Coperitas Newsletter November 2024
Welcome to the Coperitas newsletter! Here’s your monthly summary of the latest updates on the Coperitas software and the most important global news in transfer pricing, software, and tax technology. Let's dive in and explore this month’s highlights!
Coperitas news
- Exciting changes are on the horizon at Coperitas! Soon, you'll be able to explore our newly revamped website, designed to offer you an even more seamless and intuitive browsing experience.
- Coperitas is hiring! We are expanding the team at our office in Waalre. Are you an Account Executive based in the Netherlands and Dutch speaking?
We'd love to hear from you! If someone you know is the perfect fit for this role, don't hesitate to spread the word. Use the share buttons below to help us find the perfect candidate!
Transfer pricing news
- The IRS will now evaluate both transfer pricing documentation quality and method accuracy before applying penalties. This shift urges taxpayers to ensure compliance in documentation and methodologies.
- Germany's draft updates to transfer pricing guidelines aim to align more closely with OECD standards, particularly in intra-group financing, though the use of group ratings remains a point of divergence.
- Germany's Growth Opportunities Act, effective March 28, 2024, revises transfer pricing rules for intercompany financing, potentially limiting interest deductions on cross-border intra-group loans.
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- The UN committee is evaluating a transfer pricing paper focused on the pharmaceutical industry, considering its inclusion as an appendix to existing guidance for tax administrations scrutinizing multinational enterprise activities.
- The Italian Revenue Agency mandates that the local file in transfer pricing documentation be prepared in Italian to qualify for penalty protection. While the masterfile can be in English, the local file's Italian language requirement is essential for compliance.
- The U.S. Treasury is set to issue transfer pricing guidance by year’s end, clarifying how the OECD’s Amount B framework aligns with U.S. tax rules, addressing a critical element of the 2021 global tax agreement.?
- The UK plans to review transfer pricing rules, exploring mandatory reporting for multinationals on certain cross-border transactions. A consultation on these proposals is expected in Spring 2025, per the 2024 Autumn Budget.?
Tax technology
- Corporations are adopting digitalization and AI to improve tax processes, with 90% prioritizing these technologies for efficiency and compliance. The 2024 Global Tax Policy Survey emphasizes the need for supportive regulatory frameworks.
- Tax firms face significant challenges in finding skilled personnel to manage new technologies, with nearly two-thirds struggling to recruit qualified staff, highlighting a critical need for talent in the evolving tech-driven industry.
See you in the next one!
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Hope you enjoyed the read. Until the next month.