On 1-3 March 2016, the OECD hosted two important events for the international tax community.
The Task Force on Tax and Development and the Global Forum on Transfer Pricing gathered over 230 participants representing 84 jurisdictions and 11 international and regional organisations.
The Task Force on Tax and Development welcomed the new inclusive framework for BEPS implementation to ensure it meets the needs of developing countries.
Mr. Didier Cornillet, the Secretary General of the Centre de Rencontres et d’Etudes des Dirigeants des Administrations Fiscales (CREDAF), underlined the importance for developing countries to get on board in order to shape the design of the international standards.
The work being jointly performed by international organisations on toolkits to address difficulties in accessing comparables data and on developing transfer pricing documentation requirements in developing countries was also presented and widely discussed.
At the 5th Global Forum on Transfer Pricing Mr. Pascal Saint-Amans, director of the OECD Centre for Tax Policy and Administration, invited all countries and jurisdictions willing to commit and to implement the BEPS package to join the new inclusive framework.
He stressed the importance of ensuring an effective and consistent implementation of the guidance developed under the BEPS project and the key role the inclusive framework would play in achieving this objective.
While last year’s Global Forum explored solutions to base erosion and profit shifting, the programme for this year focused primarily on the practical impact of the revisions to the Transfer Pricing Guidelines and the challenges of implementing the transfer pricing measures resulting from the BEPS Project.
In particular, through a mix of presentations and a detailed case study, participants put into practice the new framework for analysing risk for transfer pricing purposes, focusing on hard-to-value intangibles and low value-adding intragroup services.
The performance of benchmarking analysis and the importance of future work on risk assessment were also addressed.
The full OECD press release is here: https://bit.ly/1pkdAzC