Transfer Pricing. ICPAK Tax Training. April 2016

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1 Transfer Pricing ICPAK Tax Training April 2016

2 Presentation Outline Introduction to transfer pricing TP methods and comparables Documentation Advance Pricing Agreements Emerging issues Q & A

3 Introduction to Transfer Pricing 7

4 Transfer Pricing in brief Transfer pricing is: The process by which related parties set the price at which goods, services, tangible and intangible assets are transferred between each other The determination of an appropriate price between related parties 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

5 Concept of related parties - OECD Common shareholding/control/capital Common directorship and management Marriage/consanguinity or affinity 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

6 Why is transfer pricing important? Globalization and growth in trade e.g. Companies with call centers in India Prices between related parties are typically not set by market forces Tax authorities are concerned over MNE tax evasion Indirect taxes a major revenue driver globally 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

7 Transfer pricing growth < /2009 Argentina Australia Argentina Austria Australia Brazil Argentina Austria Brazil Canada Chile Australia Canada China (People s Austria Chile Republic of) Brazil China (People s Czech Republic Australia Canada Chile Republic of) Czech Republic Denmark Estonia Austria Brazil China (People s Republic of) Denmark France France Germany Chile Czech Republic Germany Indonesia Australia Czech Republic France Denmark France Indonesia Italy Italy Japan Austria Germany Germany Japan Korea Australia Czech Republic Indonesia Indonesia Korea (Republic of) Czech France Italy Italy (Republic of) Latvia Republic Germany Japan Japan Latvia Mexico France Indonesia Korea Korea Mexico New Zealand Australia Germany Italy (Republic of) (Republic of) New Zealand OECD Czech Indonesia Japan Latvia Latvia OECD Philippines Republic Italy Korea Mexico Mexico Philippines Poland France Japan (Republic of) New Zealand New Zealand Poland Russia Germany Latvia Latvia OECD OECD Russia Singapore Indonesia OECD OECD Philippines Philippines Singapore Slovak Italy Philippines Philippines Poland Poland Slovak Republic Japan Poland Poland Singapore Singapore Republic South Africa Poland Singapore Singapore Slovak Slovak South Africa Sweden Singapore Slovak Slovak Republic Republic Sweden Ukraine Slovak Republic Republic South Africa South Africa Ukraine United Republic South Africa South Africa Sweden Sweden United Kingdom Sweden Sweden Sweden Ukraine Ukraine Kingdom United States United States United States United States United States United States United States Venezuela 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.. Argentina Australia Austria Brazil Canada Chile China (People s Republic of) Czech Republic Denmark Estonia France Germany India Indonesia Italy Japan Korea (Republic of) Latvia Mexico New Zealand OECD Peru Philippines Poland Russia Serbia Singapore Slovak Republic South Africa Sweden Ukraine United Kingdom United States Venezuela Argentina Australia Austria Brazil Canada Chile China (People s Republic of) Czech Republic Denmark Estonia France Germany India Indonesia Italy Japan Korea (Republic of) Latvia Luxembourg Mexico Montenegro Netherlands New Zealand OECD Peru Philippines Poland Portugal Russia Serbia Singapore Slovak Republic South Africa Sweden Thailand Ukraine United Kingdom United States Venezuela Argentina Australia Austria Brazil Canada Chile China (People s Republic of) Czech Republic Denmark Estonia France Germany Hungary India Indonesia Italy Japan Korea (Republic of) Latvia Luxembourg Malaysia Mexico Montenegro Netherlands New Zealand OECD Peru Philippines Poland Portugal Russia Serbia Singapore Slovak Republic South Africa Sweden Thailand Ukraine United Kingdom United States Venezuela Argentina Australia Austria Belgium Brazil Canada Chile China (People s Republic of) Colombia Czech Republic Denmark Estonia France Germany Hungary India Indonesia Italy Japan Korea (Republic of) Latvia Lithuania Luxembourg Malaysia Mexico Montenegro Netherlands New Zealand OECD Peru Philippines Poland Portugal Romania Russia Serbia Singapore Slovak Republic South Africa Sweden Taiwan (Republic of China) Thailand Ukraine United Kingdom United States Venezuela Argentina Australia Austria Belgium Brazil Canada Chile China (People s Republic of) Colombia Czech Republic Denmark Ecuador Egypt Estonia France Germany Hungary India Indonesia Italy Japan Korea (Republic of) Latvia Lithuania Luxembourg Malaysia Mexico Montenegro Netherlands New Zealand OECD Peru Philippines Poland Portugal Romania Russia Serbia Singapore Slovak Republic Slovenia South Africa Sweden Taiwan (Republic of China) Thailand Ukraine United Kingdom United States Venezuela Argentina Australia Austria Belgium Brazil Canada Chile China (People s Republic of) Colombia Czech Republic Denmark Ecuador Egypt Estonia France Germany Hungary India Indonesia Israel Italy Japan Korea (Republic of) Latvia Lithuania Luxembourg Malaysia Mexico Montenegro Netherlands New Zealand OECD Peru Philippines Poland Portugal Romania Russia Serbia Singapore Slovak Republic Slovenia South Africa Spain Sri Lanka Sweden Taiwan (Republic of China) Thailand Ukraine United Kingdom United States Venezuela Vietnam Argentina Australia Austria Belgium Brazil Canada Chile China (People s Republic of) Colombia Czech Republic Denmark Ecuador Egypt Estonia Finland France Germany Greece Hong Kong Hungary India Indonesia Ireland (Republic of) Israel Italy Japan Korea (Republic of) Latvia Lithuania Luxembourg Malaysia Mexico Montenegro Netherlands New Zealand OECD Peru Philippines Poland Portugal Romania Russia Serbia Singapore Slovak Republic Slovenia South Africa Spain Sri Lanka Sweden Switzerland Taiwan (Republic of China) Thailand Turkey Ukraine United Kingdom United States Venezuela Vietnam Argentina Aruba Australia Austria Belgium Brazil Canada Chile China (People s Republic of) Colombia Croatia Czech Republic Denmark Ecuador Egypt Estonia Finland France Germany Greece Hong Kong Hungary India Indonesia Ireland (Republic of) Israel Italy Japan Kazakhstan Kenya Korea (Republic of) Latvia Lithuania Luxembourg Malawi Malaysia Mexico Montenegro Netherlands New Zealand Norway OECD Peru Philippines Poland Portugal Romania Russia Serbia Singapore Slovak Republic Slovenia South Africa Spain Sri Lanka Sweden Switzerland Taiwan (Republic of China) Thailand Turkey Ukraine United Kingdom United States Venezuela Vietnam Zambia

8 Arm s Length Price (ALP) under the OECD model The OECD 1979 Transfer Pricing Report: it is generally acknowledged that, in taxing the profits of an enterprise which engages in transactions with oversees associates, the profits should be calculated on the assumption that the prices charged in the transactions are arm s-length prices KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

9 Arm s Length Price (ALP) under the OECD model A transfer price should be the same as if the two companies involved were indeed two independent entities, and not part of the same corporate structure The companies and/or activities taken by different parties should enjoy an equitable share of profits 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

10 Legislation Section 18(3) of the Income Tax Act and the Income Tax (Transfer Pricing) Rules, 2006 (the TP Rules) provide that transactions with related parties must, for tax purposes, be at arm s-length, i.e. a price comparable to one which would obtain in a similar transaction between two unrelated entities. Section 18 (6) of the ITA specifies that a company is related to another company if it participates directly or indirectly in the management, control or capital of the business of the other or if a third person participates directly or indirectly in the management, control or capital of the business of both of them KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

11 Arm s length rationale Level s playing field (puts associated and independent enterprises on a equal plane) Encourages fair competition (avoids the creation of tax advantages for related entities) Curbs excessive repatriation of profits to tax havens (by ensure profits are taxed correctly in and their proper jurisdiction of generation) 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

12 Arm s length price Goods For sale of exact same goods to related party, is there a justification for recouping less profit? Services Would you still pay the same price for the same service if provided by an independent party? 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

13 Transfer Pricing Methods Comparable uncontrolled price (CUP) Cost plus Resale price method Profit split Transactional Net Margin Method (TNMM) Any other method prescribed by the Commissioner 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

14 Comparability 4

15 Comparability Characteristics Depends on type: tangible, intangible or service Functional Analysis Conduct is best evidence of risk bearing, should be consistent with control Contractual terms Where not written, deduce from conduct Economic Circumstances Geography, size of market, date and time Business Strategies New product, market penetration. Plausible expectation of return 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

16 Comparability matrix Is there a material difference which affects the methodology Yes No COMPARABLE Yes Can you adjust for the difference? NO Not a comparable 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

17 Documentation 6 Compliance

18 Transfer Pricing Documentation Taxpayer analysis Transactions and period to be covered Functional, asset and risk analysis Selection of TP method 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

19 Transfer Pricing Documentation Selection of comparables Adjustment of comparables Interpretation and use of data Implementation and testing results 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

20 Advance Pricing Agreements 6 Compliance Issues

21 Advance pricing Agreements (APAs) Pre-agreed TP policy that is usually forward-looking Unilateral APAs Bilateral APAs Multilateral APAs Usually anchored in law - Uganda & Nigeria APAs Often complex and take long to conclude Major advantage is commercial certainty 2016 KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved..

22 Emerging issues 3

23 Transfer Pricing Base Erosion and Profit Shifting (BEPS)

24 BEPS - The Changing Landscape Context Transfer pricing is at the heart of the debate. Governments under extreme fiscal pressure as a consequence of the global economic crisis As a consequence, there has been increased political focus on perceived tax avoidance by multinationals The G20 was concerned that current international tax rules and frameworks were/remain inadequate

25 Background around BEPS MNEs minimize tax burden and: Government are harmed due to less revenue and higher cost to ensure compliance Individual tax payers are harmed when others shift revenues outside their jurisdiction Business are harmed through reputational risk where they do not comply and where local companies cannot compete where MNE shift profits to low tax jurisdiction areas These are the challenges giving rise to BEPS

26 TP transparency - What has changed? PREVIOUSLY PIECEMEAL NOW HOLISTIC Local consideration of specific transactions Unilateral benchmarkin g Contribution to a value chain Substance led approach Greater transparency More targeted audits More flexible approach to TP Doc Uncoordinate d approach More prescriptive approach to TP Doc Concerted approach Different analyses and skill sets

27 TP transparency - What has changed? Follow leading organizations adapting to this new transfer pricing reality Understand how the latest changes affect your company Assess the impact of the new requirements in your internal TP process Assign / Request resources to prepare for the new reality Enhancing transparency for tax administrations through enhanced information to conduct transfer pricing risk assessments and examinations is an essential part of tackling the BEPS problem.

28 New TP documentation requirements MNEs will be required to prepare and provide a three-tiered transfer pricing documentation: Master file Objective: Risk assessment Approach: Provides an overall picture of business, the multinational group and its economic activity Major differences with current core documentation Local file Objective: Focus on significant transactions Approach: Provides additional detail on the operations and transactions relevant to that jurisdiction Some differences with current local documentation Country-by-Country Report Objective: Prioritize audit issues Approach: Provides summary data by jurisdiction. A snapshot of the group tax structure New requirement altogether This information should make it easier for tax authorities to identify whether companies have engaged in practices that have the effect of artificially shifting substantial amount of income into taxadvantaged environments. 28

29 Kenya and BEPS compliance Is Kenya compliant with BEPS guidelines issued by OECD? Kenya showing strong indication towards implementation of BEPS action plans In 2014, KRA officials attended OECD workshop on BEPS action plan implementation KRA have requested some taxpayers to provide CbyC data as part of an audit even though no change has been made to TP Rules BEPS action plan implementation may become a reality in Kenya in 2015/16.

30 CAVEAT The information contained herein is dated and is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation KPMG Advisory Services Limited, a registered company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

31 Q & A Session

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