Brazil's Federal Senate approved Provisional Measure No. 1,152/2022 (MP 1,152) on May 11, 2023. It was previously passed by Executive Power and in force pending full congressional approval and potential changes. The Chamber of Representatives made only few changes to the original "bill of law," and the Senate did not make any change in the version approved by the Chamber. It is now pending ratification by the President of the Republic.
At the 90th minute (or 11th hour to those in the U.S.) of 2022, the Brazilian government issued draft legislation to align Brazil’s transfer pricing regulations with the international standards set by the OECD Transfer Pricing Guidelines.
The subject of this article is transfer pricing in Brazil with a focus on financial transactions. The topic of financial operations was recently updated both in the Transfer Pricing Guidelines of the Organization for Cooperation and Development (OECD TPG), in 2020, and in the UN Practical Manual on Transfer Pricing for Developing Countries (UN Manual), in 2021, which was launched last year at the 22nd Session of the United Nations Committee of Experts on Taxation.
The Federal Court of Australia (FCA) recently decided against the ATO in the case of Commissioner of Taxation v Glencore Investment Pty Ltd (2020). On one issue however - shipping - the Australian Taxation Office (ATO) recorded a win. The FCA agreed with the ATO that the taxpayer had failed to discharge its onus of proof on this issue. So, what is the burden of proof in an Australian transfer pricing case?
Your privacy is critically important to us. RoyaltyStat applies the following principles: