Communique: Your Transfer Pricing Tabloid, Issue- 7
27 November, 2020
In this unlock phase of world’s exceptional battle against coronavirus, we hope for your good health and wellbeing. Despite numerous efforts by the Governments across the globe to provide various relaxations in the current pandemic, the major economies continue to witness double-digit de-growth in their GDP, the economic slump has left a bigger dent than anticipated by anyone across the globe.
Meanwhile, with an endeavour to keep you updated with the current developments in the Transfer Pricing (TP) landscape at both Indian and global fronts, we have come up with this quarterly issue. At India level, we have discussed the launch of ‘Transparent Taxation’ platform by our Hon’ble Prime Minister (PM) on August 13, 2020, the release of final version of the Guidance Note on Section 92E of the Income Tax Act, 1961 (the Act) by the Committee on International Taxation of the Institute of Chartered Accountants of India (ICAI). Further, we have discussed the detailed Guidance on Mutual Agreement Procedure (MAP) resolution that has been released by Central Board of Direct taxes (CBDT), which is aimed towards making MAP a more promising alternate dispute resolution mechanism. Furthermore, we have discussed significant Indian rulings pronounced in the previous quarter.
At global level, the Organisation for Economic Co-operation and Development (“OECD”) has released the outcome of the third phase of BEPS Plan 13 which analysis Country-by-Country (CbCR) implementation by member nation and indicates strong global progress in efforts to improve the taxation of Multinational Enterprises (MNEs) worldwide. Further, significant TP centric news in different countries and significant TP rulings across the globe have also been discussed in this issue.
We are pleased to present Communique- Your Transfer Pricing Quarterly Tabloid Issue- 6