Archive for the ‘Transfer Pricing’ Category

OECD Meets with Business Commentators on the Valuation of Intangibles for Transfer Pricing Purposes

Wednesday, November 23rd, 2011

On 7-9 November 2011, delegates from Working Party No. 6’s Special Session on the Transfer Pricing Aspects of Intangibles (“WP6-TPI”) met with private sector representatives to discuss definitional and ownership issues related to transfer pricing for intangibles. The agenda for the meeting, presentation material submitted by private sector participants and list of participants have now been published.

Presentations at the consultation focused on five topics: (i) the definition of intangibles for purposes of Chapter VI of the OECD Transfer Pricing Guidelines; (ii) the definition and treatment of goodwill for transfer pricing purposes; (iii) the definition of the term “brand” and the importance of brand in transfer pricing analyses; (iv) the appropriate approach for determining entitlement to intangible related returns for transfer pricing purposes; and (v)the importance of corporate synergies in a transfer pricing analysis.

Mr. Chris Lennon, the Chair of the BIAC Tax Committee, said that the overriding objective of the business community in connection with the project is to achieve certainty and to achieve a set of rules that will help eliminate double taxation. He pointed out that agreement on a set of consistently applied definitions was a key element in achieving those objectives. He urged the delegates not to reopen issues already clarified in the recently concluded project on business restructuring as reflected in Chapter IX of the 2010 version of the Transfer Pricing Guidelines. (more…)

INTERNATIONAL TRANSFER PRICING REVIEW

Friday, August 5th, 2011

Konsilia, the Spanish and Qatari member Firm of The Leading Edge Alliance contributed to the publication of “Transfer Pricing, a comparative Analysis of 60 countries” published by REA, our associated Firm in Peru.

The report compares the regulatory treatment of transfer pricing in 60 countries and how they affect the allocation of gains in intra-group transactions between different tax jurisdictions in which a multinational operates, even for operations in tax havens or low, or no, tax.

Transfer prices are the prices at which an enterprise transfers physical goods, intellectual property or provides services to a related company. Essentially, it is the agreed price for transactions between two or more divisions that belong to the same group of companies.

The aim of the report was to create easily understandable and accessible research for a reader interested in transactions between related companies around the world, and not just for tax specialists seeking a tool in comparative law analysis.

The report can be downloaded here Transfer Pricing 2010, and you can direct any questions regarding the report to Fernando del Canto at Konsilia

 

From KYC to KY3.- The new anti bribery and corruption regulations in the US and the UK

Saturday, December 4th, 2010

Know Your Customer or KYC, predominated on the hyper regulated financial and legal profession in the 90s. Now that you Know Your Customers, it is time to start thinking in Knowing Your “Third Party” or KY3, and what are they doing for you.

As prosecution on acts of bribery and corruption is top in the agenda for the UK and the USA, a new compliance framework is being developed, specially for those trading in emerging markets, or in well established markets with sophisticated corruptions systems.

Bribery and corruption are rapidly establishing themselves as a permanent part of the financial crime portfolio as the UK and US begin to lock-step both legal practice and enforcement. Keith Korenchuk and Oliver Kerridge of Arnold & Porter LLP talk to MLB editor Timon Molloy about the transatlantic lessons and risks. (more…)

2010 OECD Model Tax Convention, Transfer Pricing and updated PE definition

Monday, August 9th, 2010

From the OECD site 22 July 2010 — The OECD Council today approved the 2010 versions of the OECD’s Model Tax Convention, the 1995 Transfer Pricing Guidelines and the 2008 Report on the Attribution of Profits to Permanent Establishments. The updates are the result of several years of work to improve these core OECD instruments in the area of international taxation.

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TRANSFER PRICING 101

Saturday, February 7th, 2009

A Conference on the new Spanish Transfer Pricing (TP) regulations was held in Sevilla last week by the Law Firm Montero Aramburu and the Transfer Pricing Associates

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JERSEY AND GERMANY , ANOTHER SUCESSFUL OECD TREATY SIGNED

Sunday, July 27th, 2008

Germany and Jersey have signed a bilateral arrangement for the exchange of information for tax purposes.

This treaty numbers 16th of the agreements signed by one of the 35 Jurisdictions committed to work with OECD countries. The 35 jurisdictions committed to abide by the OECD protocol on this matter, as per www.oecd.org site are:

Anguilla (1), Antigua and Barbuda, Aruba (2)

Bahamas, Bahrain, Belize, Bermuda (1), British Virgin Islands (1) Cayman Islands (1), Cook Islands (3), Cyprus

Dominica

Gibraltar (1), Grenada, Guernsey (4)

Isle of Man (4)

Jersey (4)

Liberia

Malta, Marshall Islands, Mauritius, Montserrat (1)

Nauru, Netherlands Antilles (2), Niue (3)

Panama (Spanish), (English)

San Marino, Seychelles, St. Kitts & Nevis, St. Lucia, St. Vincent and the Grenadines

Turks & Caicos Islands (1)

US Virgin Islands (5)

Vanuatu

1. Overseas Territory of the United Kingdom.

2. Aruba, the Netherlands Antilles and the Netherlands are the three countries of the Kingdom of the Netherlands.

3. Fully self-governing country in free association with New Zealand.

4. Dependency of the British Crown.

5. External Territory of the United States.

The OECD has determined that three other jurisdictions – Barbados, Maldives, and Tonga – identified in the 2000 Progress Report as tax havens should not be included in the List of Unco-operative Tax Havens.

* Barbados will not be included in the list because it has longstanding information exchange arrangements with other countries, which are found by its treaty partners to operate in an effective manner. Barbados is also willing to enter into tax information exchange arrangements with those OECD Member countries with which it currently does not have such arrangements. Barbados has in place established procedures with respect to transparency. Moreover, recent legislative changes made by Barbados have enhanced the transparency of its tax and regulatory rules.

* The OECD has determined after careful review of the current laws and practices of Tonga and the Maldives that these jurisdictions do not meet the tax haven criteria.

SPANISH COMPANY TO HOLD PROPERTY

Sunday, January 6th, 2008

I am looking into the possibility of buying some properties in Spain for investment purposes. Is it better from a tax point of view to do this as an individual or as a company? D. Searle, Brighton UK

From an investment point of view the company option must be considered. The main reason is that the company offers the possibility of organising the business in a more professional way, keeping it separate from your private assets. The company will pay corporation tax when disposing of the property of 25-30% which is higher than personal tax at 18%. This is perhaps the only downside of the company option. The company structure is exempted from the annual Wealth Tax and Income Tax for non resident individuals, which means that usually for more than €600,000 it could be more efficient to run the properties using a company. From an Inheritance Tax point of view the company may offer more opportunities to organise your estate planning, if we organise the shareholding efficiently or use international structures and trusts. Another advantage of using a company is that the company will be able to rent the properties and claim the original VAT paid if a proper trading activity is registered for tax purposes. Capital allowances or depreciation can be claimed as a deductible expense in yearly bases if the company files accounts statutorily, which will reduce the capital gains tax payable over time. Management expenses can be also offset against income and the directors can draw a salary too. It is always worth asking your adviser to outline the difference between company and private acquisition in your particular case, before starting a property investment portfolio.

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NEW INTERNATIONAL ACCOUNTING STANDARDS IN SPAIN

Sunday, January 6th, 2008

New year, new challenges, new norms.
Manuel Gutierrez from www.konsilia.es inform us that the Spanish accounting system has changed this January 1st 2008 to conform with the international accounting standards.

The companies are changing the financial statements to give professionals and clients more information and details in a consistent matter accross the world. These changes are very welcome by the profession and all of us in international advisory positions.

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International Tax Law Barrister, Lawyer, Abrogado & Attorney, Leon Fernando del Canto of Konsilia, offering services relating to international tax planning, tax advice, private clients, international law, serving Spain, United Kingdom, Europe.

Tax Precision is the trading name of León Fernando del Canto Gonzalez, a Barrister regulated by the General Council of the Bar in England and the Colegio de Abogados de Jerez de la Frontera.