For the first time, taxing authorities throughout the world will be able to ascertain how multinational companies allocate their income and tax payments to specific countries. The template will also serve as an essential tool for taxing authorities to identify and select companies to be audited. The potential for increased transfer pricing audit activity is an expected outcome of the CbC filings when they begin for tax years effective January 1, 2016 in some countries. Countries are still continuing to adopt for 2016.
Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information.
Bernadette Pinamont is Vice President of Tax Research, responsible for helping customers meet strategic needs, ensure compliance and enhance operational efficiency, as well as further define and expand the reach of tax research. She previously served as Chief Tax Officer – Income Tax, providing insight regarding in-house corporate tax operations. Bernadette is a seasoned tax executive and holds a B.S in Accounting and Juris Doctor from Seton Hall University. She is a licensed attorney and CPA.