Transfer Pricing: Recent Developments, Update and Opportunities
The Quisumbing Torres tax team and transfer pricing (TP) specialists from Baker & Mckenzie.Wong & Leow hosted a comprehensive panel discussion on practical insights on TP and Base Erosion Profit Shifting (BEPS) during a recent event entitled “Transfer Pricing: Recent Developments, Updates and Opportunities,” which was held last 2 June at the Quisumbing Torres office. Over 70 representatives of more than 40 companies attended the event.
“Transfer pricing is one of the most important elements of international tax planning,” said Dennis Dimagiba, partner and head of the Firm’s Tax Practice Group. “The volume of business activities and cross-border transactions executed by corporations located in the Philippines, and the consequent domestic and foreign tax costs, makes an understanding of transfer pricing and the taxation of business profits crucial. Apparently, managing the risks and opportunities inherent in global transfer pricing strategies is key to achieving good tax and financial results,” he explained.
“Given the increased scrutiny on the transfer pricing policies that apply to intra-group transactions, it is vital that those policies are thought through in advance, and documented accordingly,” shared panel moderator, Peter Tan, Senior Consultant, Tax and Transfer Pricing, Baker & McKenzie.Wong & Leow.
To complete the spectrum of the transfer pricing discussion, Baker & McKenzie.Wong & Leow’s Director of Economics, Michael Nixon provided relevant economic analyses. He highlighted that, “doing this work may seem like a significant undertaking, but contemporaneous and well-prepared transfer pricing documentation can help defend your position on audit”.
Topics covered during the discussion include a summary of the final BEPS reports and key recommendations, a focus on CbCR, the Philippines’ view on the final BEPS reports and key recommendations, practical aspects of TP compliance in the new BEPS world and in the Philippines, and a practical overview of dispute resolution.
Quisumbing Torres, member firm of Baker & McKenzie International, recognizes the importance for tax, transfer pricing, legal and finance professionals to have a more in-depth understanding of transfer pricing and planning issues in light of the increasingly strict compliance framework in the country. This is the third transfer pricing seminar organized by Quisumbing Torres in collaboration with Baker & Mckenzie.Wong & Leow (Singapore).