Carlos Garcia Cuesta
Biography
Carlos Garcia Cuesta is a transfer pricing lawyer and senior economist based in the London office of Baker McKenzie. His practice focuses on financial services and has extensive transfer pricing experience across all types of banks, fintech companies, asset managers and insurance companies. He is highly rated by his clients for his down-to-earth approach and service. Prior to joining Baker McKenzie, Carlos was working in the financial services transfer pricing practice of a Big Four.
In addition to transfer pricing, Carlos has practical experience on broader corporate tax matters given his background as tax lawyer. For example, he has a focus on the technical aspects of Pillar Two and is assisting clients navigating complexities in this area.
Practice Focus
Carlos' know-how covers mainly transfer pricing policy design, value chain analysis, business restructuring, financing and treasury, disputes, M&A, audit defence, APAs, risk pricing, IP management, competent authority negotiations and permanent establishment issues.
Carlos typically works across all FS segments: Banking and Capital Markets (global banks, mid-tier banks, Fintech, financial intermediaries, and private banking), Asset & Wealth Management (mainstream, hedge funds, private equity, wealth management, and family offices) and Insurance (P&C, Life, reinsurance, and Lloyd's market).
Further, Carlos also assists clients in navigating complex Pillar Two matters such as the treatment of deferred tax attributes, differences between accounting and tax for Pillar Two purposes, and broader technical matters associated with Pillar Two.
Representative Experience
- Advised on the transfer pricing implications arising from restructurings/changes in business models for MNEs in the banking, insurance, asset management and fintech areas, working closely with other teams (including VAT, corporate and international tax).
- Advised on large intra-group reinsurance and retrocession arrangements of various types (proportional and non-proportional insurance) and across various sub-areas (P&C and L&H)
- Advised on the set up, IP migration and TP policies of payment services, money transfers, and cryptocurrency multinationals.
- Advised on the business restructuring of UK and European banks as a result of Brexit
- Advised on the business restructuring of large (re)insurance companies as a result of Brexit
- Assisted US multinationals with detailed Pillar Two aspects (including modelling and technical analysis)
- Assisted asset management and insurance clients on transfer pricing enquiries, with a focus on diverted profit tax, offshore substance, changing business models, reward and role of capital, evidence, and application of the profit split method
Admissions
- Spain (2016)
Education
- University of Alicante (Law (BA+MA)) (2015)
- University of Alicante (Business Administration, Accounting and Finance (BA+MA)) (2015)
Languages
- Spanish
- English