In our session on digitalisation, our team of tax policy and transfer pricing experts discussed the challenges that groups are facing because of the OECD’s recently released work-plan addressing the tax challenges of the digitalisation of the economy. The focus was on challenges for the financial services sector, for which the digital tax was not initially intended, and practical aspects of what is believed to be the biggest change to the international tax system in the last 80 years.
Loic Webb-Martin and Maura Parsons then gave us some insights on the current state of HMRC, the challenges that they are facing and how this is impacting taxpayers during our HMRC update and PDCF session. After discussing HMRC’s latest thinking on topics like Brexit, Making Tax Digital and tax avoidance, we briefly discussed HMRC’s current TP and DPT yields. This gave the audience valuable insights on the Profit Diversion Compliance Facility, for which many of our clients have already received unpopular “nudge letters”, asking them to sign up to the facility.
Our tax certainty session talked about tax disputes, transfer pricing disputes and the increasing number of APAs compared to MAPs over the past years. Maura and Roxy Gianfrancesco gave us an update on the current state of APAs in the UK, the US and more generally in financial services. Marc Johnson then gave his practical insights into ICAP 2.0, as one of the people who helped develop the ICAP project at the OECD.
The seminar is part of a series of events and webexes throughout the year focused on transfer pricing.
If you would like to be included on our mailing list for future events, or to discuss any of the themes included in this event further, please don’t hesitate to contact one of the contacts listed below, or your usual PwC contact.