Transfer Pricing Profession
October 22, 2020
How did the transfer pricing profession evolve over the last 15-20 years?
What skills and knowledge make a transfer pricing professional successful?
Is formal education useful in transfer pricing?
How does the recruitment look like during the COVID-19 pandemic, and how the profession can change in the future?
We discussed these topics with Aaron Leslie, the Managing Director of the TP International - leading international Transfer Pricing and Tax recruitment firm.
What is the EU Directive?
The EU is run by an elected EU Parliament and an appointed European Council. The European Parliament approves EU law, which is implemented through EU Directives drafted by the Commission. National governments are then responsible for implementing the Directive into their national laws. In other words, EU Directives are draft laws that then get passed by national governments and then implemented by institutions within the member states.
What is CbCR?
Country-by-Country Reporting (CbCR) is part of mandatory tax reporting for large multinationals. MNEs with combined revenue of 750 million euros (or more) have to provide an annual return called the CbC report, which breaks down key elements of the financial statements by jurisdiction. A CbC report provides local tax authorities visibility to revenue, income, tax paid and accrued, employment, capital, retained earnings, tangible assets and activities. CbCR was implemented in 2016 globally.