Agnes Lo, Associate Professor of Teaching, Lingnan University, Hong Kong and Raymond Wong, Associate Dean, City University of Hong Kong, discuss the Hong Kong’s Inland Revenue Department’s July 15 revisions to guidance setting out the Hong Kong government’s interpretation and practice relating to advance pricing arrangements . . . .
Leslie Prescott-Haar and Sophie Day of TP EQuilibrium | AustralAsia LP discuss July 15 Australian Taxation Office guidance on the transfer pricing treatment of payments made under Australia’s JobKeeper program, which provides financial support to employers that have been materially affected by the Covid-19 pandemic . . .
Dr. Harold McClure, an Economist based in New York City, discusses a transfer pricing dispute between the Australian Taxation Office and an Australian affiliate of US aluminum giant, Alcoa, which presents interesting questions regarding when comparable transactions should be considered uncontrolled transactions for transfer pricing purposes and how to select the best method for determining arm’s length prices for commodities such as alumina. . . .
Francesca Amaddeo, Researcher, Tax Law Competence Centre (SUPSI), Manno, Switzerland discusses the EU Commission’s tax package, released July 15; the Commission says it will explore a new mechanism for enacting tax legislation without the approval of all EU states and offers significant amendments to European VAT rules . . .
Jaiman Patel, Partner – Transfer Pricing (Financial Services), at EY India, discusses the Indian government’s July 3 release of an amended tax form to enable payment of India’s new equalisation levy, a clear indication that the government will not heed requests to defer the reporting or payment of this new tax on nonresident e-commerce operators . . .
Economist Dr. Harold McClure of New York City discusses the taxation of intercompany financing in the extractive sector, focusing on likely tax disputes concerning the financing of Australia’s Gorgon natural gas project, the UN’s recent guidance on transfer pricing in the extractive sector, and the ConocoPhillips and Chevron intercompany financing litigations . . .
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.
