Annemarie Wilmore, Johnson Winter & Slattery, discusses the latest developments in the Australian case of Singapore Telecom Australia Investments Pty Ltd v Commissioner of Taxation when the Australian Federal Court issued a further decision on March 22, including its consideration of whether consequential adjustments to the transfer pricing benefit should be made to take into account carryforward losses.
Allen Tobin, CrossBorder Solutions, discusses the U.S. House of Representatives’ April 1 passage of legislation to decriminalize marijuana at the federal level; the legalization of cannabis has been a hot topic politically, and, if passed in the U.S. Senate, its potential impact on tax issues will be significant—especially for the research and development tax credit.
Susi Baerentzen, Carlsberg Foundation Postdoctoral Fellow, analyzes the High Court of Eastern Denmark’s March 28 ruling that dealt another harsh blow to the Danish Ministry of Taxation in the largest-ever transfer pricing case in Danish history regarding a USD 1.5 billion increase of taxable income for the oil business previously owned by A.P. Møller Maersk (now by Total Energies EP).
Dr. Monika Laskowska, Warsaw School of Economics, discusses the Polish Ministry of Finance’s December 2021 binding interpretation of the concept of a controlled transaction for transfer pricing purposes; it has created a few concerns regarding its interpretation since it was first introduced into Polish tax law in 2019.
Aldo Engels, Loyens & Loeff, discusses the Belgian government’s recent decision to increase the effectiveness of transfer pricing audits of MNEs—followed by a new wave of transfer pricing audits initiated in the beginning of 2022—and provides an overview of recent trends in the Belgian transfer pricing audit practice.
Allan Lanthier, a former advisor to the Canadian government, argues that when EU finance ministers next meet on April 5, they should abandon Pillar Two, which, he says, is a deeply flawed initiative that includes major changes on which countries had never previously agreed, including a new Domestic Minimum Top-Up tax and a significant rewrite of the Undertaxed Payment Rule.
Giuliana Polacco and Annarita De Carne, Studio Legale Bird & Bird, discuss two significant developments the Italian Revenue Agency made this month to its cooperative compliance regime, a forum allowing a taxpayer to prevent tax audits and to agree in advance with tax authorities regarding the tax treatment of specific uncertain transactions.
Iris Burgstaller and Fanni Deak, TPA Austria, discuss recent changes to the Austria-United Arab Emirates income tax treaty to implement the OECD standards on base erosion and profit shifting (BEPS); after the exchange of the instruments of ratification, the amendments will be applicable for tax years after December 31, 2022.
Copyright © 2021. DISCLAIMER: The information provided herein is general and may not be applicable in all situations. It should not be acted upon without legal advice accounting for a particular situation.
