International Tax News - February 2014

by DLA Piper
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DLA Piper - International Tax News

IRS RELEASES ITS “ROADMAP” OF THE TRANSFER PRICING AUDIT PROCESS

By Sirathorn B.J. Dechsakulthorn, Paul Flignor and Eric Ryan

The US Internal Revenue Service has released its Transfer Pricing Audit Roadmap, a 26-page outline of the two-year transfer pricing audit process, emphasizing up-front planning and a fact-based approach for examiners.

The roadmap, released on February 14, is part of an ongoing effort by the IRS Large Business and International Division to standardize the Exam process. The stated goal of the roadmap is to assist both the IRS and taxpayer in the identification, selection, discussion and resolution of potential transfer pricing issues in a timely and orderly fashion and to resolve issues in the Exam level rather than at Appeals.

Find out more.


FASTEN YOUR SEAT BELTS: EUROPEAN COMMISSION TO USE STATE AID POWERS TO SCRUTINIZE AGGRESSIVE TAX PLANNING

By Bertold Bär-Bouyssière

An important message to all tax planners: The European Commission’s Directorate General for Competition has declared war on “fiscal optimization.”

It intends to use the antitrust stick to overcome the lack of tax harmonization at member state level.

Find out more.


AUSTRALIA’S NEW TRANSFER PRICING LAWS OVERLAP THE THIN CAP RULES: NEW CHALLENGES FOR TAXPAYERS

By Jock McCormack

The overlap of Australia’s new transfer pricing laws with the thin capitalization rules is causing challenges and likely duplication of analysis for taxpayers – particularly for the arm’s length amount-of-debt test.

The new transfer pricing laws were largely introduced as a response to the Commissioner of Taxation’s loss in the full Federal Court decision in Commissioner of Taxation v SNF (Australia) Pty Limited (2011).

The new laws significantly modernize Australia’s domestic transfer pricing laws and aim to better align those new laws with internationally consistent transfer pricing approaches. But in the process, they pose new challenges for taxpayers.

Find out more.


WEB-BASED COMPANIES SHOULD INVOICE LOCALLY AND PAY LOCAL TAXES, BRAZIL SAYS

By Guido Vinci and Leonardo Homsy*, Campos Mello Advogados

Confirming recent rumors, Valor Econômico – Brazil’s leading newspaper covering developments in the economy, finance and business – has reported that the Internal Revenue Service is indeed preparing new regulations to require foreign web-based companies to invoice locally and pay local taxes.

Find out more.


SPAIN’S BASQUE COUNTRY EXTENDS PARTICIPATION EXEMPTION REGIME

By Miguel Baz and Maria Alonso

Spain’s autonomous Basque Country region has extended its participation exemption regime to capital gains derived from the transfer of shares in Spanish companies.

With this amendment, the Basque Country’s participation exemption regime becomes an advantageous alternative for locating holding companies.

Find out more.

*Leonardo Homsy and Guido Vinci are partners with Campos Mello Advogados, based in Rio de Janeiro. DLA Piper works in cooperation with Campos Mello Advogados to grant our clients access to the firm and its lawyers in Brazil. Learn more here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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