Taxand at ITR Asia Tax Executives' Forum 2013
This conference, the eighth annual Asia Tax forum, offers tax executives a series of high quality debates and discussions about the important developments and trends in tax in Asia.
Highlights included sessions covering growth in general anti-avoidance rules, China VAT reform, the future of tax policy in India, and the tax environment in the expanding economies of Indonesia. For the eighth year running, Taxand Asia was represented at the event to discuss clients' specific tax issues with Taxand colleagues.
Key pointers from the conference
Transfer pricing: Tailor your global TP documentation to effectively manage risks in complex jurisdictions. Clearly communicate and involve your in-house tax department in operational changes. With intangibles gaining focus in Asia, it is essential to take a consistent approach to arm’s length application to minimise risk of non-compliance.
Anti-avoidance: With shifting burden of proof requirements and focus on “ordinary issues” like sham, substance over form, deductibility, beneficial ownership and transfer pricing, stakeholders must be aware of the need for robust documentation to ensure compliance with GAAR regulation.
Dispute resolution: As litigation levels increase in Asia, understanding local dispute options is essential. Multinationals should familiarise yourself with the alternative dispute resolution mechanisms (MAPs, APAs etc) to benefit, as these are becoming increasingly complex and necessary, in response to transparency requirements from authorities.
Indirect tax: Tax reform is nigh - indirect and direct taxes are being leveraged for base broadening purposes, often to balance corporate tax rate reductions. Future proof your business by ensuring your tax planning accounts for potential fluctuations in indirect and direct tax rates.
Tax technology: The latest technologies enable effective compliance management, freeing up your time for tax planning and strategy. Multinationals should be familiar with the latest tools to understand the benefits of minimising tax leakage whilst also maintaining a competitive edge.
ASEAN markets: Myanmar is now the China of 20 years ago – despite its foreign investment law being implemented, income tax regimes remain the same, making it an appealing investment location for MNCs.
To find out more about the latest tax news worldwide and its impact on multinationals read about Taxand's Take here. Contact your nearest Taxand advisor in your country of interest here.