas & Medrano Abogados
Tier 1
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Peru
restructuring and audit defence. Miguel Puga leads
the large practice.
Tier 2
Partner, Gustavo Lazo, works with attorney, Jorge
Davila, to provide transfer pricing services to
Estudio Olaecheas clients in the telecommunications, consumer product manufacturing, energy
and transportation services. They analyse transferpricing reports and make recommendations as
necessary. The firm has been advising a port business company on the market value of shares to be
transferred as part of restructuring. It is also
analysing the costs and overhead expenses by an
Italian client to its Peruvian subsidiary to create a
cost structure that hopefully the tax authorities will
not refuse. They are very clear in the arguments
whenever we need to present something to the
tax authorities, according to a client.
Grant Thornton has a team of lawyers and economists with experience in transfer pricing and international tax. Juan Carlos Basurco leads the team that
includes 14 fee earners. They provide audit support,
documentation, planning and supply chain re-engineering services to clients in the mining, oil and gas,
hospitality and tourism, financial and healthcare
industries. Tax Manager Carlos Chirinos has expertise
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Tax rates at a glance
Corporate income tax rate
Capital gains
Branch tax
Withholding tax
Dividends
Interest
Royalties
Net operating losses (years)
Carryback
Carryforward
28% (a)
5% / 30% (b)
28% / 6.8% (c)
0
4/Unlimited (f)
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Philippines
Tax authorities
Bureau of Internal Revenue
BIR National Office Bldg, BIR Road, Diliman, Quezon City
Tel: +63 981 8888; +63 981 7000
Email: contact_us@cctr.bir.gov.ph
Website: www.bir.gov.ph/index.php/international-tax-matters.html
LEADING FIRMS
Tier 1
1 Isla Lipana
R.G. Manabat & Co
SyCip Gorres Velayo & Co
Navarro Amper
2 Du-Baladad and Associates
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KPMG intends to prioritise the growth of R.G.
Manabat & Co.s transfer pricing team by focusing
on its capacity building, infrastructure development
and knowledge-based expansion.
As head of tax and general counsel, Wilfredo
Villanueva leads both tax and transfer pricing teams
at SyCip Gorres Velayo & Co. Villanueva has been
serving clients in corporate tax planning and advisory concerning direct and indirect tax, local tax and
international taxation issues of transnational investments. A partner from the firm, Romulo S. Danao, is
recommended by a peer for his experience in transfer pricing.
The firm offers transfer pricing services including
assessing whether clients intercompany pricing policies comply with tax laws and regulations, formulating planning ideas, as well as advising clients on
meeting substantiation requirements to document
transfer pricing policies efficiently.
Navarro Ampers transfer pricing practice is headed by Fredieric Landicho, who is tax and corporate
services country leader also leading the firms tax
practice. As the sole partner in the team, Landicho
oversees six other transfer pricing professionals.
The main industries the firms transfer pricing team
advises are back-office operations and shared serv-
Tier 2
Benedicta Du-Baladad is the managing partner of
her namesake firm Du-Baladad and Associates. DuBaladad is a former revenue official and spent 17
years working at the Bureau of Inland Revenue. DuBaladad, an accountant and lawyer by profession,
has also been practising in the field of taxation and
corporate law for more than 25 years. Her areas of
practice range from tax consulting and advisory, tax
planning, handling tax disputes, assessments and
requests for rulings and claims for refunds, to tax litigation, transfer pricing, advocacy, as well as tax
compliance/due diligence review.
The firm is a member firm of World Tax Service
Alliance.
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Philippines
Tax rates at a glance
Corporate income tax
Capital gains tax
Real property
Shares
Branch tax
30%
6%
5%/10% (a)
30% (b)
Withholding tax
Dividends
Interest on peso deposits
Royalties from, for example, patents
and know-how
Branch remittance tax
Net operating losses (years)
Carryback
Carryforward
0% (c)
20% (d)
20% (e)
15%
0
3
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Poland
Tax authorities
Ministry of Finance
12 Swietokrzyska St, 00-916 Warsaw
Tel: +48 22 694 55 55
Email: kancelaria@mofnet.gov.pl
Website: www.mf.gov.pl
LEADING FIRMS
2 Crido Taxand
DLA Piper Wiater
Grant Thornton
MDDP
Sendero Taxperience
3 Arena Tax
Dentons
Linklaters
Taxonity
Over the past year, transfer pricing-related discussions have intensified in the Polish market because
of a draft proposal for new transfer pricing regulations, which is likely to be announced in January
2016, providing that it passes through all legislative
processes.
Matthew OShaughnessy of Sendero Taxperience
outlines some common anxieties within the business community regarding the proposed changes.
The tax adviser explains: This is a major burden for
big corporations as they will have to do benchmarking. It is also likely that the smaller ones will have
reduced documentation obligations.
In 2014, Poland signed up to submit its first information exchange in September 2017. In recent
times, Poland has directed greater effort into the
19%
19%
19%
19% (a)(b)
20% (c)(d)
20% (c)(d)
0
0
5 (e)
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Poland
belonging to the G20 and OECD-governed regions.
This has not occurred without a number obstacles.
OShaughnessy comments: Our local tax authorities
are not familiar with documents in English, so that
will be a challenge.
This May, the government presented a draft detailing new transfer pricing requirements relating to personal income tax and corporate income tax law, due
to be enforced from January 1 2016. Principle changes
involve a more detailed approach to reporting by
Polish taxpayers regarding inter-company transactions.
Corporate clients must also be able to provide clear
and contemporary evidence that transactions were
performed in line with the arm's-length principle.
Joanna Deutryk, of Arena Tax, said: There has been a
number of important changes to transfer pricing, particularly within the reform of corporate income tax. The
changes will broaden the market for some transfer
pricing professionals and limit it for some others.
Since the arrival the transfer pricing draft, clients
have become increasingly aware of the increased
probability of tax audits and are seeking further
assistance in compliance and benchmarking. At the
moment, benchmarking is only compulsory for Polish
taxpayers with revenues exceeding 10 million
($11.1 million), however it is predicted that benchmarking services will be greatly sought by those outside this bracket over the next few years.
In efforts to limit BEPS, the Polish tax authorities
aim to digitalise their tax system. We do not have
one big system for tax authorities to analyse tax
data. Polish Ministry of Finance is in the process of
procuring a system which will show the capital relationship between the Polish tax companies and relationship with their entities abroad," Deutryk said.
There appears to be great plans for progression in
Poland. However, there still remains a level of uncertainty among taxpayers. Its very likely that some of the existing structures and planning with have to be abandoned,
said Artur Novak of DZP (Domanski Zakrzewski Palinka).
He adds: I count on this as a member of the tax
industry, the number of tax litigations will increase.
There will always be people who will take the risk
and attempt to make savings.
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Tier 1
Iwona Georgijew is partner and head of the transfer
pricing department at Deloitte Doradztwo
Podatkowe, which provides effective assistance in
transfer pricing documentation and economic analysis, transfer pricing audits, litigation and APA submissions.
Deloitte Doradztwo Podatkowe has nine offices
throughout the country in locations including
Warsaw, Krakw and Katowice. Professionals at the
firm are widely experienced, helping clients to
achieve business goals through strategic planning,
tax consulting and risk management.
Georgijew is highly respected in the field of transfer pricing and a member of the tax consultancy
board advising Polands Minister of Finance in
regards to new tax legislation initiatives. In over 20
years of working experience in tax, she has developed considerable experience in international tax,
corporate tax and transfer pricing.
The firm has a focus in business model optimisation, APAs, intercompany transaction planning and
comparable studies with fortified abilities in fastmoving consumer goods, finance, pharmaceuticals,
energy (oil, gas, coal, renewable, electrical power)
and telecoms.
Certified tax adviser, Rafa Sadowski, is cited as a
notable member of personnel at Deloitte Poland,
receiving recognition for his expertise in transactions,
restructuring and risk assessment.
Deloittes transfer pricing practice in Poland operates as part of Deloittes global TP network, providing
assistance for multinational and private clients in
more than 150 countries.
Aneta Baejewska-Gaczyskas is head of the
transfer pricing department at EY Poland, which
offers a full range of advisory services geared
towards increasing taxpayers awareness of the
Polish market and issues relating to taxation, business and economy.
Specialists at the firm are able to perform a wide
range of complex transfer pricing methods to secure
optimum solutions for their clients. These include
varied approaches to the valuation of intercompany
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guarantees, assessment of intangibles, valuation of
profit allocation and capital to permanent establishments of foreign companies in Poland and Polish
companies operating in other countries.
Other services include restructuring, benchmarking,
cost allocation and financial models, transfer policy
planning and implementation. The firm is particularly experienced in advising clients in fast-moving consumer goods, pharmaceutical, automotive, energy
and resources and real estate industries.
To complete an intricate transaction related to the
sale of a subsidiary outside the group, BaejewskaGaczyska assisted a large Polish retail group to successfully develop and implement a transfer pricing
model for the valuation of exit payments connected
with the transfer of agreements.
On another occasion, Baejewska-Gaczyska
helped a client to align historical dealings within the
group with a temporary model developed by another adviser and an updated model to provide a sustainable solution for the client.
Jacek Bajger is tax partner and head of the transfer pricing department at the Polish branch of KPMG,
which exists as an integral part of the firms diversified and highly acclaimed tax service.
The firm offers a broad range of services including
risk management, APAs, MAPs, documentation assistance, benchmarking studies and policy planning.
KPMG is able to provide support to international
clients operating in Poland with great attention to
local tax law and the elimination of double taxation.
Rafa Drbka is head of the transfer pricing team at
PwC in Poland, providing clients with a wide range
of tax, audit and legal advisory services including APA
preparation and negotiation, transfer pricing documentation, benchmarking studies, business analysis,
tax and transfer pricing planning.
The transfer pricing team, comprising of one partner and 27 other fee earners, is able to handle complex matters in a prompt and strategic manner.
Consultants at the firm often publish articles and
comments in the Polish and international press.
The firm renders services to multinational and
domestic clients through an array of sector spe-
Tier 2
The transfer pricing service at Crido Taxand is led
by Ewelina Stamblewska-Urbaniak, who works
alongside four other fee earners to offer clients highquality assistance in matters such as TP and business structuring, critical transaction analysis, transfer
pricing documentation planning and implementation.
Crido is well-versed in advising clients throughout
the public sector, with a strong focus in real estate,
fast-moving consumer goods, IT & telecommunication, pharmaceuticals and construction products.
Since joining the firm last year, tax expert
Stamblewska-Urbaniak has been highly involved in a
number of complex transactions and litigation. She
has more than 10 years experience in the field and
expertise including transfer pricing planning and
implementation, business structuring and tax disputes.
In one project, led by Stamblewska-Urbaniak, the
firm devised a transfer pricing, semi-automated
model for the purpose of calculating interest and
fees in intra-group financial transactions: more
specifically loans and guarantees. Professionals at
the firm developed a model for their client which can
be easily updated or modified using publically available data, containing firm evidence that can be used
in defence, should any tax audits arise in Poland or
in the residing countries of the clients subsidiaries.
Tax director Monika Poteraj and senior associate
Krystyna Szydowska are joint leaders of the transfer
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Poland
pricing department at DLA Piper Wiater. The team is
formed by a combination of lawyers and economists
with vast experience in tax advisory, with strengths
in transfer pricing planning, structuring and implementation.
Professionals at the firm have firm industry knowledge in life sciences, consumer goods, manufacturing, media/advertising and automotive.
In a project concerning the adaptation of the group
master file for statutory purposes, transfer pricing
specialists at the firm conducted a thorough assessment of a Polish SSC to verify arms-length profitability. Senior associate and ACCA-qualified accountant
Szydowska helped a designer, manufacturer and
distributor of contemporary, hand-finished jewellery
to optimise their transfer pricing documentation for
any potential transfer pricing audits in Poland; as
well as conducting a benchmarking analysis of unrelated accounting and administration service
providers to justify the transfer pricing model adopted by the client.
Dariusz Bednarski is head of Grant Thorntons
Polish transfer pricing department. The transfer pricing team at Grant Thornton consists of two partners
and seven other fee earners, dedicated to providing
high standards of support in a broad scope of services including tax risk assessment, benchmarking
and litigation. In July, the firm added two consultants
to the team Aleksandra Markiewicz and Mateusz
Makaj.
Other areas of expertise at the firm include the
documentation of intercompany and external transactions, profit assignment to a permanent establishment of a foreign company operating in Poland,
drawing up agreements between related entities and
APA assistance.
The firm is able to offer practical solutions in its
advisory work, also providing transfer pricing training
sessions and workshops to its clients. Industry specialisations at the firm include food and beverages,
technology/IT services, construction, automotive and
fast-moving consumer goods.
Grant Thornton Frckowiak advised a client regarding
the restructuring of a transaction between related par-
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in Warsaw and Wroclaw. They also joined the
Andersen Global network US-based firm with international presence comprising of over 1,000 professionals in more than 32 locations worldwide.
Earlier this year, the team welcomed Aleksandra
Jaszczuk as senior transfer pricing manager, Marta
Skrodzka as tax adviser and Cezary Rosa as consultant.
Professionals at the firm are highly knowledgeable
in a range of international tax matters and a range
of sectors including industrial production (commodities), shared services centres, publishing, wholesale
distribution and pharmaceuticals.
Sendero Taxperience is able to approach a wide
range of complex transfer pricing issues with heightened awareness of the Polish tax legislation and
requirements. For the purpose of extending this
knowledge to their clients, the firm provides public
and private transfer pricing masterclasses and training events.
In one case, the firm developed a profit sharing
structure for a major industrial group, allocating the
combined profits of the parent company and their
related parties across various end-consumers divisions.
Tier 3
Joanna Deutryk is a licensed tax adviser with more
than 10 years experience in international tax and
head of transfer pricing at Arena Tax. The firm provides a selection of transfer pricing services including
policy analysis, risk quantification, audits, structuring
and benchmarking studies for financial transactions.
Working with Deutryk, are 12 fee earners with the
ability to assist domestic and international clients in
the financial industry. This year, the firm benefitted
from the hire of eight professionals, many deriving
from Big 4 and other notable firms in Poland.
Propelled by a strong understanding of Polish and
international regulations, the tax and transfer pricing
professionals work together to reach the best solutions for their clients, as seen in a particular case
regarding the restructuring of functions within a large
corporate group. By conducting a thorough risk and
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Portugal
Tax authorities
Directorate General for Taxation
Rui da Prata 10 2nd Floor, 1149-027 Lisbon
Tel: +351 21 882 3093
Fax: +351 21 881 2938
Email: dsirs@at.gov.pt
Website: www.portaldasfinancas.gov.pt
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 Garrigues Taxand
Grant Thornton
TPricing Consultores
Ura Menndez Proena de Carvalho
3 Abreu Advogados
Baker Tilly
Ricardo da Palma Borges & Associados
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Tier 1
Patrcia Matos oversees the transfer pricing service at
Deloitte Portugal, consisting of two partners and 24
other fee earners, working across three offices:
Lisbon, Oporto and Luanda in Angola. Professionals
at the firm are able to approach complex issues in
transfer pricing, with a perceptive application of economics, tax and law expertise.
Leading services at the firm include documentation
projects, tax litigation, mutual agreement procedures,
arbitration procedures, transfer pricing planning and
structuring.
This year, the transfer pricing team has undergone
considerable expansion, hiring around 10 fee earners including Henrique Allegro, joining from EY and
Sofia Almeida Santos, who moves over to transfer
pricing manager from the firms tech, media, telecom,
real estate and construction group.
In the past, Deloitte Portugal has advised the
Portuguese Tax Authorities transfer pricing team on a
number of technical issues including the critical
analysis of updates to the Portuguese transfer pricing
legislation.
The firm has developed a number of seminars related to technical transfer pricing and BEPS to further educate its clients on a range of relevant tax matters. Clients
can also benefit from the multidisciplinary approach of
transfer pricing and tax specialists at the firm.
The transfer pricing team at EY is made up of 15
professionals with backgrounds in economics, tax
and law. These professionals work across two bases:
Lisbon and Oporto, under the leadership of international tax partner, Paulo Mendona.
Mendona has worked in tax for almost 20 years;
he is well-versed in real estate and confident in a
wide range of transfer pricing services including documentation, planning and controversy.
The firm offers services to clients in all industries,
but is particularly proficient in serving customers in
the automotive, banking and capital markets, cleantech, construction and consumer products. Other
areas of expertise include financial services, government and public sector, insurance, life sciences,
media and entertainment.
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Tax rates at a glance
0% to 35% (e)
0% to 35% (f)
0% to 35% (g)
n/a
0
12 (h)
192
e)
f)
g)
h)
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the past year. Furthermore, PwC Portugals transfer
pricing team often convenes with that of the
Portuguese tax authorities to discuss topical issues in
the field and share specialist information.
In one the firms first APA projects, Jaime Esteves
and Marta Elisa Machado assisted a global provider
of communications network equipment, operating in
more than 130 countries, to successfully establish a
unilateral APA.
In another deal, Leendert Verschoor and Marta
Elisa Machado explored a number of alternatives,
showing great consideration to TP requirements concerned with the business restructuring of a worldtrading nutrition company.
The firm is highly recognised in Portugal for its
commitment to sharing professional knowledge and
engaging in discussions with clients, tax administrations, business and academic communities.
Tier 2
The Portuguese transfer pricing team at Garrigues
Taxand is led by Fernando Castro Silva and tightly
integrated with the tax department, equipped with
several professionals with working experience in
international tax, transfer pricing and leading international firms.
Silva is a tax specialist with more than 25 years of
experience in the field and with strong expertise in
tax audits, litigation, M&A, corporate tax, finance and
the public sector.
Professionals at the firm are well-versed in corporate and indirect tax law, offering a wide range of
services including benchmarking and TP documentation, tax litigation, MAP, arbitration, planning and
structuring.
The steady increase of transfer pricing audits in
Portugal, has led to greater contact between lawyers
at the firm and tax authorities over the last few years,
affording them excessive experience in preparing
and optimising transfer pricing policies for review
and in accordance with Portuguese legislation.
The firm provides expert assistance in the area of
transfer pricing audits, a relatively new addition to
Portuguese tax law, by helping clients to develop
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Portugal
improving bottom line performance, simplifying tax
and transfer pricing management, assessing and
eliminating risks in cross-border transactions.
Well-received practice areas at the firm include
detailed tax and transfer pricing planning, risk management and notifying intercompany and external
stakeholders in an efficient manner with a view to
endorse transparency and consistency.
Head of tax and leader of Urias transfer pricing
service Filipe Romo is a lawyer with almost 20
years of experience in the field, half of which he has
spent at Ura Menndez Proena de Carvalho. He
is highly knowledgable in M&A, international tax
planning, tax inspections and disputes.
His team consists of two partners and 12 other fee
earners, who provide multidimensional advice in a
range of matters, with particular focus in M&A,
financing and real estate and further expertise in
construction, retail (home equipment) and health.
Due to the steady increase of inbound investments in Portugal, the firm has experienced a considerable boost of interest from expatriates, intensifying their wealth management service line and frequently advising clients with regards to inbound and
outbound tax preparation.
Furthermore, its litigation service adopts an organised and intelligent approach, to establish clear and
efficient communication between their clients and
the Portuguese tax authorities.
In a deal worth approximately $73 million, Filipe
Romo and Susana Estvo Gonalves helped their
client to overcome a number of complex transfer
pricing issues to successfully implement an ownerbuy-out structure through a combination of debt
and equity financing, resulting in the part-acquisition
of Vision Box Group.
Tier 3
Abreu Advogados offers assistance in transfer pricing as an integrated part of its tax service. The firm
is staffed with experts in tax and transfer pricing,
skilled in advising clients from a broad range of
industry backgrounds. The firm supports multinational clients in preparing and reviewing transfer
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pricing files, risk assessment, reporting and compliance, tax litigation, international taxation and
national taxation with equal abilities in assisting private customers.
The team often collaborates with a number of
eminent international law firms and tax specialists
in Portugal, assisting multinationals of all sizes and
industry backgrounds. To the advantage of their
clients, the firm maintains a close relationship with
the Portuguese authorities and a profound knowledge of global transfer pricing regulations.
The firm has offices in Lisbon, Oporto and
Madeira in Portugal and others overseas in Angola
and Brazil.
Joo Aranha is head of the global transfer pricing
management department at Baker Tillys
Portuguese office. He manages a team of nine fee
earners.
In May, Samuel Sanches joined the firm as a senior transfer pricing consultant from EY, where he
occupied a similar role.
The firm assists both independent and multinational clients from all industries, with profound experience in media/entertainment, IT development,
pharmaceuticals, advertising and manufacturing.
Baker Tilly Portugal offers several resources to its
client to bring them up to speed with global transfer pricing developments such as seminars relating
to topical transfer pricing matters such as APA negotiation, cash-pooling transactions and cost-sharing
agreements.
In addition, it holds a number of executive breakfasts each year and BEPS analysis for clients. For the
same purpose, the firm publishes a monthly editorial in a local newspaper.
Ricardo da Palma Borges & Associados (RPBA) is
a tax law boutique led by founding partner Ricardo
da Palma Borges, which employs eight other fee
earners. The firm is able to assist clients from a
range of industries, with particular focus in pulp and
paper, real estate development, holding companies,
cement, and agriculture and forestry.
The firm offers a broad scope of resources for its
clients, producing infographics, newsletters and
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other publications for the purpose of keeping
clients informed about various aspects of global
taxation and legislation. In addition, Da Palma
Borges lectures at several post-graduation courses
in Portugal.
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Romania
An overview of the audit environment in Romania by Ciprian Gavriliu of Deloitte.
Tax authorities
The Ministry of Public Finance
Strada Apolodor nr. 17, sector 5, Bucharest 050741
Tel: +40 21 319 9759
Fax: +40 21 312 2509
Email: presa.mfp@mfinante.gov.ro
Website: www.mfinante.ro
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starting point for more complex audits which
imply aspects such as fiscal evasion, money
laundering and criminal charges against the
representatives of the taxpayer.
Moreover, during TP audits, the transfer pricing documentation is not considered supporting
documentation for the deductibility of expenses taken into consideration for the computation
of the profit tax/corporate income tax. Based
on the information made available, the RTAs
may extend the scope of the audit from transfer pricing to corporate income tax as well.
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LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 Mazars
Taxhouse Taxand
Transfer Pricing Services
3 Baker Tilly in Romania
BDO Consulting
PKF Finconta
TPA Horwath
The Romanian tax authority is also encouraging taxpayers to boost compliance and reduce the risk of
transfer pricing audits through the implementation of
APAs. Advisers predict that, in further efforts to promote
rational and effective taxation in Romania, it is likely
that the authorities will review redundant and malfunctioning tax bills during the course of the following year.
For example, Rzvan Graure from Musat & Asociatti
addressed the construction tax which was put into
force at the start of 2014. The authorities introduced
new taxation and this was due to companies having
constructions such as satellites or antennas or things
like that. These constructions were not buildings, but
qualified as transactions and charged with a 1.5% rate
and applied to wind turbines. It has been proposed
that the tax be removed by Jan 1 2016. The Ministry of
Finance is on the final steps to reduce this. They are
trying to relax.
Romania is in the process of drafting important
changes to its tax code and fiscal procedure code. For
many, the fiscal procedure in Romania has been an
object of trepidation over the last years due to its instability. Niculeasa Law Offices Bogdan Marculet said: In
any case, there are new modifications all the time, so
we are prepared but we hope these changes will bring
stability.
Proposals have been made to cut VAT from 24% to
20%. This plan faced severe opposition from President
Klaus Iohannis who insisted that this would not be
sustainable for Romania. Should the Romanian government come to an agreement, these reforms are
expected to be announced at some point during the
last quarter of the year.
Tier 1
Ciprian Gavriliu is director and leader of the transfer
pricing practice at Deloitte Romania. He works with
around 20 other fee earners, forming one of the
biggest transfer pricing teams in Romania, united in
their aim to deliver services in transfer pricing planning
and documentation, dispute avoidance and resolution,
APAs and business model optimisation.
The firm is able to provide all the above and more,
intertwined with elements of tax and legal expertise.
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Tax rates at a glance
Corporate income tax rate
Capital gains tax rate
Branch tax rate
16%
16%(a)
16%
Withholding tax
Dividends
0%/5%/16% (b)
Interest
0%/16% (c)
Royalties from patents and licences 0%/16% (c)
Branch remittance tax
Nil
Net operating losses (years)
Carryback
Carryforward
Not allowed
7 years (d)
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Transfer pricing file preparation is one of their leading
services. Another strength of is in tax audits.
To assist clients with the volume of international
transfer pricing regulations and intercompany transactions, Deloitte Romania offers a range of products to
endorse good transfer pricing awareness and application amongst its clients.
Manufacturing, financial services, retail and consumer
services, technology and telecommunication and life
science (pharmaceuticals) are all amongst a wide
range of industry specialisations at the firm.
Adrian Rus is partner and leader of the transfer pricing team at EY Romania. Professionals at the firm serve
across four locations in Romania, with offices in
Bucharest, Cluj-Napoca, Timisoara, Iasi and Chisinau.
Rus has more than 12 years of experience working
with multinationals, advising on international tax and
transfer pricing issues with regards to the drafting and
reviewing transfer pricing procedures for companies
and transfer pricing controversy management.
EY Romania offers full transfer pricing support in tax,
transactions, planning, controversy and operating
model effectiveness and effective transfer pricing support to multinationals and local companies alike.
The firm is dedicated to helping clients with regards
to optimising their transfer pricing policies and also
with the risk assessment of complex transactions, with
extensive experience of advising clients in financial
services, energy (power and utilities, oil and gas), consumer products, automotive and retail.
Teodora Alecu is tax director and leader of KPMG
Romanias transfer pricing service. She manages a
skilled team of economists, analysts and tax practitioners.
Other prominent figures at the practice include senior tax partner, Niculae Done, and head of taxation
services, Ramona Jurubita.
The firm serves all industries, but specialises in consulting clients within building, construction and real
estate, energy, utilities, financial services, technology,
media, telecommunications and public sector and
European funding.
The transfer pricing department at PwC is led by
partner Ionut Simion and employs a total of 10 other
Tier 2
Ren Schb is country managing partner for Mazars
in Romania and leader of the transfer pricing department. Specialists at the firm have vast experience in
dealing with transfer pricing matters, strengthening
their ability to assist corporate clients with a clear
view of local and international legislation.
Schb is a certified tax adviser with more than 15
years of experience in Romanian and international
tax advisory, managing a large scope of projects related to M&A, corporate tax, finance and accounting.
Mazars serves more than 73 countries worldwide
and operates within an extensive network of professionals with a variety specialisms including retail,
financial services, energy, automotive and manufacturing.
The firm helps both local and foreign clients to align
their transfer pricing documents with Romanian transfer pricing regulations, offering guidance in the preparation and implementation and the optimisation of
these documents for government review and potential
audit procedures.
In addition to these services, Mazars Romania is able
to provide support with litigation, APA negotiation,
restructuring, refinancing, inter-company transactions
and accurate reporting.
Angela Rosca is managing partner and supervisor
of the transfer pricing service at the firm. She works
with two other fee earners; collectively they strive for
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Romania
excellence across a number of areas including transfer pricing documentation, audits, cross-border transactions and reporting strategies.
Mazars client list is testament to its versatile
approach to tax consultation and encompasses a wide
range of industries including manufacturing, telecom,
financial services, trading and construction.
Taxhouse Taxand has a particular flair for transfer pricing documentation, disputes and litigation.
In one case, the firm helped a large Romanian beverage company to complete, prepare and present
transfer pricing documentation and intercompany
polices, for inspection by the Romanian tax authorities.
The firm is also able to assist clients with the update
of transfer pricing documentation for review, as
demonstrated in its support of a non-European group
involved in production and distribution of timber and its
Romanian subsidiaries.
Transfer Pricing Services is a specialist advisory firm
with the ability to assist clients in all areas of the discipline, offering consultancy in relation to documentation, planning, dispute and resolution.
Adrian Luca is founding partner and leading transfer
pricing adviser at the firm. He has more than 13 years
of experience in transfer pricing, international tax law
and extensive knowledge of Romanian transfer pricing
legislation.
Daniel Sacal is also partner at Transfer Pricing
Services and is highly experienced in advising clients
within industrial and consumer products, automotive
and pharmaceuticals.
Last June, the pair worked together to advise the
Romanian subsidiary of a US-based group in a case
that some say, has redefined opinions on adjustment mechanism and the notion of what an armslength price truly resembles. Luca and Sacal raised
this issue with the Romanian tax authorities, to a
successful end.
In light of increasing rates of disputes and tax audits
in Romania and throughout the rest of Europe, the firm
has intensified its attention to documentation, which
stands as one of its most popular services. Risk analysis is another speciality, in which professionals at the
firm provide scrupulous document-checking to
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eliminate unnecessary costs and promote transparency throughout its clients business activities.
The firm recently established a subsidiary in Serbia,
to cater to the needs of clients within the market with
particular focus in documentation.
Tier 3
Overseeing the transfer pricing practice at Baker Tilly
in Romania is Mamas Koutsoyiannis, managing director and tax partner at the firm.
The firm is able to support corporate clients of all
sizes and from all sectors in a wide range of matters
including transfer pricing strategy, documentation planning, business structuring, business model optimisation and guidance in local transfer pricing regulations.
Earlier this year, the firm said goodbye to Nadia
Oanea, who left her role as head of tax, moving to
Grant Thornton as executive director and head of tax.
Transfer pricing documentation is a focal part of the
international tax planning programme at BDO
Consulting. The firm is able to assist multinationals
with a range of transfer pricing matters with pragmatism and with consideration to the unique business
needs of client, local and international regulations and
global reporting standards. Dan Barascu, Dan Apostol
and Dab Stirbu are noteworthy members of personnel
at the firm.
Cristina Saulescu is head of the transfer pricing and
corporate finance service at PKF Finconta, managing a
small but capable team of three fee earners. Since its
establishment in 2009, the transfer pricing department
has supported clients with a number of essential services including documentation facilitated by tools such
as Amadeus and RoyaltyRange, transfer pricing reporting, risk management and audit assistance.
Professionals at PFK Finconta are able to assist in a
range of matters pertaining to transfer pricing, including
restructuring, functional and economic analysis, TP
documentation, litigation and business optimisation.
Industry specialisations at the firm include pharmaceuticals, retail, oil and gas, financial services and IT services.
Accountant, tax adviser and economist, Claudia
Stanciu-Stnciulescu, heads-up the tax team at TPA
Horwath, which offers assistance in transfer pricing
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Romania
with a particular attention to helping corporate
clients to establish successful and transparent transactions in accordance with all financial authorities
through targeted risk assessment.
In this regard, Stanciu-Stnciulescu is well-prepared and enabled by more than 10 years of experience in tax and accountantcy, with additional
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Romania
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Russia
Tax authorities
Federal Tax Service Ministry of Finance
23 Neglinnaya Street, P O Box 127381, Moscow
Tel: +7 495 913 00 09
Fax: +7 495 913 00 05
Website: www.nalog.ru
LEADING FIRMS
1 Deloitte
EY
KPMG
Pepeliaev Group Taxand
PwC
2 Baker & McKenzie
CMS Russia
FBK Grant Thornton
Goltsblat BLP
3 BDO Unicon
FinExpertiza
Taxperience
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Russia
Tax rates at a glance
Corporate profits tax
Capital gains tax
Branch tax
0%/15.5%/20% (a)(b)
0%/15.5%/20% (a)(c)
15.5%/20% (a)
Withholding Tax
Dividends
0%/13%/15% (d)
Interest on certain types of state
and municipal securities
15% (e)
Other interest
20% (e)
Royalties from, eg, patents, know-how 20% (e)
Net operating losses (years)
Carryback
Carryforward
0
10 (f)
Tier 1
The transfer pricing department at Deloitte is an integral part of its tax and legal division, overseen by
international tax expert and partner, Dmitry Kulakov.
He has spent more than 16 years in tax consulting,
gaining valuable experience in Russian and international tax.
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Russia
companies in meeting their transfer pricing compliance obligations.
Tax, legal and transfer pricing specialists at
Deloitte Russia are currently in talks with the
Russian authorities, advising them on the design
and the implementation of mutual agreement procedures in the country.
In Russia, EYs transfer pricing practice is formed by a
number of tax and legal professionals with multidisciplinary abilities in tax consulting.
Transfer pricing and model effectiveness leader at the
firm, Evgenia Veter, and international tax services
leader, Vladamir Zheltonhogov, are known in the
Russian tax market for their pro-active approach to tax
and transfer pricing advisory consulting in conjunction
with their vast expertise in policy planning, risk management and global transfer pricing controversy.
EY Russia offers specialised focus in business
restructuring, helping multinationals to operate their
businesses in a sustainable and tax efficient manner, to conduct legally-sound transactions with consideration to international and local transfer pricing
regulations.
Natalia Valkovskaya is head of transfer pricing at
KPMG, which offers complete transfer pricing support
in documentation, supply chain optimisation, effective tax planning and risk assessment undertakings.
Their transfer pricing specialists are based throughout Russia, with offices in Moscow, St Petersburg,
Nizhny Novgorod and Yekaterinburg,
KPMG Russia advises clients with regard to meeting
local government requirements in controlled transactions and transfer pricing documentation, automated
data collection and reporting and identifying potential
risks.
The firm caters to multinational clients in Russia and
the CIS regions, with a number of international desks
in Japan, China, Korea, Germany, Turkey.
Sergey Pepeliaev is managing partner and head of
the transfer pricing department at Pepeliaev Group
Taxand, comprising of 11 partners and 70 other fee
earners. Pepeliaev has more than 20 years of experience in international tax with vast experience in corporate taxation and tax disputes.
Tier 2
Alex Chmelev is head of the transfer pricing department at Baker & McKenzies Russian branch. The
team consists of two partners and three other fee
earners working between Moscow and St
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Russia
Petersburg, recognised for its broad experience in
Russian and international tax and expertise in
newly-enforced transfer pricing regulations.
Professionals at Baker & McKenzie have adopted a
multidisciplinary approach to their work, engaging
actively with Russian and international clients within
technology, hardware & electronics, pharmaceuticals
& life sciences, software & computer services, transportation and consumer product manufacturing.
In one instance, Baker & McKenzie enabled the
joint venture of two well-known distributors and producers of motion pictures, television and digital content by advising with regards to the preparation, documentation and implementation of a pricing policy
for their Russian operations. Firm members also perform functional and economic analysis, conducting
benchmarking analysis under the new standards in
Russian transfer pricing.
Dominique Tissot is leader of CMS Russias transfer pricing practice; he works closely with partners,
Yulia Smourova, Maria Kabanova and a roster of
other fee earners to supply valuable advisory services to corporate and individual clients operating in
Russia and abroad.
The transfer pricing team at CMS Russia is able to
provide services in regards to documentation management, cross-border transactions, tax audits, conflict resolution amongst many others, with an
approach that incorporates elements of tax, legal
and transfer pricing awareness.
Jean-Franois Marquaire is a managing partner at
the firm and mentioned by peers for strong expertise
in international tax and success in tax disputes.
Last August, FBK parted ways with PKF
International and became a member of Grant
Thornton International, a network of independent
audit and consulting firms. Valeria Polyakova is partner and head of the transfer pricing advisory at FBK
in Russia. She manages a talented team of three
partners and 30 other fee earners with extensive
experience in managing unique and complicated
transactions: cross-border and domestic financial
transactions and those with intangible assets.
Other areas of expertise at the firm include oil and
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Russia
In addition to consumer goods, Goltsblat fosters
specialisations in other sectors including real estate,
automotive, pharmaceutical, oil and gas.
Tier 3
Sergey Chelyshkov is head of tax and legal at BDO
Unicon and supervises its transfer pricing service.
The firm has made positive progression in recent
years, assisting multinationals in a number of high
profile projects with a focus in minimising negative
tax consequences and risks.
The transfer pricing team consists of two partners
and eight other fee earners including advisers,
Alexandra Sidorova and Sultan-Murad Omarov.
It offers distinct advisory services to clients from all
backgrounds, with emphasis in a number of sectors
including consumer products, retail and services,
technology, media, telecommunications, real estate
and construction, manufacturing and transportation
and oil and gas.
Professionals at the firm have in-depth knowledge
of transfer pricing regulations, approaching their work
with close observation of Russian and international
transfer pricing rules outlined by OECD.
Julia Eshkina was appointed as the head of
FinExpertizas transfer pricing at the start of the
year. She manages a confident team of five other
fee earners with experience in tax and tax disputes, M&A, real estate and construction, PPP and
much more.
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Singapore
Tax authorities
Inland Revenue Authority of Singapore (IRAS)
55 Newton Road, Revenue House, Singapore 307987
Tel: +65 6356 8622
Fax: +65 6351 4360
Website: www.iras.gov.sg/IRASHome/Businesses/Companies/ and
www.iras.gov.sg/IRASHome/GST/GST-registered-businesses/
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
17% (a)
0%
17% (a)
Withholding tax
Dividends
Interest
Royalties from, for example, patents
and know-how
Branch remittance tax
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0%
15%
10%
0%
1
Unlimited
Tier 1
The transfer pricing practice at Deloitte Singapore is
headed by See Jee Chang. The firms transfer pricing
team consists of 13 professionals.
The services the transfer pricing team provides
range from transfer pricing methodology and documentation, dispute avoidance regarding advance
pricing agreements, dispute resolution concerning
examination defence and mutual agreement procedure/competent authority and business model
optimisation.
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Singapore
Fast moving consumer goods, energy and resources,
financial services, life sciences and health care, as well
as manufacturing are the main industries for the firms
transfer pricing team.
Luis Coronado leads EY Singapores transfer pricing
practice. There are six partners in the transfer pricing
practice. In total, the team has 50 transfer pricing professionals. The team has promoted Stephen Lam to
partner and welcomed Nick Muhlemann as another
new partner during the past year.
Five full-time transfer pricing and operating model
effectiveness (OME) partners involved with transfer pricing issues assist clients with their operating models to
design, build and implement effective business structures. The other partner having considerable transfer
pricing experience focuses on the TP issues on the
financial industry.
The firms transfer pricing team offers services, in
general, including TP strategy and policy development, TP planning, designing and building effective
inter-company structures, using operating model
effectiveness to align TP with organisational transformation, preparing global, regional and local TP documentation as well as TP documentation and reporting strategy with respect to international regulations,
in addition to TP controversy.
The transfer pricing practice at KPMG Singapore comprises two partners/directors, and 30 other transfer
pricing professionals. The transfer pricing team is led by
Geoffrey Soh, partner and head of transfer pricing.
The firms transfer pricing team has service offerings
including compliance, planning, audit defence, and
alternative dispute resolution aspects of transfer pricing. The team also advises clients on the transfer pricing implications of the ongoing OECDs BEPS Action
Plan. Examples of such offerings include assistance
with compliance issues regarding expanded documentation requirements and country by country reporting,
plus advising clients on how to install optimal structures that balance compliance with the OECDs most
updated guidance and tax efficiency.
Financial Services, energy and natural resources, real
estate investment trusts, fund management, and pharmaceuticals are the key industries focuses for the firm.
Tier 2
Peter Tan, senior tax consultant based in Singapore,
leads the transfer pricing practice at Baker &
McKenzie, Wong & Leow. The firms transfer pricing
team comprises three partners and five transfer pricing professionals. Eugene Lim, head of the tax and
wealth management practice in Singapore and head
of the Asia Pacific trade and commerce practice of
the firm, oversees both the firms tax and transfer
pricing practice.
The firms transfer pricing team offers services in
compliance and planning, dispute resolution, and
restructuring/valuation.
Pharmaceuticals, technology, electronics, natural
resources, financial services, and consumer products
are the key industries the firm advises on.
Firms to watch
RSM Chio Lim is a member firm of the RSM network.
Managing partner Paul Lee is developing the firms
transfer pricing capabilities. The firms transfer pricing
team serves clients by assisting in reviewing and
preparing contemporaneous documentation, in addition to global group transfer pricing policy.
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South Africa
Tax authorities
South African Revenue Service
Visiting address: Lehae La Sars, 299 Bronkhorst Street, Nieuw Muckleneuk, 0181 Pretoria
Postal address: Private Bag X923, Pretoria 0001
Tel: +27 12 422 4000
Website: www.sars.gov.za
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 ENSafrica, Taxand Africa
3 Bowman Gilfillan
DLA Cliffe Dekker Hofmeyr
Webber Wentzel
212
Tier 1
Billy Joubert is head of Deloittes transfer pricing
team, which is one of the largest in South Africa, rendering a wide range of transfer pricing services
including cross-border transactions, APA, negotiation,
compliance and business structuring. Karen Miller is
the transfer pricing leader for the Western Cape and
another notable practitioner at the firm.
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South Africa
Tax rates at a glance
Corporate tax rate
Capital gains
Branch tax
Withholding tax
Dividends
Interest
Royalties
Net operating losses (years)
Carryback
Carryforward
28% (a)
18.648% (b)
28% (c)
15% (d)
15% (e)
15% (f)
0
Unlimited
b)
c)
d)
e)
f)
Tier 2
Bernard du Plessis and Peter Dachs are joint heads of
ENSafrica, Taxand Africas South African transfer pric-
213
South Africa
ing department, staffed by partners, Jens Brodbeck,
Okkie Kellerman and a further six fee earners.
Between them, professionals at the firm exercise
abundant experience in advising corporate clients in
financial services, energy and mining, real estate,
automotive and industrial and manufacturing, In one
case, Jens Brodbeck exhibits a strong knowledge of
international tax and exchange controls, selecting an
optimum transfer pricing model on the behalf of a
multinational shipping group shifting the commercial
and technical management of its vessels from its
head of office in Singapore to South Africa.
The transfer pricing at ENSafrica offers full assistance to corporate clients seeking economic and
functional analysis of transactions, transfer pricing
adjustments, guidance in litigation and dispute resolution and the implementation of transfer pricing
policies. Furthermore, a number of its services are
geared towards the facilitation of multinationals
looking to invest in South Africa, with the view of
increasing their presence throughout the rest of the
continent.
Tier 3
The compact yet skilled tax team at Bowman
Gilfillan offers a wide range of tax services, which
include transfer pricing.
Alan Keep is leader of the firms tax practice and a
key contributor to its transfer pricing activities.
Professionals at Bowman Gilfillan are able to assist
South African and international clients with a broad
scope of maters, with competencies in international
214
tax planning, debt and equity funding, documentation, compliance and dispute resolution.
Emil Brincker is director and head of the transfer
pricing practice of DLA Cliffe Dekker Hofmeyr.
Brincker is recognised for his expertise in international tax, tax controversy, corporate tax and transfer
pricing. He leads a team of tax specialists with particularly strong abilities in advising clients in the
automotive, retail and financial industries.
Among the many services, the firm is able to provide assistance in a range of transfer pricing-related
matters including dispute resolution, M&A, structuring
and international tax planning.
Anne Bennett is head of Webber Wentzels tax
practice and leader of its transfer pricing service. She
has more than 25 years of experience in international tax and a focus in mining, energy and natural
resources. Dan Foster is a tax expert and another key
contact at the firm, with specialisations in expatriate
tax, offshore trusts and employee tax.
The firm is best known for its offerings in corporate
tax, M&A, private equity-related work, international
tax, tax dispute resolution and transfer pricing. The
firm is also able to advise on matters such as finance
structuring, tax issues surrounding the design and
implementation of holdings and the drafting of relevant documentation.
Webber Wentzels professionals, based both in Cape
Town and Johannesburg, have in-house Portuguese
and French language specialists and contacts throughout the African continent to lend local tax expertise and
strengthen its assistance to clients investing in Africa.
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South Africa
215
South Korea
Tax authorities
National Tax Service
86, Jongno 5-gil, Jongno-gu Seoul, 110-705
Tel: +82 2 397 1200
Email: service@mail.nts.go.kr
Website: www.nts.go.kr
LEADING FIRMS
1 Deloitte Anjin
Kim & Chang
Samil PwC
Samjong KPMG
Yulchon
2 EY
3 Lee & Ko
Shin & Kim
Tier 1
South Koreas dispute scene is becoming more
active, with cases including transfer pricing and customs over the past year, where an administrative
court in sided with the customs service in a dispute
relating to a Korean taxpayers marketing fees paid
to the corporate entity headquarters.
The Korean taxpayer had signed a license agreement with the multinational parent company providing that the Korean entity would pay 4% of net sales
as an international marketing fee. This was in addition to the basic royalty fee for the brand.
The marketing fee was not included in the Korean
entitys import price, which is subject to customs
duty, because of the way the taxpayer categorised
the fee.
However, the Korean Customs Service said the
marketing fee should be considered as use of the
brand and should therefore be subject to import
duty. The service consequently made an additional
assessment on the marketing fee which was valued
at $5.5 million.
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South Korea
Tax rates at a glance
1 (f)
10
217
South Korea
involved in the LNG industry, and was completed in
November 2014.
The team provided advice regarding gauging the
transfer price for LNG, which is a relatively new
industry and market in both South Korea and overseas.
The transfer pricing practice of Samjong KPMG
includes two partners and 30 transfer pricing experts.
Gil Won Kang is the partner overseeing the firms
transfer pricing team. Kang is recommended by a
peer for his APA negotiation skills.
An overview of the firms transfer pricing services
includes TP planning, TP documentation, APAs and
TP defence. Its global transfer pricing services (GTPS)
team has been the service provider for South Koreas
leading automobile manufacturers, its subsidiaries
and other co-operative entities around the globe.
The GTPS team has been providing tailored transfer
pricing services which satisfy clients specific needs.
To this end, the GTPS team has a specialised finance
transfer pricing team working on financial guarantees, intra-group charges, and revenue splits. The
teams experience in the finance industry has
allowed it to successfully negotiate APAs and MAPs
and defend its clients from tax audits.
Kang is leading several innovative transfer pricing
matters. One of them is an MAP and APA matter concerning a general trading company amounting to
$500,000. The significance involves the transfer pricing teams review of the functions and risk profile of
the global group, and advising on an appropriate
transfer pricing model and assisting in the negotiation between the competent authorities to resolve
double tax issues.
The transfer pricing practice of Yulchon boasts of
six partners and nine professionals. Four of the partners, Sai Ree Yun, Soon Moo Soh, Seok Hoon Kang
and Dong Soo Kim are in-charge of the firms transfer pricing practice.
The services the transfer pricing team provides
include TP studies, pre-audit health check services
and audit defence services, appeals to tax tribunal or
court, APA, and outbound TP (payment guarantee).
The transfer pricing team provides services to the
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Tier 2
The transfer pricing practice of EY Han Young is led
by San Min Ahn. Ahn has worked in transfer pricing
for the past 16 years. He worked in another Big 4
firm before joining EY.
Tier 3
Jay Shim heads the transfer pricing practice at Lee &
Ko. Shim is a partner overseeing the firms international tax planning and transactions practice. He is
an expert in overseas investment, energy and natural resources and offshore fund formation. He is also
engaged in assisting clients in managing complex
cross-border commercial litigation and arbitration.
In-Hwa Chung heads the transfer pricing team at
Shin & Kim. The firms transfer pricing practice comprises two partners and four professionals. As tax
partner, Chung has offered a spectrum of transfer
pricing services for more than 15 years. Dae-Young
Lee is a senior adviser, who worked in the National
Customs Service for 30 years, and progressed
through his career journey up to Deputy
Commissioner. Lee is very experienced in transfer
pricing and international tariff issues.
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South Korea
The most innovative transfer pricing matter the firm
has advised on, since May 2014, involves the
Youngone Outdoor Co(YOD), a company specialising
in outdoor sporting goods. This matter was led by
Chung, Lee, In-Seok Hwang and Joon-Hee LIM. YOD
imports garments and other goods from legal entities
in Bangladesh. The Seoul Customs determined in
March 2013 that the imported garments had been
declared at lower prices than normal, due to the special relations among the related parties, and conducted an investigation to impose a tariff of around
KRW 9.8 billion. Advised by Shin & Kim over the
course of a year, YOD explained in detail the concerned prices had not been affected by the special
relations. The Seoul Customs then closed the case,
deciding not to impose taxes.
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South Korea
Yulchon LLC
Textile Center 12F, 518 Teheran-ro,
Daechi-dong, Gangnam-gu, Seoul, Korea
Tel: +82 2 528 5200
Website: www.yulchon.com
Contacts
Kyung Geun Lee
Tel: +82 2 528 5238
Email: kygelee@yulchon.com
Soo-Jeong Ahn
Tel: +82 2 528 5552
Email: sjahn@yulchon.com
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Spain
Tax authorities
Taxation Agency
Paseo de la Castellana, 106, Madrid 28046
Tel: +34 915 908 000
Fax: +34 91 568 08 80
Email: delegacioncentral@correo.aeat.es
Website: www.agenciatributaria.es/AEAT.internet/en_gb/Inicio/_Segmentos_/
Empresas_y_profesionales/Empresas_y_profesionales.shtml (Businesses and self-employed)
LEADING FIRMS
1 Deloitte
EY
Garrigues Taxand
KPMG
Landwell (PwC)
2 Baker & McKenzie
Cuatrecasas, Gonalves Pereira
Freshfields Bruckhaus Deringer
Grant Thornton
Transfer Pricing Services
3 BDO
GTA Villamagna
Mazars
Ramn y Cajal Abogados
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Spain
Tax rates at a glance
Corporate income tax
Capital gains
Branch tax
28% (a)
0% to 19.5% (b)
28% (c)
Tier 1
Under the joint leadership of Ramn Lpez De
Haro and Juan Ignacio De Molina, Deloitte continues to excel in transfer pricing and tax controversy.
In addition, the firm responds to high demand in
tax auditing, advanced pricing agreements and
mutual agreement procedures.
The team is propelled by a combination of experienced tax and transfer pricing professionals
including recently appointed senior manager of
transfer pricing and international tax, Josep
Serrano.
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Spain
The transfer pricing department at EY Spain operates as part of one of the largest networks of tax professionals in the world, strengthening its ability to
provide multijurisdictional assistance to international
clients with efficiency and confidence.
Under the leadership of Ramn Palacn Sotillos,
EYs Spanish transfer pricing team offers a full range
of services which encompasses transfer pricing planning and documentation, APA negotiation, business
model optimisation to promote compliance with
local and international legislation, risk management
and comprehensive transfer pricing analysis.
Garrigues Taxand is the Spanish affiliate of
Taxand, working as part of the firms extensive global network of tax and transfer pricing specialists.
Mario Ortega Calle oversees the transfer pricing practice at the firm, aided by extensive experience in
design and implementation, international tax,
restructuring, valuation of related party transactions,
APA and MAP negotiation.
Calle manages a team of six partners and 40 other
fee earners with a wide range of transfer pricingrelated abilities including design, definition and
implementation of transfer pricing policies and
strategies, fiscal analysis of intra-group structures and
assistance with the design and implementation of
patent boxes.
Tax litigation specialists at the firm work alongside
transfer pricing professionals to provide high quality
assistance to private and public clients with the valuation of both inbound and outbound transactions
performed with related entities and audit procedures.
Garrigues transfer pricing practice has been
involved in a number of complex transfer pricing
cases over the past year, such as their defence of a
group facing an audit from the tax authorities. The
firm conducted a thorough analysis of the functional
and risk profile of entities involved in the transactions, among many other assessments, to submit
proof of arms-length analysis to the Spanish tax
authorities and finally reach an agreement in this
respect.
Practitioners at the firm are able to advise all clients
with confidence, but with an emphasis in oil & gas,
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Spain
Areas of expertise at the firm include finance, insurance, energy, telecommunications, pharmaceuticals,
technology, industrial products, public sector and private equity.
Tier 2
Pedro Aguarn oversees Baker & McKenzies
Spanish transfer pricing activities in Barcelona, whilst
Ral Salas supervises in Madrid. Their transfer pricing team consists of three partners and seven fee
earners, with experience in Spanish and international tax and abilities in structuring, transfer pricing policy planning and documentation, reporting and
transfer pricing audit.
The Spanish team works alongside other specialists within Baker & McKenzies global network, which
encompasses more than 750 tax lawyers and economists. Professionals at the firm are able to assist in
a range of matters including the development of cost
allocation and cost sharing arrangements, assistance
in intellectual property structures, transfer pricing and
benchmarking studies across many industries including the pharmaceutical, financial services, insurance,
real estate and food processing industries.
The transfer pricing team Cuatrecasas, Gonalves
Pereira is led by international tax expert Joan
Hortal.
His team can confidently assist clients with their
needs through a broad offering of services including
the planning, analysis and design of TP documentation, negotiating bilateral and multilateral APAs, MAPs,
tax audits, risk assessment and compliance.
Professionals at the firm bear a wide range of advisory skills, with particular experience in assisting
clients operating within life sciences, telecommunications, media and technology, consumer and retail,
energy, professional services, financial services and
infrastructure.
Freshfields Bruckhaus Deringer offers a wide
range of transfer pricing services, listing cross-border
transactions, transfer pricing planning, dispute resolution and compliance amongst their strengths.
Professionals at the firm are well-able to assist
clients with the planning and implementation of tax-
224
efficient policies and structures, intangibles and profit reporting for permanent establishments and dispute resolution.
Other areas of expertise include negotiations with
the tax authorities as required in APAs and MAPs,
benchmarking analysis, risk assessment and drafting
transfer pricing agreements.
The Spanish transfer pricing team at Freshfields
Bruckhaus Deringer offer assistance to Spanish and
international clients of all industries, with specialisations in finance, government, health, infrastructure
and transport, leisure and energy amongst many
others sectors.
Transfer pricing experts at Grant Thorntons
Spanish branch offer transfer pricing services from
their offices in Barcelona, Bilbao, Madrid, Murcia and
Valencia.
Gabriel Yakimovsky, Rafael Leal, Juan Martinez and
Jose Maria Rubio are all leading names at the firm
and large contributors to the firms transfer pricing
team in Spain, which offers a full range of services
including transfer pricing audits, supply chain optimisation, preparation of documentation, structuring and
planning assistance, and APA negotiation.
Other areas of expertise include risk analysis, intergroup contract development and comparability
analysis.
Transfer Pricing Services is a Spanish transfer pricing boutique, led by David Caabate Clau. He works
with a team comprising three partners and four other
fee earners. Professionals at the firm are well-experienced in a range of domestic and international
transfer pricing issues, strengthening the quality of
their multijurisdictional transfer pricing assistance.
Areas of expertise at the firm include planning, TP
documentation, business restructuring and optimisation, controversy, risk assessment, litigation, valuation
of intangibles and TP aspects related to the implementation of patent box structures.
Thanks to an abundant and varied experience in
the field, Transfer Pricing Services offers particularly
strong support to clients within the pharmaceutical
and chemical, food and drink, engineering, digital
and distribution and logistics industries.
www.worldtransferpricing.com
Spain
In one case, Clau and Carolina Lera worked on a
pan-jurisdictional basis on the business restructuring
of a Spanish multinational group, displaying their skill
in planning and documentation, TP policy design,
and analysis, to establish a new cost service centre
in the post-restructuring process.
Tier 3
Richard van der Poel is head of BDO Spains transfer
practice, which offers assistance in a range of matters relating to APA negotiation, TP policy design and
implementation and litigation. BDO Spain work with
clients from a long list of industries which includes
media and telecommunications, transport and logistics, chemicals and pharmaceuticals, and leisure and
tourism.
The transfer pricing team at GTA Villamagna offers
a wide range of transfer pricing services to clients
with strong expertise in domestic and international
legislation.
Professionals at the firm are led by Felipe Alonso,
who is an expert in international tax with more than
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Spain
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Sweden
Tax authorities
Ministry of Finance
Jakobsgatan 24
SE-103 33 Stockholm
Tel: +46 8 405 10 00
Fax: +46 8 21 73 86
Website: www.sweden.gov.se/sb/d/2062
LEADING FIRMS
1 EY
PwC
2 Deloitte
Grant Thornton
KPMG
22%
22%
22%
0/30%
0%
0/22%
indefinitely
227
Sweden
see that there is a lot more sophistication in the
arguments of the tax authorities.
It is widely observed that businesses operating in
Sweden and the tax agency is growing in sophistication, becoming increasingly aware of tax components. EYs Mikael Hall said: Tax authorities are getting more aggressive, amending their views on transfer pricing, and this is coming out of the BEPS project and the expectations of the project. International
corporations are being forced to be more transparent
and we are assisting them with that.
Tier 1
Mikael Hall is partner at EYs international tax service and overseer of the firms transfer pricing practice
in Sweden and the rest of the Nordics. EY is widely
considered as a market leader in the Swedish market for services provided in controversy, particularly
for their strong understanding and application of
BEPS guidelines.
In Sweden, Hall manages a team of three partners
and 18 other fee earners, devoted to alerting clients
of global development in international tax and transfer pricing with advisory strengths in reporting, documentation, operating model effectiveness and dispute resolution. Other areas of expertise include pricing planning, risk management and the pricing of
financial services and customs.
The firm is able to effectively advise clients from all
industries, with high levels of engagement with
clients in automotive, pharmaceuticals, FCMG,
telecommunications, media and technology, oil and
gas, and shipping.
Pr Magnus Wisen is head of PwCs Swedish
transfer pricing practice, supervising a team of five
partners and 38 other fee earners. PwCs Swedish TP
team is able to effectively advise private and public
clients of all kinds with regards to a full range of
transfer pricing and tax matters with a focus on compliance.
The firm is recognised for its advisory work in several industries, with particular strengths in industrial
products, automotive, medtech and pharmaceutical,
telecom and financial industries.
228
Tier 2
Elvira Allvin is head of Deloitte Swedens transfer
pricing practice, she is assisted by 12 other fee earners, who all have experience working in other jurisdictions and a range of sectors, further enabled to
advise multinational clients with a wide range of linguistic abilities.
Last year, the transfer pricing team was joined by
Ulrika Bengtsson who joins as director from her
position as a litigation specialist at the Swedish Tax
Agency, followed by fresh talent Francesca Martinelli
who joins the team as an analyst.
The Swedish transfer pricing team is able to support clients in a range of transfer pricing matters, with
strengths in transfer pricing planning, business planning optimisation, litigation and restructuring. KPMG
practitioners are enabled by backgrounds in tax, economics, business, and finance to assist clients with
a range of complex transfer pricing matters.
In one case, the team performed a critical fiscal and
functional analysis of a groups business structure and
risk assessment to optimise their transfer pricing in a
way that will withstand challenges from the authorities,
in line with OECDS BEPS recommendations.
Special areas of expertise at the firm include manufacturing, high technology, automotive, private equity and financial services.
Led by Sara Almling, and as part of its international tax offering, Grant Thorntons Swedish transfer
pricing team offers support to clients through a number of services which include documentation and
policy planning, assistance with the implementation
of optimised and tax-efficient transfer pricing models,
APA and MAP support. The team features a combination of tax, legal and financial experts with abilities
in project management, TP analysis, tax litigation and
audits.
www.worldtransferpricing.com
Sweden
Annika Lindstrm is managing partner of the transfer pricing service at KPMG Sweden, assisted by 15
other fee earners. David Perrone was internally promoted to director and Kasper Johanson moved over
from KPMG Finland.
Professionals at the firm have tax and legal experience and a thorough understanding of Swedish
and international transfer pricing regulations,
enabling them to assist in the offering of a full-range
of transfer pricing services.
KPMG has recently started a major project with a
company involving the transfer pricing aspects of
supply chain management. In another case, the
firm was asked to support the negotiation of an
APA between Sweden and Korea at the request of
a Korea-based multinational with significant business in the Swedish market. As a result of the
firms innovative use of term-testing, the Swedish
company avoided an income adjustment of more
Tier 3
Niklas Bng is partner at Skeppsbron Skatt, Taxand
Swedens affiliate firm in Sweden and head of the
firms transfer pricing team.
The firm offers assistance in the drafting of compliant transfer pricing policies, intragroup transactions,
negotiations with the Swedish Tax Agency, tax litigation and dispute resolution, structuring, APAs and
MAPs.
Professionals at Skeppsbron Skatt have vast experience advising clients in industrial production, financial/insurance, real estate, building/construction and
state controlled companies/institutions.
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Sweden
Contact
Niklas Bng
Deputy Managing Director
Tel: +46 40 10 71 92
Mobile: +46 73 640 91 92
Fax: +46 40 23 98 28
Skeppsbron 5, SE-211 20 Malm
www.skeppsbronskatt.se
Quality tax advice,
globally
230
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Switzerland
Tax authorities
Federal Tax Administration
Federal Chancellery
Federal Palace West Wing
3003 Bern
Tel: +41 58 462 21 11
Email: info@bk.admin.ch
Website: www.admin.ch
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 Aspect Advisory
TAX EXPERT International
11%-24% (a)
11%-24% (a) (b)
11%-24% (a)
22%-48% (c)
Withholding tax
Dividends
Interest
Royalties from patents and licences
Branch remittance tax
Net operating losses (years)
Carryback
Carryforward
35% (d)
Nil (e)
Nil
Nil
Not allowable
7 years
231
Switzerland
2019, we are going to overhaul our tax system for
the first time in 60 years. The approach is very interesting. Its affecting how one approaches transfer
pricing and tax.
Swiss tax advisers have observed that the pending
reforms and growing focus on the international
exchange of information have induced feelings of
uncertainty amongst their clients.
One major issue is that Switzerland is now broadly opening their doors to EoI. We need to assist institutions on how to react to clients and how to
respond to the authorities, restructuring and positioning themselves for this, said Pietro Sansonetti of
Schellengberg Wittmer explains.
This has increased the burden on advisers to educate themselves and their clients about forthcoming
changes to the Swiss and international tax landscapes. It appears that, to avoid unwanted investigations from the tax authorities, an increasing number
of Swiss residents are voluntarily disclosing their
earnings and tax.
Christoph Niederer from Vischer said: The difficult
thing is: we are in the middle of a political discussion
in Switzerland at the OECD level regarding BEPS. Its
important for us to advise clients on the future and
to optimise their overall tax structure and tax situations accordingly. Its a moving target at the moment,
when it comes to tax planning and landscape.
Tier 1
Deloittes transfer pricing team in Switzerland is
overseen by Hans Rudolf Habermacher, who is
assisted by a team of economists, tax and legal
experts with the ability to provide a full-range of
transfer pricing services and assistance in M&A,
transfer pricing documentation, business model optimisation, restructuring and dispute resolution.
Last year, Jeroen Lemmens joined the team from
Deloitte Belgium as transfer pricing partner, followed
by Daniel Ledergerber who joins as senior manager
from EurotaxGlass where he served as treasury and
tax manager. In May, Lorenzo Mondin joined from EY
Luxembourg as senior consultant and Frderic Pili
joined as manager from PwC Geneva.
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Switzerland
Switzerlands transfer pricing and value chain transformation team. With more than 10 years of experience working in the field at PwC, Koch takes over
from Norbert Raschle and holds the capacity to support multinational clients through a myriad of transfer pricing services.
Professionals at PwC are able to assist clients with
needs pertaining to risk management, tax-efficient
business structuring, intellectual property, tax-effective charging of internal management and support
services and determining arms-length transfer prices.
Other services include supply chain optimisation
and advisory services in compliant transfer pricing.
The firm is able to effectively consult clients from all
industries, listing asset management, cleantech,
banking, business services, hospitality and leisure,
healthcare, commodity trading, energy and utilities
amongst their specialisations.
Tier 2
As of this May, the firm formerly known as Transfer
Pricing Services became Aspect Advisory. Their
transfer pricing activities are led by Cherie Lehman,
who is closely assisted by recently appointed associate Dona Mullick, who oversees all compliancerelated activity.
The firm is experienced in advising clients operating within the technology, manufacturing and the
professional services through an offering of essential
transfer pricing services including global documentation, benchmarking, country-by-country reporting,
and systems and process solutions around transfer
pricing compliance.
Aspect Advisory is able to meet the needs of its
clients with a particular view to compliance with
OECD BEPS recommendations, as seen in one particular case in which the firm conducted a thorough
risk assessment and analysis of a group of companies in order to prepare accurate documentation of
recently implemented regional restructuring.
From their offices in Zug and Zurich, TAX EXPERT
Internationals transfer pricing team supports multinational clients with matters relating to cross-border
transaction, intra-company arrangements and structuring amongst many services, under the leadership
of Richard Wuermli.
Wuermli is an experienced tax adviser, lecturer and
author, with a Big 4 background. He is an active
member of the International Fiscal Association and
the Swiss Fiduciary Chamber, with competencies in
international tax planning, transfer pricing and
restructuring amongst many other practices.
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Switzerland
KPMG AG
Badenerstrasse 172
Postfach 1872
8026 Zrich
Tel: +41 58 249 31 31
Fax: +41 58 249 44 06
www.kpmg.ch
Deloitte AG
General Guisan-Quai 38
P.O. Box 2232
8022 Zurich
Phone: +41 (0)58 279 60 00
Fax: +41 (0)58 279 66 00
www.deloitte.ch
Contact: Hans Rudolf Habermacher
Email: hhabermacher@deloitte.ch
Firm profile:
The Deloitte Transfer Pricing team in
Switzerland is led by Hans Rudolf
Habermacher and consists of innovative
and highly motivated specialists with wide
ranging backgrounds in economics, tax, law,
accounting, and business as well as experience working in foreign jurisdictions, in
industry, and for tax administrations.
The Deloitte Transfer Pricing practice has
a presence both in Zurich and Geneva, but
is acting as one team. In the light of its
expansion in the Swiss market, Deloitte
has become not only a leading service
provider for APAs and MAPs but is considered the most innovative in terms of IT
based Transfer Pricing solutions.
The Swiss Transfer Pricing practice plays
an instrumental role in the Deloitte global TP network and has won the Swiss
Transfer Pricing Firm of the Year award
from ITR in 2012, 2014 and 2015.
234
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Taiwan
Tax authorities
National Taxation Bureau of Taipei
No 2, Section 1, Jhonghua Road, Wanhua District,
Taipei 10802
Tel: +886 2 2311 3711 ext. 1116
Fax: +866 2 2389 1052
Website: www.ntbt.gov.tw/etwen/
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
Tier 1
2 Grant Thornton
Lee and Li
235
Taiwan
17%
17% (a)
17%
Withholding tax
Dividends
Paid to residents
0%
Paid to nonresident corporations and
individuals
20%
Interest
Paid to resident corporations
10% (b)
Paid to resident individuals
10% (c)
Paid to nonresident corporations
and individuals
15%/20% (d)
Royalties
Paid to resident corporations and
individuals
10% (e)
Paid to nonresident corporations
and individuals
20%
Branch remittance tax
0
Net operating losses (years)
Carryback
Carryforward
0
10
236
b)
c)
d)
e)
www.worldtransferpricing.com
Taiwan
approved APAs in Taiwan, including the first bi-lateral APA. To boost its clients knowledge, the firm holds
seminars for local enterprises on a regular basis to
share its experience and knowledge.
The main industries the transfer pricing team advises include electronics, chemical, electronic machinery,
trading and consumer goods, and the food industry.
One of the most innovative transfer pricing matters
the firm has advised on in the past year is a transfer
pricing audit in relation to whether a Taiwanese
based MNC in the retail industry failed to charge royalties to overseas subsidiaries for the use of its brand
name and trademark. This deal was handled and
completed by Hsu.
Tier 2
The transfer pricing practice of Grant Thornton
Taiwan is headed by managing partner Jay Lo, who
also heads the firms tax practice. Apart from a sole
transfer pricing partner, the transfer pricing team consists of three professionals. The firm has welcomed
one new member into its transfer pricing team in the
past year.
The firm is certified in the ISO 9001:2008 Quality
Management System Standards in Provision of
assurance, tax business compliance and advisory
237
Turkey
Tax authorities
Republic of Turkey Presidency of Revenue Administration Department of Taxpayer Services
Maliye Bakanl Gelir daresi Bakanl
Dikmen Cad. Merasim Sok. 06450 ankaya / Ankara
Tel: +90 312 415 30 00
Fax: +90 312 415 28 21-22
Website: www.gib.gov.tr
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
238
20%
20%
20%
Withholding tax
Dividends
15%
Interest
From repurchase (REPO) agreements
15%
From deposit accounts 10%/12%/13%/15%/18%
From loans
0%/10%
From Turkish Government bonds
and bills and private sector bonds 0%/10%
From private sector bonds
Issued in Turkey
0%/10%
Issued abroad
0%/3%/7/%10%
Royalties from, for example, patents
and know-how
20%
Professional fees
Petroleum-exploration activities
5%
Other activities
20%
Progress billings on long-term
construction and repair contracts
3%
Payments on financial leases
1%
Real Estate rental payments
20%
Branch remittance tax
15%
Net operating losses (years)
Carryback
Carryforward
Source: www.ey.com
www.worldtransferpricing.com
0
5
Turkey
greater levels of transparency on a global scale. In
doing so, they join a long list of countries who
have already signed up for the scheme this year
including Sweden, United Arab Emirates and South
Africa.
In February 2015, Turkish Finance Minister,
Mehmet Simsek, announced plans to change corporation tax and VAT charges for profits generated
by foreign internet companies operating in Turkey.
There has been no official documentation issued
yet. However global digital enterprises will be surveying the developments in this area very closely.
Online commerce remains a focal point of revenue
on an international scale, meaning that many
Turkish investors will be weary of the potentially
adverse effects that such taxation could have on
inbound investments in the future.
Due to increasing rates of foreign direct investments, Turkish advisers are seeing an increase in
demand for services linked to cross-border transactions such as documentation, tax planning, risk
assessment and tax disputes.
Five years ago, we did not have a specialised
transfer pricing quality in the Ministry of Finance,
now we have it. Auditors are focusing on crossborder transactions more consciously, they have
developed these skills as they are evaluating the
market. Gokce Gucuyener is a certified public
accountant and Head of Transfer Pricing at Mazars
Denge. She adds, The Turkish tax authorities give
APA great importance. They have published a
guideline regarding the APA procedure recently.
After the elections in June, Turkey failed to nominate a single government. The ruling party AKP is
trying to establish a new government, as they do
not hold enough seats. This presents ambiguous
times for Turkey, from a political perspective, and a
measure of uncertainty which has extended to the
arena of tax legislation. It is likely that Turkey will
become governed by a coalition government in the
near future. Many are hopeful that this could lend
the nation the stability it requires to promote economic growth and continued success in foreign
investments.
Tier 1
Deloitte Turkeys transfer pricing department provides
leading assistance to a diverse and international
clientele through a range of services including guidance in compliant intercompany and cross-border
transactions, risk management, transfer pricing planning and documentation and dispute resolution.
Other areas of expertise at the firm include APA and
MAP supervision, audit defence, and restructuring.
In Turkey, EYs transfer pricing team operates as
part of the firms global network of professionals to
deliver a high quality of multidisciplinary assistance
in a range of practice areas, under the leadership of
Alper Yilmaz.
Yilmaz is a valued member of the Turkish tax environment, recognised for his competency in tax disputes, M&A, transfer pricing and corporate structuring. Members of his team are qualified to assist
clients with matters pertaining to operational model
optimisation, transfer pricing design and strategy,
policy, development and risk management.
Abdulkadir Kahraman is head of tax and leader of
KPMGs transfer pricing service in Turkey. He has
more than 25 years of experience in tax, during
which he developed invaluable expertise as a tax
inspector for the Ministry of Finance in Turkey.
He is supported by a large team of transfer pricing
specialists with comprehensive industry knowledge
and the ability to deliver services in transfer pricing
policy design and implementation, functional and
economic analysis and dispute resolution, with
heightened adeptness to the evolving international
tax landscape.
KPMGs Turkish transfer pricing team promotes full
engagement with other professionals within the
firms global network to provide complete and wellinformed support to multinational clients.
zlem G Aliolu is a full-time partner and head
of PwC Turkeys transfer pricing practice. He manages
a skilled team of 18 other fee earners with wideranging experience and proven success in several
areas of advisory including transfer pricing documentation, TP consultancy and restructuring, APA and
MAP supervision and dispute resolution.
239
Turkey
240
Tier 2
Tier 3
BDO Denet Turkey offers a range of services related to transfer pricing, spurred by abilities and varied advisory experience in corporate tax, international tax, transfer pricing reporting and documentation and compliance.
Pekin & Pekin is dedicated to keeping its clients
informed about international developments in transfer pricing and international tax, with a view to promote best practice through a wide range of service
offerings including M&A, tax planning, dispute resolution, TP policy drafting and implementation.
Industry specialisations at the firm include banking and finance, employment and commerce.
The tax team at YkselKarkinKk provides assistance in transfer pricing amongst many other services.
www.worldtransferpricing.com
Turkey
Professionals at the firm are confident in advising
local establishments with issues pertaining to M&A,
restructuring, transfer pricing analysis, alignment with
national and international regulations and disputes.
241
Turkey
KPMG in Turkey
Kavack Rzgarl Bahe Mahallesi, Kavak
Sok, No:29 Beykoz 34805 ISTANBUL
Tel: +90 216 681 90 00
Email: bdiclehan@kpmg.com
Web: www.kpmg.com.tr
The Transfer Pricing team of KPMG in
Turkey, led by Abdulkadir Kahraman
(Head of Tax, Partner), along with Ba ak
Diclehan Ereke (Tax, Director) includes
professionals dedicated to provide robust,
forward-thinking advisory services that
not only considers the short term needs
of your business, but also the longer term
implications.
The team has been recognized by professional magazines and industry overviews
as one of the leading transfer pricing advisors in Turkey.
Having more than 1500 clients, many of
which are multinationals, KPMG in
Turkey is one of the pioneering professional services firms in the country today
providing audit, tax and advisory services
to international and local clients. Having
more than 900 professionals, the company operates in 3 cities; Istanbul, Izmir and
Ankara.
Contacts
ABDULKADR KAHRAMAN/
Head of Tax, Partner
BAAK DCLEHAN EREKE/
Director, Tax
242
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UK
Tax authorities
Her Majestys Revenue and Customs, Corporation Tax Services
P.O. Box 29997, Glasgow, G70 5AB
Tel: +44 151 268 0571
Website: www.hmrc.gov.uk
LEADING FIRMS
1 Deloitte
EY
Grant Thornton
KPMG
PwC
2 Alvarez & Marsal, Taxand UK
Baker & McKenzie
Freshfields Bruckhaus Deringer
Hogan Lovells
Transfer Pricing Solutions
3 Clifford Chance
Macfarlanes
McDermott Will & Emery
Shearman & Sterling
Firms to watch
Duff & Phelps
243
UK
tures for the forthcoming changes in UK and global legislation.
Tier 1
David Cobb is a key member of personnel at
Deloittes transfer pricing practice in the UK. Cobb
has been practising tax for more than 20 years.
During his career, Cobb worked with clients of all
sizes and a range of industries, with strong experience of working with clients in technology, media
and telecommunications.
Professionals at the firm can assist with planning,
compliance, revenue handling, business model optimisation and operational transfer pricing services.
Led by Simon Atherton, EY has one the largest
transfer pricing groups operating in the UK and offers
an abundance of services with sharp attention to
multiple tax and legal issues. Recently, Simon
Atherton and Ben Regan have been working closely
with clients to ensure effective alignment of their
transfer pricing models with their business operating
model and the identification of any anomalies in the
implementation of those policies.
The firm promotes assistance in country-by-country reporting, APA negotiations and aligning existing
policies and structures with these guidelines.
Furthermore, EY is able to confidently assist in the
areas of international tax planning, controversy, risk
management, inter-group transactions and compliance with the recently implemented patent box
regime in the UK.
They maintain a close working relationship with
clients in energy (mining oil, gas and utilities), real
estate, telecoms, media and technology, products
and services, government and public sector, and private equity.
Wendy Nicholls is head of transfer pricing at Grant
Thornton UK, supervising a team of 13 transfer pricing specialists. With a strong focus on assisting
clients in their alignment with the OECDs BEPS
guidelines, the team in London works closely with
other professionals throughout the firms international network, which encompasses more than 100
countries, to deliver optimum solutions.
244
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UK
Tax rates at a glance
Corporate income tax
Capital gains tax
Branch tax
As of April 1 2014
21% (a)
21%
21%
As of April 1 2015
20% (b)
20% (c)
20% (d)
0%
20% (e)
20% (e)
0%
0%
20% (e)
20% (e)
0%
1
Unlimited
1
Unlimited
Withholding tax
Dividends
Interest
Royalties from, for example, patents, know-how
Branch remittance tax
Net operating losses (Years) (f)
Carryback
Carryforwards
a) The small profits rate of 20% applies in certain circumstances if taxable profits are below 300,000.
This benefit is phased out for taxable profits from 300,000 to 1.5 million. These limits are reduced if
associated companies exist.
b) From April 1 2015 there will be a single corporation tax rate of 20% for non-ring fence profits. The
main rate of corporation tax for ring-fence profits (that is, profits from oil extraction and oil rights in the
UK and the UK continental shelf) is 30% (small profits rate is 19% for ring fence profits below
300,000). The rates for ring-fence profits have not changed on April 1 2015. The government has set
the corporation tax main rate (for all profits except ring fence profits) at 20% for the year starting April
1 2016. In the Summer Budget 2015, the government announced legislation setting the corporation
tax main rate (for all profits except ring fence profits) at 19% for the years starting April 1 2017, 2018
and 2019 and at 18% for the year starting April 1 2020.
c) Capital gains are subject to tax at the normal corporation tax rate.
d) Branch tax is always taxed at the main rate of corporation tax.
e) Withholding tax on interest and royalties from, for example, patents and know-how applies to
payments to non-residents and non-corporate residents, unless reduced by a specific exemption
under domestic UK tax law, tax treaty or EU directive.
f) Trading losses must be used in the current year before any carry back. From April 1 2015, for banks,
building societies and other regulated entities there is a restriction on the use of brought forward
losses accrued before April 1 2015 to 50% of relevant profits
Source: Alvarez & Marsal Taxand UK
tax, greatly qualified to fulfil her role by years of experience in tax and the ability to address a wide range of
tax issues with abundant legal expertise.
Ian Dijks is a partner and one of many notable
members of staff at the firm, with more than 10 years
of advisory experience within PwC.
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UK
PwC is particularly skilled in its offering of debt
services, equipped with around 180 people.
Tier 2
David Pert is leader of the transfer pricing department at Alvarez & Marsal, Taxand UK; managing a
team consisting of two partners and three other fee
earners.
This year, the firm hired Aiste Petraviciute from PwC
and said goodbye to Shiv Mahalingham, who moved
to Duff & Phelps as founding partner of their transfer
pricing service in London.
In a deal worth $150 million, professionals at the
firm conducted a detailed functional and economic
analysis of IP substance for a global telecoms
provider before implementing a number of changes
to align its TP policies with BEPS-related regulations.
Further enabled by the support of professionals
throughout Taxands global network operating in
more than 45 countries, A&M Taxand UK supports
clients with a multijurisdictional view. This is seen in
its collaboration with Taxand Canada and Taxand
France to construct protective claims on behalf of a
global aerospace and defence group, regarding entry
into MAP with HMRC for relief concerning transfer
pricing adjustments levied in Canada.
Their clientele reflects a wide range of industry
expertise, with an emphasis in real estate, private
equity-backed establishments, retail and consumer
goods, and telecommunications and IT.
Baker & McKenzies award-winning UK transfer
pricing practice is led by Richard Fletcher, an international tax expert with more than 30 years experience, supported by a team of two partners and four
other fee earners with economic expertise. The
transfer pricing team is able to support clients of all
forms with a broad scope of transfer pricing matters
including APA negotiation, tax planning, litigation and
critical approaches to structuring and valuation.
Over the past year, Nigel Dolman was promoted to
partner after five years at the firm, financial expert,
Samuel Costa, joined from Deloitte, followed by economist and transfer pricing expert, Mattia Falcone, who
joins from Baker & McKenzie in Amsterdam.
246
Baker & McKenzie UK is well-known for its innovative approach to transfer pricing, helping clients to
implement sustainable and tax-effective structures
and policies, in consideration with the OECDs BEPS
initiative. This year, the firm has undertaken a number of complex projects, matching the skill of its
competitors by delivering a broad offering of services
including dispute resolution and transfer pricing documentation, through the application of specialised
tax and legal knowledge.
Murray Clayson is head of Freshfields Bruckhaus
Deringers transfer pricing department in the UK,
which offers a broad scope of services in close collaboration with the firms tax department and other
service lines including IP, dispute resolution and
anti-trust, competition and trade.
In London, the transfer pricing team currently
works as an integral part of the global network,
consisting of around 70 transfer pricing specialists,
on hand to assist multinational clients with specialist knowledge of the local and international tax
environment and legislation.
Last year, Danny Beeton left the firm to assist the
establishment of Duff & Phelps transfer pricing
service in London.
Professionals at Freshfields Bruckhaus Deringer
are well-versed in a wide range of ongoing issues
in international tax and transfer pricing, enhancing
the quality of their advisory services in cross-border and related-party transactions, M&A, supply
chain restructuring, valuation and disputes.
Further enabled by extensive market knowledge,
the firm is able to assist multinationals from all
sectors, with a particular experience in consulting
clients in consumer and healthcare industries,
manufacturing, real estate, and energy and natural
resources.
In a project displaying the firms proficiency in
international tax matters and pan-European practice, Murray Clayson and Frankfurt-based partner
Jan Brinkmann provided Chinese and German
transfer pricing on behalf of an international manufacturing group, performing intangible licensing
and supply chain analyses.
www.worldtransferpricing.com
UK
Fabrizio Lolliri is Hogan Lovells London-based
European director of transfer pricing; he is confident
in advising clients with regards to a wide range of
transfer pricingrelated matters, supported by a
detailed understanding of the finance, science and
engineering industry.
Earlier this year, Arturo Tiburcio returned to the firm
after spending two years at Tiburcio Abogados as
Attorney at Law.
Professionals at the firm assist clients through a
full-range of offerings including transfer pricing
reporting, tax-efficient supply chain management,
critical valuations, financial modelling, transfer pricing
compliance and disputes.
Fabrizio Lolliri is leading a long-term project with a
Spanish multinational corporation in the renewable
energy sector in a cross-jurisdictional supply chain
project concerning the centralisation of patented IP.
The success of the project is owed to a broad spectrum of transfer pricing skills exemplified by professionals at the firm in the US, UK and Spain, which
include valuation, IP reviewing, transfer pricing documentation, tax review, financial modelling and implementation.
Hogan Lovells industry specialisations include
financial services, energy, technology, hardware and
electronics, healthcare, and consumer product manufacturing.
One client said: I have dealt with Fabrizio Lolliri
and I would rate him very highly. He is an excellent
adviser who offers very practical and commercial
advice. He adds real value with the advice that he
gives.
Gareth Green is the sole partner and manager of
Transfer Pricing Solutions, which he set up in 2003
after leaving his post as director at EY. He often collaborates with external lawyers and accountants to
deliver optimum solutions to small and mediumsized clients throughout a range of sectors including
publishing, e-commerce, investment management,
insurance, broking and engineering.
Clients of Transfer Pricing Solutions can benefit from
cost-efficient and prompt one-to-one assistance from
Green, who has over 20 years of experience in trans-
Tier 3
Transfer pricing is one of many areas of expertise at
Clifford Chance, offered under the management of
the firms global head of tax, pensions and employment, Chris Davies, as part of their comprehensive
tax service. Davies has almost 20 years of experience in international taxation, corporate tax and
finance with extensive knowledge in consumer
goods and retail.
Professionals at the firm can competently advise
clients in a range of domestic and international
transfer pricing issues such as corporate restructuring, IP and patent boxes, transfer taxes, cross-border
transactions and refinancing in accordance with
global legislation.
Economist and transfer pricing expert Martin Zetter
is head of the transfer pricing practice at
Macfarlanes which provides full assistance to clients
through a range of services related to intragroup and
related party agreements, TP reporting and compliance, documentation, policy management and controversy assistance.
The transfer pricing team at Macfarlanes consists of
experienced economists and tax lawyers with the
ability to advise clients in relation to thin capitalisation, corporate tax, M&A, private equity, branding and
IP, hedge funds and finance.
McDermott Will & Emery offers transfer pricing
advisory on an international scale, with transfer pricing specialists based in a range of locations throughout the US and Europe.
With a plethora of tax and transfer pricing-related expertise between them, Tom Scott, James
Ross and Matthew Herrrington are key members
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UK
of the firms UK transfer pricing practice, further
qualified by extensive knowledge in matters relating to UK and European inbound investments, taxefficient structuring, fund management, M&A and
transfer pricing disputes.
The transfer pricing practice in London benefits
from the expertise of a multifaceted team comprising
lawyers, economists and accountants with the ability to meet the needs of its clients in compliance,
documentation, transfer pricing planning, advance
pricing agreement (APA) and controversy matters.
In further efforts to promote compliance and best
practice throughout its multinational clientele, the
firm fosters close interactions with tax authorities
worldwide and a full understanding of OECD documentation and global transfer pricing regulations.
Sarah Priestley is partner at the UK branch of
Shearman & Sterling and head of the tax department, which offers transfer pricing among many
other services.
Priestley is cited as a leader in the field by her
peers, noted for her expertise in UK and international tax law, corporation tax, cross-border transactions and private equity. She is supported by a
team of professionals with multidisciplinary knowledge and abilities in M&A, investment funds,
restructuring, spin-offs, controversy and litigation.
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The practice specialises in energy and infrastructure, financial, healthcare, metals and mining, technology, media, and telecommunications.
Firms to watch
Global valuation and corporate adviser Duff &
Phelps offers assistance in transfer pricing to clients
all over the world with bases throughout the US,
Europe and Southern Pacific. Last year, the firm
opened a London-based division as part of the firms
newly established European Transfer Pricing Team.
Their London team comprises three partners: former head of global transfer pricing at Freshfields
Bruckhaus Deringer, Danny Beeton; transfer pricing
expert Richard Newby; founding partner Shiv
Mahalingham and four other fee earners including
Andrew Cousins, former deputy controller of taxes in
the Jersey tax authority.
Key services provided by the firm include PPA valuation, APA negotiation, tax-efficient supply chain
structuring, transfer pricing documentation and due
diligence analysis with respect to OECD guidelines.
Thanks to their varied tax experience and industry
knowledge, professionals at Duff & Phelps are able
to assist clients from all backgrounds, with additional expertise in financial services, real estate, media,
pharmaceuticals and energy.
www.worldtransferpricing.com
Ukraine
Tax authorities
State Tax Administration
Postal address: 8 Lvivska Square, 04655, Kyiv 53
Tel: +38 44 284 00 07; +38 44 272 44 02; +38 44 272 51 59; +38 44 272 08 41
Fax: +38 44 272-08-41
Email: kabmin_doc@sta.gov.ua
Website: www.sta.gov.ua
LEADING FIRMS
1 Deloitte
EY
KPMG
PwC
2 Baker & McKenzie
DLA Piper
WTS Tax Legal Consulting (formerly known as KM Partners)
3 Avellum Partners
International Legal Center EUCON
Jurimex
18%
18%
18%
Withholding tax
Dividends
Interest
Royalties from patents and licences
Branch remittance tax
15%
15%
15%
indefinitely
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Ukraine
faces an uncertain future and the task of paying off
a hefty debt.
The economy is not in its best place, frankly
speaking. The Ministry of Finance said the end of July
could bring technical default, which is bad for investments. I know of clients, considering ways to deinvest from Ukraine really big names. Its a pity,
said Andriy Stelmashchuk of Vasil Kisil & Partners.
However, Stelmashchuk hints that there is still
hope for the Ukrainian business industry: On the
other hand, there are many IT companies and a lot
of agriculture business still investing. Energy and aviation are two of the strongest areas.
In a recent meeting with Ukrainian legislators, US
Vice President Joe Biden implored county officials to
take more action with respect of the economic environment and to focus on the stabilisation of the
nation.
Tier 1
Alexander Cherinko is the transfer pricing leader at
Deloitte Ukraine, with more than 10 years experience in transfer pricing, corporate tax and providing
assistance to clients with respect to Ukrainian and
international tax.
His team comprises 12 transfer pricing experts,
working as an integral part of Deloittes global network which is driven by the multidisciplinary expertise of tax, legal and transfer pricing specialists serving in more than 150 jurisdictions. Deloitte is able to
offer a broad range of services including transfer pricing documentation, APA negotiation, MAP assistance,
business model optimisation, structure analysis and
risk management.
Deloitte offers assistance to clients from a range of
industry backgrounds, with specialities in food, beverages and agriculture, manufacturing, automotive, energy and resources, and financial services industries.
The transfer pricing service in Ukraine offers comprehensive services in transfer pricing, which is
strengthened by the integrated advisory approach of
its global network of professionals.
Guided by extensive knowledge in tax and legal
affairs, transfer pricing experts at EY can confidently
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Ukraine
Professionals at the firm are able to assist clients of
all sizes, promoting sound practice in cross-border
and intercompany transactions with consideration to
Ukrainian and international transfer pricing legislation. PwC is dedicated to providing the best solutions
in a manner that considers each client as unique.
The firm has a range of specialities, with a focus in
metal, chemical, financial services, FMCG and pharmaceuticals.
Tier 2
Hennadiy Voytsitskyi is head of Baker & McKenzies
transfer pricing practice, working alongside six other fee
earners to deliver optimum solutions to clients seeking
assistance in a range of transfer pricing matters including international tax planning, audits, employee share
strategy and negotiations with the tax authorities.
Voytsitskyi brings great levels of expertise to his
role in a number of tax disciplines, developed over
the course of his 15-year career in Ukrainian and
international tax law. He is particularly knowledgeable in tax litigation, cross-border transactions,
wealth management and corporate tax.
In one case, Voytsitskyi and associate, Viktoria
Stavchuk, advised their client, an international asset
management company, on transfer pricing issues relating to the disclosure of a corporate group structure. This
required a complex analysis of the existing company
structure, with respect to related transfer pricing requirements, corporate and anti-monopoly regulations.
On another occasion, professionals at Baker &
McKenzie collaborated with the firms Milan office to
deliver the appropriate assistance to a multi-level
marketing company and international distributor of
nutrition, weight management and skin-care products regarding various requirements in transfer pricing reporting, with consideration to the clients
unique business model.
In Ukraine, Baker & McKenzie works with multinational clients from all industry areas with particular
experience and ability to provide support to clients in
IT, agribusiness, pharmaceuticals and healthcare.
Svitlana Musienko is head of the tax service at DLA
Piper Ukraines tax department, which offers servic-
Tier 3
Mykola Stetsenko is head of tax and overseer of the
transfer pricing department at Avellum Partners,
comprising two partners and eight other fee earners.
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Ukraine
Avellum Partners is able to support clients in a
range of transfer pricing matters such as structuring,
international tax planning and risk assessment with
a sharp understanding of Ukrainian and international tax regulations.
This year, Pavlo Shovak joined the team as junior
consultant from EY. Avellum also said goodbye to
Kostiantyn Likarchuk, who became the deputy head
of the State Fiscal Service of Ukraine in the area of
customs.
In one project, the firm advised a client on tax and
legal aspects relating to the restructuring of its
Crimean business operations, upon the occupation
of Crimea by the Russian Federation. To assist the
client, transfer pricing specialists at the firm tackled a
number of complexities including the dual-residency
of the entity in question, which experienced doubletaxation on a world-wide basis despite the existence
of a double taxation treaty, without the option of a
mutual agreement procedure as a possible solution.
Yaroslav Romanchuk is the managing partner of the
transfer pricing division at International Legal Center
EUCON a member of TPA Global. Romanchuk is
assisted by partner, Larysa Vrublevska. They are supported by six other fee earners to provide assistance
across a range of transfer pricing services including
cross-border transactions, transfer pricing policy drafting and compliance.
EUCONs transfer pricing group has a diverse clientele, including corporations of all sizes and geographical origins, with a special focus in agriculture,
equipment production, construction, energy and
telecommunications.
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On one occasion, tax specialists at the firm conducted a preliminary analysis to select an optimum
transfer pricing method for the Ukrainian subsidiary
of an international producer and distributor of agricultural products to substantiate the level of intragroup prices. To ensure compliance with these legal
requirements and reduce the risk of disputes with
the tax authorities, professionals at the firm gave
close consideration to special TP rules and a range
of specifics related to the clients industry.
The tax practice at Jurimex is jointly led by Danylo
Getmantsev and Vita Forsuik.
With considerable experience in tax law,
Getsmantsev advises as a member of the Supreme
Court of Ukraine, recently helping to implement
amendments to Ukrainian tax code. Forsuik is recognised for her expertise in digital marketing, transactions, and e-commerce, paying close attention to tax
regulations both in Ukraine and further afield.
They manage a team of 14 other fee earners, offering a range of tax services across several sectors
including transport and infrastructure, gambling, trade
and trade network, real estate and construction, and
tourism and hospitality.
As part of their pro bono activity, Jurimex works
closely with the local government on matters related
to taxation, National School of Judges of Ukraine and
Supreme Court of Ukraine to encourage wider tax
education in Ukraine.
In recent times, the firm advised local authorities in
their revision of the Ukrainian Land Code and the
drafting of laws relating to road service and construction concessions.
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Ukraine
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Uruguay
Tax authorities
Direccin General Impositiva (DGI)
Av. Daniel Fernandez Crespo 1534
CP 11200 Montevideo
Tel: + 59 82 1344
Website: www.dgi.gub.uy
LEADING FIRMS
1 Ferrere
Grant Thornton
Guyer & Regules
2 Deloitte
KPMG
PwC
3 EY
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Tier 1
Ferrere employs a partner, an off counsel, nine associates and 38 accountants in its transfer-pricing
department. Its list of international clients includes
large banks and oil and companies. The practice has
experience helping forestry companies, beverage
distributors and logistics companies with their transfer pricing analysis, dispute and regional strategies.
Gianni Gutirrez leads the practice. He participates in
the most important tax structuring and design work
undertaken by the firm. Gutirrez is an expert at
structuring M&A and has successfully defended
some important disputes brought by the local tax
authorities. He has dealt with matters of free trade
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Uruguay
zone concession, grain hedging and setting up an
airline company in the country for other clients.
Rafael Snchez leads Grant Thorntons transfer
pricing practice of two partners and 14 fee earners.
They perform transfer-pricing studies, documentation
and represent its clients in litigation in the agriculture,
manufacturing, automotive, financial and services
industries. Grant Thornton prepared a transfer pricing
study in 2014 for the Uruguayan subsidiary of the
Bunge Group to show its import of goods and other
functions with related parties were at arms length. It
also helped Molino Americano in its documentation
of transfer pricing issues to ensure compliance.
Guyer & Regules transfer-pricing practice prepares
contemporaneous documentation, advises on transfer
pricing strategy, negotiates APAs, and represents clients
before the tax authority and in court. Juan Manuel
Albacete leads a team of four partners and six fee
earners whose clients are mainly in the automotive
agricultural and investment/holding industries. Last
year, Guyer & Regules transfer pricing team prepared
studies for Vygon, a manufacturer of medical products,
and importer, Sol Town. Albacete has been elected a
board member of the Bar Association of Uruguay and
was president of the Uruguayan Institute of Tax Studies.
Tier 2
Gonzalo Lucas leads Deloittes transfer pricing group
in Uruguay, which comprises a partner and eight fee
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Uruguay
Tax rates at a glance
Corporate income tax rate
Capital gains
Branch tax
Withholding tax
Dividends
Interest
Royalties
Net Operating losses (years)
Carryback
Carryforward
25%
25%
25% / 7% (a)
7% (b)
3% / 5% / 12% (c)
12% (d)
0
5
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US
An audit guide by Keith Reams and Cindy Hustad of Deloitte.
Tax authorities
Internal Revenue Service (IRS)
77 K Street NE
Washington DC 20002
Tel: + 1 202 874 6748
Website: www.irs.gov/Businesses
he US has enacted extensive statutory, regulatory, and administrative guidance governing
the conduct of transfer pricing audits. Transfer
pricing audits are part of the general overall
audits of multinational taxpayers, but because of
their complexity and magnitude, they frequently
become the major focus of IRS audits.
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US
subject to a transfer pricing audit. Some of
the more significant procedures include the
following:
At the time the taxpayer files its tax return,
as a general matter, the taxpayer must have and
maintain the information necessary to support
its return filing position, including its transfer
pricing results. To avoid the assertion of transfer
pricing-specific penalties, the taxpayer must
timely prepare its transfer pricing documentation and must provide this documentation to
the IRS within 30 days of an IRS request. The
transfer pricing documentation must include:
An overview of the relevant business, including an analysis of the economic and legal factors that affect the pricing of its property or
services;
A description of the taxpayers organisational
structure (including an organisation chart)
covering all related parties engaged in transactions potentially relevant under IRC section 482, including foreign affiliates whose
transactions directly or indirectly affect the
pricing of property or services in the US;
Any documentation explicitly required by
the regulations under IRC section 482;
A description of the method selected and an
explanation of why that method was selected;
A description of the alternative methods that
were considered and an explanation of why
they were not selected;
A description of the controlled transactions
(including the terms of sale) and any internal
data used to analyse those transactions;
A description of the comparables that were
used, how comparability was evaluated, and
what (if any) adjustments were made; and,
An explanation of the economic analysis and
projections relied on in developing the
method.
In addition, the taxpayer must maintain and
be able to provide the following items:
A description or summary of any relevant
data the taxpayer obtains after the end of the
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US
The IRS recently issued new directives on issuing IDRs that call for the IRS to discuss the
requests and timing of responses to those
requests with the taxpayer before issuing them.
Generally, the IRS expects a response to its
requests within 15 to 30 days. If the IRS does
not receive responses, the directive requires the
IRS to take steps that can lead to the judicial
enforcement of administrative summonses if
the taxpayer does not provide the information
voluntarily.
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US
the taxpayer to challenge the adjustments judicially. If seeking judicial redress, care must be
taken to protect the taxpayers ability to obtain
full double tax relief through a tax treaty MAP
if such relief applies and if the administrative
appeal results in a reduction but not elimination
of the proposed adjustment.
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LEADING FIRMS
1 Baker & McKenzie
Deloitte
EY
Fenwick & West
KPMG
Mayer Brown
PwC
Skadden, Arps, Slate, Meagher & Flom
2 Alston & Bird
BDO
Caplin & Drysdale
DLA Piper
Duff & Phelps
Grant Thornton
McDermott Will & Emery
Miller & Chevalier
Morgan Lewis & Bockius
Vinson & Elkins
White & Case
3 BaseFirma
Economics Partners
Sullivan & Cromwell
30% (c)
30% (c)(d)
30% (c)
30% (e)
2 (f)
20 (f)
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US
tiative as a game changer that will level the consultancy playing field between boutiques and large firms.
With BEPS we are starting from zero. For us it is a
great opportunity, said Fabian Alfonso, a transfer pricing partner at BaseFirma. It is also changing how tax
authorities are approaching this issue. ... It will have an
effect worldwide. In terms of BEPS and transfer pricing
regulation; you have to get an understanding of what
is happening in every market. The struggling markets
are quite a challenge for everyone so everyone is looking for advice in these situations. By the end of 2015 I
think everything is going to change.
Tier 1
Baker & McKenzie has a strong team of partners,
counsels, economists, associates, analysts and other
tax professionals working on transfer pricing. They specialise in planning, compliance, documentation,
defence, APAs, and the development, implementation
and monitoring of transfer pricing policies. The group
represented Starbucks when it secured an APA, giving
certainty to its Canadian-US transfer pricing for a 10year period. Salim Rahim is the chair of the firms North
American transfer pricing tax practice group. He is
experienced in transfer pricing planning, compliance
and tax controversy and has represented clients in all
the administrative phases of controversy. Rahim advises clients on appeals, APAs and competent authority
matters.
There are 234 transfer pricing professionals in
Deloittes practice in the US. Todd Wolosoff, based in
New York, is now the global transfer pricing leader
and John Wells, based in Dallas, has assumed the
US transfer pricing leadership role. The firm offers
services in business model optimisation, tax structuring, international mergers, multistate tax services,
cross-border tax, indirect tax, tax compliance, tax
management consulting, financial accounting and
reporting and more. It is an impressive team that
boasts transfer pricing leaders such as Wells and
Randy Price in Houston; Mark Nehoray, Ron Saake
and Keith Reams in the West; and Rob Plunkett and
Kerwin Chung in the northeast. Deloitte has experience working with clients in a number of industries,
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US
lenging the IRS position on equity compensation, a
case that could establish a new law on the limits of
the agencys rulemaking authority and the scope of its
power to reallocate income. Williamson is one of the
leading tax attorneys and litigators in the US. He has
handled transfer pricing cases for Eli Lilly, Seagate
Technology, National Semiconductor and United Parcel
Service. Their judgment is impeccable, very rationalised, very sharp, a client said. To me, that is the
most impressive thing.
Horacio Pea and his team of transfer pricing experts
at PwC work with clients to explore matters of controversy, documentation, execution, planning and value
chain transformation. Pea has more than 20 years of
experience conducting intercompany pricing studies
and finding solutions to complex international tax matters faced by large multinationals. Many Fortune 100
companies and some of the largest pharmaceutical
and technology companies have retained Peas services as their world-wide transfer pricing economic
adviser. Pea is also helping clients with audit defence,
global profit alignment and tax minimization strategies.
Skadden, Arps, Slate, Meagher & Floms transfer
pricing team has nine partners, three counsels, six
associates and two off counsel. They advise multinational companies on international structuring, planning
and audit issues, cross-border transactions, managing
tax controversies and more. Matthew Rosen and Eric
Sensenbrenner lead the team whose clients include
large pharmaceutical companies, banks, oil and gas
and technology companies. Rosens work focuses on
acquisitions, divestitures and restructurings. He frequently speaks about tax at professional gatherings
around the country. Sensenbrenner works mainly on
transactional tax planning, M&A, and structuring crossborder investments and capital markets transactions.
Tier 2
The four partners and two fee earners that make up
Alston & Birds transfer pricing team are recognised for
their APA, competent authority and mutual agreement
services. They also assist with audits and developing
transfer pricing policy. Henry Birnkrant leads the team,
which is helping a client to secure an APA that deter-
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US
the firms transfer pricing practice and head the San
Francisco and New York teams, respectively. Michael
Patton leads the Los Angeles team; and Paul Flignor
does the same for Chicago. Its Chicago office has
assisted clients in the automotive manufacturing
business with global royalty planning and deconsolidation. Last year, its New York office advised a global pharmaceutical company in tackling potential
BEPS issues by analysing its tax structures, transfer
pricing policies, risks and assets. The San Francisco
team has helped a semiconductor company with an
international structuring project. In 2014, the Los
Angeles office advised a large tech start-up on its
worldwide transfer pricing planning, including developing an intellectual property structure.
Mike Heimert leads Duff & Phelps team of about
60 transfer pricing professionals. The firm provides litigation support for transfer pricing issues in the
country and in Canada. They also help with compliance, planning, controversy and implementation,
cost-sharing arrangements, global tax efficiency supply chain strategies, OECD policy analysis, multistate
transfer pricing analysis, and transfer pricing due diligence analysis. Heimert has provided transfer pricing
and valuation services to multinationals in industries
such as pharmaceutical, automotive, oil and gas,
software and retail. He has been retained as an
expert witness in several transfer pricing matters and
has provided litigation support on many tax issues.
Grant Thornton provides documentation, audit
support, APAs, cost-sharing arrangements, licensing
arrangements and tax rate planning to its clients.
David Bowen, the firms transfer pricing practice
leader, is based in Washington, DC office. Bowen is
experienced in federal income tax planning, tax controversies and transfer pricing. He spent five years it
the Office of the IRS Associate Chief Counsel.
McDermott Will & Emery has a team of lawyers,
economists and accountants providing transfer pricing services to multinational companies in the areas
of planning, compliance and documentation, APAs,
and controversy matters. Mark Martin leads the firms
transfer pricing practice and is based in Houston.
Martin represents multinationals and other clients in
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US
es multinational technology companies in Silicon
Valley and around the world on tax planning on outbound and inbound matters. He also works with
clients on structuring M&A, and on transfer pricing
matters such as licenses of intellectual property.
The transfer pricing practice at Vinson & Elkins is
housed under its tax department, run by George
Gerachis. It has four partners and six fee earners. The
firm helps clients in establishing, documenting and
defending their transfer pricing strategies. Clients
span the energy, natural resources, technology, life
sciences, real estate and financial services industries.
Gerachis represents clients in various tax planning
and controversy matters, and has assisted them in
structuring complex transactions and resolving IRS
disputes. He has handled tax controversy and litigation for BMC Software and Trinity Industries. A client
said Gerachis is particularly adept at finding practical, cost-effective solutions to his clients issues
[while] keeping in mind the long-term implications of
our decisions.
White & Case has two partners and four fee earners in its transfer pricing practice. They are capable of
handling US and cross-border tax controversy. The
firm has worked on many unprecedented matters,
including some that are multi-jurisdictional, and has
supported clients through a variety of controversies
and transfer pricing issues that impact their worldwide business. Brian Gleicher leads the practice. He
has almost 20 years experience in handling transfer
pricing matters and has worked with multinational
companies on high value and important international tax issues. Interviewers described the professionals as client-centric and efficient. They know what
they are doing, a client said.
Tier 3
Fabian Alfonso leads BaseFirmas transfer pricing
team, which is made up of three partners and seven
fee earners. The boutique firm provides comprehensive transfer pricing advice, documentation, planning,
and audit defence services. It is assisting a telecommunications client with operations in Venezuela and
Argentina to develop various mechanisms to remu-
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US
Deloitte
30 Rockefeller Plaza
New York , NY 10112-0015 USA
Phone: +1 212 492 4000
Fax: +1 212 489 1687
Website: www.deloitte.com
Contact: John Wells
Email: johnwells@deloitte.com
Firm profile:
Multinational organizations are operating
in an environment of unprecedented
complexity. The rising volume and variety of intercompany transactions and
transfer pricing regulations, accompanied by increased enforcement activities
worldwide, have made transfer pricing a
leading risk management issue for global
businesses.
The goal of the DTTL member firms
globally managed transfer pricing network
is to help companies manage tax compliance risks by aligning practical transfer
pricing solutions with their overall global
business operations and objectives, assist
with documentation to support their
transfer pricing practices, and resolve disputes efficiently. Deloitte has a wellearned reputation for quality and delivering results. Our services include:
Dispute Avoidance: Advance Pricing
Agreements
Dispute Resolution: Examination
Defense and Mutual Agreement
Procedure/Competent Authority
Transfer Pricing Planning and
Documentation
Business Model Optimization (BMO)
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US
Forst, Jim Fuller, Ron Schrotenboer,
Jennifer Fuller, Michael Solomon, Walt
Raineri, Andy Kim, Adam Halpern and
Larissa Neumann have appeared in
Euromoneys Worlds Leading Tax
Advisors.
C. Cabell Chinnis
Partner, Palo Alto
cchinnis@mayerbrown.com
T +1 650 331 2020
John T. Hildy
Partner, Chicago
jhildy@mayerbrown.com
T +1 312 701 7769
Charles P. Hurley
Partner, Washington DC
churley@mayerbrown.com
T +1 202 263 3260
Brian W. Kittle
Partner, New York
bkittle@mayerbrown.com
T +1 212 506 2187
Thomas Kittle-Kamp
Partner, Chicago
tkittlekamp@mayerbrown.com
T +1 312 701 7028
Shawn R. OBrien
Partner, Houston
sobrien@mayerbrown.com
T +1 713 238 2848
Scott M. Stewart
Partner, Chicago
sstewart@mayerbrown.com
T +1 312 701 7821
Joel V. Williamson
Partner, Chicago
jwilliamson@mayerbrown.com
T +1 312 701 7229
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US
Mayer Browns Transfer Pricing Practice:
Mayer Browns Transfer Pricing group is
one of the most active in the country, and
is known for employing innovative techniques in providing clients with advice
and representation for transfer pricing
structuring, large case audit and administrative appeals, U.S. and foreign unilateral and bilateral advance pricing agreements, competent authority matters and
litigation.
A number of our attorneys are devoted
almost exclusively to transfer pricing matters, with broad experience in the representation of corporate taxpayers in transfer pricing planning, audits, IRS Appeals,
and Competent Authority, as well as in
the federal courts including the U.S. Tax
Court. Several of our partners have been
recognized among the leading transfer
pricing advisors in the U.S. and many of
our attorneys have significant government
experience at the IRS and Department of
Justice, where they participated in
Competent Authority and treaty negotiations; litigated various transfer pricing
issues; and contributed to the development of and major revisions in several regulatory and procedural projects.
In 2008, we launched our fully integrated
European Transfer Pricing Centre, headquartered in Brussels, to coordinate transfer pricing strategies in the area. The
breadth of practice experience, the ability to manage Pan-European projects, and
the concentrated EU focus of the Centre
ensures that each clients transfer pricing
strategy is optimized on a multi-country
level.
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Venezuela
Tax authorities
Servicio Nacional Integrado de Administracin Aduanera y Tributaria
Torre Capriles, Plaza Venezuela, Caracas
Tel: +58 212 709 2888 / 709 2064 / 709 2027
Website: www.seniat.gob.ve
LEADING FIRMS
1 Deloitte
DEmpaire Reyna Abogados
Mendoza, Delgado, Labrador & Asociados (EY)
2 KPMG
Norton Rose Fulbright
PwC
Tier 1
Deloittes transfer pricing practice in Venezuela has
one partner and 11 fee earners. The practice helps
multinational companies in all their dealings with the
tax authorities including transfer pricing audits, documentation and preparing defence files in case of an
assessment. Its multidisciplinary team of partners,
managers and seniors is experienced in preparing
transfer pricing reports across industries such as
energy, pharmaceutical, automotive, consumer business and services. The professionals in the practice
are trained in the US, Canada and Mexico. They are
led by Iliana Salcedo.
Co-heads of tax Alberto Benshimol and Humberto
Romero-Muci have a transfer pricing team of two
partners and five fee earners at DEmpaire Reyna
Abogados. The firm provides planning, advice on
cross-border transactions, structuring and litigation
services. The firm has been a part of some significant
transfer pricing litigations, and its experts provide
sought-after opinions on the issues and contribute to
269
Venezuela
the interpretation and implementation of applicable
transfer pricing legislation. DEmpaire Reyna
Abogados was a part of the Venezuelan team
involved in the US-Venezuelan tax treaty. The firm is
representing Coca-Cola Femsa in a transfer pricing
dispute involving adjustments to the cost of purchased goods and the deduction of interest paid to
foreign-related parties. Clients commend the firm on
its partners ability and experience and said they
offer good advice for complex issues.
EY member firm Mendoza, Delgado, Labrador &
Asociados does planning, documentation, customs
valuations and tax-efficient supply chain management for its clients. The team also performs design,
business restructuring, direct and indirect taxes, and
finance and accounting operating model services.
Maria Calvino is its main transfer pricing contact in
Venezuela.
Tier 2
KPMG advises its Venezuelan clients on developing
and implementing transfer prices, documenting policies and outcomes and helping companies respond
to challenges from the tax authority. Carlos Adrianza
now leads the tax practice as Jorge Rodriguez is
retiring.
270
www.worldtransferpricing.com
Venezuela
Tax rates at a glance
Corporate income tax rate
Capital gains tax rate
Branch tax rate
15% to 34%
15% to 34%
15% to 34%
Withholding tax
Dividends
0%/34% (a)
Interest
15% to 34% (b)
Royalties from patents and licences
34% (c)
Branch remittance tax
0%/34%
Net operating losses (years)
Carryback
Carryforwards
0
3 (d)
271
Venezuela
272
www.worldtransferpricing.com
Vietnam
Tax authorities
General Department of Taxation, Ministry of Finance
123 Lo Duc St, Hanoi
Tel: +84 4 3971 2310
Fax: +84 4 3971 2286
Email: bbtweb@gdt.gov.vn
Website: www.gdt.gov.vn
LEADING FIRMS
Tier 1
1 Deloitte
EY
KPMG
PwC
2 DFDL
Grant Thornton
273
Vietnam
ance services, audit defence advice, advance pricing
arrangements, competent authority procedures,
transfer pricing planning, due diligence and supply
chain analysis.
Consumer goods including garment and footwear,
electronics, industrial manufacturing, real estate, and
food and drink are the key industries the transfer
pricing team advises on.
KPMG is the only firm to have worked with the
General Department of Taxation on capacity building
and developing the APA system. The firm actively
remains in discussion with the General Department
of Taxation on BEPS and implications for local
changes in transfer pricing and tax regulations.
The most innovative transfer pricing matter the firm
has advised on in the last year has been working
with a world-leading MNC in the IT sector on the feasibility of a bilateral APA with the US. This includes
discussions with the Ministry of Finance pending the
signing of the Vietnam-US Double Taxation
Agreement. This matter was handled by Duong and
director Nguyen Thu Huong.
The transfer pricing department of PwC Vietnam
sits within the broader of the firms tax and legal
department, which includes seven partners. Matt
Gulbis heads the transfer pricing practice that consists of 30 full-time professionals. The practice has
welcomed one new member during the past year.
The firms transfer pricing practice is experienced in
working with the General Department of Taxations
(GDT) advance pricing arrangement team, as lead
advisers to the first three APA applications formally
submitted in Vietnam. The firm is also assisting its
client on the first MAP case in Vietnam to solve double taxation regarding transfer pricing adjustments.
The firm has been closely involved in developing the
APA process and providing training and consultation
to the GDTs team. In addition, the transfer pricing
team co-operates with the government liaison team
274
Tier 2
DFDLs tax practice comprises one partner, Jack
Sheehan. One new member has joined the firms
transfer pricing practice in the past year.
The firm boasts a combination of lawyers and
accountants, who provide highly specialised services
including international and domestic tax planning
and structuring, general tax advisory, tax compliance,
and tax litigation. The tax practice also jointly works
with local jurisdiction stakeholders to develop the tax
environment of the markets where DFDL operates.
Grant Thorntons transfer pricing practice in Vietnam
is led by partner Hoang Khoi. The transfer pricing practice is part of the firms tax services. There are four partners and three tax professionals in the tax department.
Nguyen Chi Trung is the managing partner.
The firms transfer pricing team offers services
including advising and assisting clients in the current
interpretations of the transfer pricing rules determined by the General Department of Taxation, giving
assistance in developing tax efficient supply chains
creatively, as well as providing a wider range of
transfer pricing services, ranging from detailed transfer pricing studies and structuring projects, to documentation review.
www.worldtransferpricing.com
Vietnam
Tax rates at a glance
Corporate income tax
Capital gains tax
Branch tax
22% (a)
22% (b)
22%
0%
5%
10%
0%
0
5 (c)
275
Index
INDEX OF ADVERTISERS
Country
Page
Grant Thornton
Japan
146
Indonesia
114
Italy
138
KPMG
Brazil
36
Netherlands
167
KPMG
India
108
Italy
137
KPMG
Italy
138
India
108
KPMG
Luxembourg
154
Brazil
36
KPMG
Switzerland
234
KPMG
Turkey
242
Netherlands
167
Brazil
37
Firm
Ali Budiardjo, Nugroho,
Reksodiputro
Baker & McKenzie
Gomes Advogados
Cragus Group
KPMG Meijburg
Venezuela
272
Deloitte
Brazil
36
Mayer Brown
Belgium
30
Deloitte
Canada
46
Mayer Brown
US
267
Deloitte
Germany
83
Nangia & Co
India
109
Deloitte
Japan
145
Germany
84
Deloitte
Luxembourg
154
PwC
Chile
50
Deloitte
Norway
178
PwC
Luxembourg
155
Deloitte
Romania
204
PwC
Deloitte
Spain
226
SF Consulting
Deloitte
Switzerland
234
Skeppsbronn Skatt,
Deloitte
US
266
Taxand Sweden
Deloitte Anjin
South Korea
220
Japan
147
South Africa
215
Italy
139
Germany
83
Ireland
122
Italy
137
WTS
US
266
Germany
83
Canada
46
Yulchon
EY
276
93
Machado Associados
Norway
178
Indonesia
114
Sweden
230
www.worldtransferpricing.com
Germany
84
Italy
139
Ukraine
253
South Korea
220
Index
INDEX OF FIRMS
Firm
Country
Page
Baker Tilly
Portugal
190, 194
A&L Goodbody
Ireland
118, 120
Baker Tilly
Romania
202
Portugal
190, 194
Romania
199
India
102, 106
Bulgaria
38, 40
Abreu Advogados
Advaita
Alder & Sound
Allen & Overy
Finland
64, 66
Brazil
31, 34
Italy
129, 133
BaseFirma
Chile
47, 49
US
261, 263
BaseFirma
Colombia
54-55
UK
243, 246
BaseFirma
Mexico
160, 162
Arena Tax
Poland
185, 189
BaseFirma
US
261, 265
Arntzen de Besche
Norway
175, 177
BDO
Israel
123-124
France
70-71
BDO
Netherlands
163, 165
Australia
13, 15
BDO
Spain
221, 225
Aspect Advisory
Switzerland
231, 233
BDO
ATOZ Taxand
Luxembourg
150, 152
BDO Consulting
Arsene Taxand
Ashurst
US
261, 263
Romania
199, 202
France
70, 74
BDO Denet
Turkey
238, 240
Ukraine
249, 251
BDO India
India
102, 104
BA-HR
Norway
175-176
BDO Magarorszag
Australia
13
Belgium
26, 28
China
51-52
Bell Gully
Colombia
54
France
70, 72
BDO Unicon
Hungary
97, 99
Russia
205, 209
Denmark
61-62
New Zealand
168-169
Italy
129, 132
Italy
129, 132
Germany
77, 80
Canada
42-43
Hong Kong
94-95
India
102, 104
Italy
129, 133
BonelliErede Pappalardo
Italy
129-130
Baltic States
20, 25
Finland
64, 66
South Africa
212, 214
Austria
17, 19
Colombia
54-55
Japan
142
Luxembourg
150, 152
Borenius
Borenius Taxand Finland
Bowman Gilfillan
Mexico
160
Netherlands
163-164
Russia
205, 207
Spain
221, 224
UK
243, 246
Lombardi Taxand
Ukraine
249, 251
US
261-262
Carey
210-211
Argentina
US
261, 263
Chile
47, 49
277
Index
Castro, Barros, Sobral,
Brazil
31, 34
New Zealand
168, 171
Mexico
160, 162
Deloitte
Mexico
160-161
Italy
129, 134
Deloitte
Netherlands
163-164
UK
243, 247
Deloitte
New Zealand
168, 170
France
70, 72
Deloitte
Norway
175
Bulgaria
38, 41
Deloitte
Peru
179
Russia
205, 208
Deloitte
Portugal
190-191
Denmark
61, 63
Deloitte
Romania
196, 199
Poland
185, 187
Deloitte
Russia
205-206
Gomes Advogados
Chapman Tripp
Chevez Ruiz Zamarripa
Chiomenti Studio Legale
Clifford Chance
CMS Bureau Francis Lefebvre
CMS Reich Rohrwig Hainz
CMS Russia
Corit Advisory
Crido Taxand
Cuatrecasas, Gonalves Pereira
Israel
123
Deloitte
Luxembourg
150-151
Deloitte
Malaysia
156
Spain
221, 224
Deloitte
Singapore
210
Venezuela
269
Deloitte
South Africa
212
Indonesia
110, 112
Deloitte
Spain
221-222
Bulgaria
38, 40
Deloitte
Sweden
227-228
Deloitte
Argentina
9, 11
Deloitte
Switzerland
231-232
Deloitte
Australia
13
Deloitte
Taiwan
235
278
Deloitte
Deloitte
Austria
17-18
Deloitte
Turkey
238-239
Deloitte
Baltic States
20-21
Deloitte
UK
243-244
Deloitte
Belgium
26-27
Deloitte
Ukraine
249-250
Deloitte
Brazil
31
Deloitte
Uruguay
254-255
Deloitte
Bulgaria
38-39
Deloitte
Deloitte
Canada
42, 44
Deloitte
Deloitte
Deloitte
Chile
47
Deloitte
China
51-52
Deloitte Anjin
Deloitte
Colombia
54-55
Deloitte
Czech Republic
57
Deloitte
Denmark
61
Dentons
Dentons
US 257, 261-262
Venezuela
269
Vietnam
273
South Korea
216
Poland
185-186
Japan
140, 142
Germany
77, 81
Poland
185, 189
Vietnam
273-274
Deloitte
Finland
64
Deloitte
Germany
77-78
DFDL
Deloitte
Greece
85-86
Dhruva Advisors
India
102, 105
Deloitte
Hong Kong
94
Di Tanno e Associati
Italy
129, 134
Deloitte
Hungary
97-98
South Africa
212, 214
Deloitte
India
102, 104
DLA Piper
Australia
13, 16
Deloitte
Indonesia
110
DLA Piper
China
51, 53
Deloitte
Ireland
118
DLA Piper
France
70, 74
www.worldtransferpricing.com
Index
DLA Piper
Hong Kong
94-95
EY
India
DLA Piper
Italy
129, 134
EY
Indonesia
110
DLA Piper
Netherlands
163, 165
EY
Ireland
118
DLA Piper
Ukraine
249, 251
EY
Israel
123
DLA Piper
US
261, 263
EY
Luxembourg
150, 152
Hungary
97, 100
EY
Malaysia
156-157
EY
Netherlands
163-164
102, 104
Poland
185, 188
EY
New Zealand
168, 170
Greece
85, 87
EY
Norway
175
EY
Peru
179
Philippines
182-183
EY
Poland
185-186
UK
243, 248
EY
Portugal
190-191
US
261, 264
EY
Romania
199, 201
India
102, 106
EY
Russia
205, 207
US
261, 265
EY
Singapore
210-211
South Africa
212-213
EY
South Africa
212-213
Turkey
238, 240
EY
South Korea
216, 218
Argentina
9, 11
EY
Spain
221, 223
Peru
179-180
EY
Sweden
227-228
EY
Australia
13, 15
EY
Switzerland
231-232
EY
Austria
17-18
EY
Taiwan
235
EY
Baltic States
20, 24
EY
Turkey
238-239
EY
Belgium
26-27
EY
UK
243-244
EY
Bulgaria
38, 40
EY
Ukraine
249-250
EY
Canada
42, 44
EY
Uruguay
254-255
EY
Chile
47
EY
US
261-262
EY
China
51-52
EY
EY
Colombia
54-55
Vietnam
273
Argentina
EY
Czech Republic
57, 59
Asociados)
EY
Denmark
61-62
EY Shinnihon Tax
Japan
142
EY
Finland
EY
France
64-65
EY Terco
Brazil
31-32
70, 72
Israel
123-124
EY
Germany
77-78
Italy
129, 132
EY
Greece
85-86
Italy
129, 134
EY
Hong Kong
94
Russia
205, 208
EY
Hungary
97-98
Felsberg Advogados
Brazil
31, 34
279
Index
Fenwick & West
Global introduction
US
261-262
Uruguay
254
Smith Freehills
GTA Villamagna
France
70, 73
FinExpertiza
Russia
205, 209
Vietnam
273-274
Australia
13, 16
Spain
221, 225
Uruguay
254-255
Germany
77-78
110, 112
Austria
17, 19
Italy
129, 133
France
70, 73
Hendersen Taxand
China
51, 53
Germany
77, 81
Israel
123-124
Spain
221, 224
Hogan Lovells
UK
243, 246
UK
243, 247
Ukraine
249, 252
Garrigues Taxand
Portugal
190, 193
Isla Lipana
Philippines
182
Garrigues Taxand
Spain
221, 223
Hungary
97, 100
Jurimex
GM Kapadia & Co
India
102, 106
Argentina
9, 11
Goltsblat BLP
Russia
Gornitzky & Co
Israel
280
Grant Thornton
Ukraine
249, 252
K C Mehta & Co
India
106
205, 208
Italy
129-130
123-124
97, 100
Canada
42, 44
Grant Thornton
Australia
13, 15
KC Mehta & Co
Grant Thornton
Bulgaria
38, 41
Grant Thornton
Canada
42, 45
India
102
Khaitan & Co
India
102, 106
South Korea
216-217
Grant Thornton
Chile
47, 49
China
51, 53
Grant Thornton
China
51, 53
Japan
142-143
Grant Thornton
India
102, 105
KPMG
Argentina
9, 11
Grant Thornton
Ireland
118, 121
KPMG
Australia
13, 15
Grant Thornton
Japan
142-143
KPMG
Austria
17-18
Grant Thornton
New Zealand
168, 171
KPMG
Baltic States
20, 24
Grant Thornton
Peru
179-180
KPMG
Belgium
26-27
Grant Thornton
Poland
185, 188
KPMG
Brazil
31-32
Grant Thornton
Portugal
190, 193
KPMG
Bulgaria
38, 40
Grant Thornton
Spain
221, 224
KPMG
Canada
42, 44
Grant Thornton
Sweden
227-228
KPMG
Chile
47-48
Grant Thornton
Taiwan
235, 237
KPMG
China
51-52
Grant Thornton
UK
243-244
KPMG
Colombia
54-55
Grant Thornton
Uruguay
254-255
KPMG
Czech Republic
57, 59
Grant Thornton
US
261, 264
KPMG
Finland
64-65
www.worldtransferpricing.com
Index
72
Brazil
31-32
India
102, 107
Landwell (PwC)
Spain
221, 223
France
70, 73
KPMG
France
KPMG
Germany
77, 80
KPMG
Greece
85-86
KPMG
Hong Kong
94
KPMG
Hungary
97-98
KPMG
India
102, 104
KPMG
Indonesia
110
KPMG
Ireland
KPMG
Israel
Lee & Ko
South Korea
216, 218
Taiwan
235, 237
118-119
156-157
123-124
Lefosse Advogados
Lee and Li
KPMG
Japan
142
KPMG
Luxembourg
150-151
KPMG
Malaysia
156-157
LexCase
KPMG
Mexico
160, 162
Liedekerke
KPMG
New Zealand
168, 170
KPMG
Norway
175, 177
Advogados
Brazil
31, 34
Italy
129, 135
Austria
17, 19
France
70, 74
Belgium
26, 28
Brazil
31, 33
KPMG
Peru
179-180
Linklaters
Poland
185, 189
KPMG
Poland
185, 187
Belgium
26, 28
KPMG
Portugal
190-191
Luxembourg
150, 152
KPMG
Romania
199, 201
Netherlands
163, 165
KPMG
Russia
205, 207
KPMG
Singapore
210-211
KPMG
South Africa
212-213
KPMG
Spain
221, 223
Macfarlanes
KPMG
Sweden
227, 229
KPMG
Switzerland
231-232
KPMG
Taiwan
235
KPMG
Turkey
238-239
Maisto e Associato
KPMG
UK
243-244
Mancera (EY)
KPMG
Ukraine
249-250
Ireland
118, 121
KPMG
Uruguay
254-255
Matheson
Ireland
118, 120
Brazil
31, 33
Germany
77, 81
India
102, 106
Germany
77, 82
UK
243, 247
Machado Associados
Brazil
31, 33
Brazil
31, 33
Italy
129, 131
Mexico
160-161
Opice Advogados
KPMG
US
261-262
KPMG
Venezuela
269-270
Quiroga Advogados
KPMG
Vietnam
273
Mayer Brown
Belgium
26, 29
Denmark
61-62
Mayer Brown
France
70, 74
Mayer Brown
US
261-262
Hungary
97, 99
KPMG Luxembourg
Luxembourg
148
KPMG Meijburg
Netherlands
163-164
Mazars
281
Index
Mazars
Romania
199, 201
PwC
Baltic States
20, 24
Mazars
Spain
221, 225
PwC
Belgium
26, 28
Mazars Denge
Turkey
238, 240
PwC
Brazil
31, 34
McCarthy Ttrault
Canada
42, 45
PwC
Bulgaria
38, 40
Italy
129, 135
PwC
Canada
42, 44
UK
243, 247
PwC
Chile
47
US
261, 264
PwC
China
51-52
McMillan
Canada
42, 45
PwC
Colombia
54-55
MDDP
Poland
185, 188
PwC
Czech Republic
57, 59
Venezuela
269-270
PwC
Denmark
61-62
PwC
Finland
64, 66
US
261, 264
PwC
Germany
77, 80
US
261, 264
PwC
Greece
85-86
Indonesia
110, 112
PwC
Hong Kong
94-95
Japan
142
PwC
Hungary
97, 99
India
102, 106
PwC
India
102, 104
Luxembourg
150, 153
PwC
Indonesia
110-111
Philippines
182-183
PwC
Ireland
118, 120
Italy
129, 135
PwC
Israel
123-124
China
51, 53
PwC
Luxembourg
150, 152
Germany
77, 81
PwC
Malaysia
156-157
Venezuela
269-270
PwC
Mexico
160, 162
Germany
77, 82
PwC
Netherlands
163-164
Orientax Consulting
Hungary
97, 101
PwC
New Zealand
168, 170
Canada
42, 44
PwC
Indonesia
110, 112
PwC
Turkey
238, 240
Russia
205, 207
Colombia
Brazil
MUC Consulting
Nagashima Ohno & Tsunematsu
Nangia & Co
NautaDutilh
Navarro Amper
NCTM Studio Legale Associato
PB Taxand
Peru
179
PwC
Poland
185, 187
PwC
Portugal
190-191
54-55
PwC
Romania
199, 201
31, 34
PwC
Russia
205, 207
11
PwC
Singapore
210-211
Romania
199, 202
PwC
South Africa
212-213
Plesner
Denmark
61-62
PwC
Sweden
227-228
PwC
Argentina
9, 11
PwC
Switzerland
231-232
PwC
Australia
13, 15
PwC
Taiwan
235-236
PwC
Austria
17, 19
PwC
Turkey
238-239
PKF Finconta
282
www.worldtransferpricing.com
Index
PwC
UK
243-244
Stikeman Elliott
PwC
Ukraine
249-250
Italy
129, 131
PwC
Uruguay
254-255
Studio Musselli
Italy
129, 136
PwC
US
261, 263
Italy
129, 131
PwC
Venezuela
269-270
Studio Uckmar
Italy
129, 136
PwC
Canada
42, 45
Vietnam
273-274
India
102, 105
Quantera Global
Hong Kong
94, 96
US
261, 265
Quantera Global
Philippines
182-183
France
70, 73
Netherlands
163, 166
Philippines
182
Malaysia
156, 159
Tandax Advisory
Spain
221, 225
Portugal
190, 194
Bulgaria
38, 41
Switzerland
231, 233
Taxand
Netherlands
165
Malaysia
156-157
Peru
179-180
Brazil
31, 34
Finland
64, 66
97, 99
20, 25
Taxand Malaysia
Taxand NL
Roschier
Hungary
Baltic States
Netherlands
163
Romania
199, 202
Taxhouse Taxand
Argentina
9, 11
Taxonity
Poland
185, 189
Singapore
210-211
Taxperience
Russia
205, 209
Russell McVeagh
New Zealand
168, 171
Ryan
Hungary
97, 101
Ryan
Netherlands
163, 165
Chile
47, 49
TP Equilibrium
New Zealand
168, 170
India
102, 105
Netherlands
163, 166
Romania
199, 202
France
70, 74
Thommessen
Tokyo Kyodo Accounting Office
Samil PwC
South Korea
216-217
TP Equilibrium
Samjong KPMG
South Korea
216, 218
Poland
185, 188
TPA Global
Indonesia
110, 113
TPA Horwath
UK
243, 248
TPHC Associs
Malaysia
156-157
TPricing Consultores
South Korea
216, 218
Sendero Taxperience
SF Consulting
Shearman & Sterling
Shearn Delamore & Co
Shin & Kim
Siqueira Castro Advogados
Argentina
9, 11
Norway
175, 177
Japan
142, 144
Australia
13, 16
Portugal
190, 193
Italy
129, 136
Brazil
31, 34
Romania
199, 202
US
261, 263
Spain
221, 224
Mexico
160, 162
UK
243, 247
227, 229
31, 33
Sorainen
Stibbe
Baltic States
20, 24
Belgium
26, 29
UnityFour
Greece
85, 88
283
Index
Ura Menndez Proena de Carvalho Portugal
190, 194
Italy
129, 136
WTS
Germany
77, 82
Italy
129, 131
WTS Alfrey
Czech Republic
57, 59
Baltic States
20, 24
WTS elen
Turkey
238, 240
Indonesia
110, 113
WTS Consulting
China
51, 53
VARUL
VDB Loi
Vinson & Elkins
Vistisen Tax Attorneys
Webber Wentzel
White & Case
White & Case
284
US
261, 265
Denmark
61, 63
South Africa
212, 214
Japan
142-143
YkselKarkinKk
Malaysia
US
261, 265
Yulchon
Wiersholm
Norway
175, 177
Zeirishi-Hojin PwC
Ireland
118, 120
www.worldtransferpricing.com
156-157
Hungary
97, 100
Italy
129, 136
Ukraine
249, 251
Turkey
238, 240
South Korea
216, 218
Japan
142
Greece
85, 88