Coperitas 5-year anniversary Newsletter July 2024

Welcome to our monthly newsletter. In this newsletter, you are updated on all that is new with the Coperitas software. Here you will find the most important global transfer pricing, software and tax tech news. Let us dive in and see what this month had to offer!

Coperitas news

• Because of our anniversary, Mike van Vuuren is posting special content on his LinkedIn. Be sure to check it out his channel here. First want to see the planning of the content? Click here.

What we accomplished and learned in the past 5 years

• Set up our in-house development team. Reacting quickly to client requests is key to maintain satisfied customers.
• We have dived into flexible support for tax teams. Acting as an extension of a client's tax team with domain knowledge. This gives our clients a source of support that they can easily rely and fall back on during unforeseen circumstances in their team.
• Implementations at the client’s office are super effective and fun!
• Perseverance: We not only stayed strong during COVID, but we also grew because of it. COVID accelerated education on the importance of tax technology.
• Because of the booming growth of Tax Tech, we had to grow quickly too, leading to quick improvements in scoping and planning, better domain knowledge, and a growth in team size to make sure we could help wherever we could.

General transfer pricing news

- Ecuador's new resolution sets deadlines for companies to submit transfer pricing reports on related party transactions, enhancing compliance and transparency in tax matters.

- Germany's 2024 Growth Opportunities Act introduces stricter rules for intragroup financing, complicating interest expense deductions. Companies must prove the economic necessity and market terms of cross-border loans.

- South Africa's SARS is increasing transfer pricing audits. Companies must ensure proper documentation of intra-group transactions and align their functional analysis with actual operations to avoid disputes.

- Mexico's 2022 tax reform affects maquiladoras by removing advance pricing agreements and enforcing safe harbor rules. Companies must explore restructuring and alternative models to optimize taxes and maintain competitiveness.

- Latin America faces increased transfer pricing audits in Argentina, Uruguay, Peru, and Colombia. Authorities stress economic substance and local comparables, urging firms to keep strong documentation to prevent disputes.

- Brazil's new transfer pricing rules, aligning with OECD standards, mandate detailed documentation for intercompany transactions and emphasize local comparables. Firms must adapt to ensure compliance and accurate reporting.

- The OECD issued new guidance on Pillar One Amount B, streamlining transfer pricing for marketing and distribution. The guidance includes lists of qualifying jurisdictions and covers operating expense checks, effective from 2025.

General tax tech news

- Corporate tax departments are adopting indirect tax technology for better compliance. Trends include automation, AI, real-time reporting, and e-invoicing, which enhance efficiency, accuracy, and reduce costs.

- Altruist, a wealth-tech startup, introduced a tax management suite to help RIAs automate strategies like tax-loss harvesting and gains deferrals, enhancing efficiency and effectiveness in tax management for advisors and their clients.

See you in the next one!

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Hope you enjoyed the read, and until next month.