Search DubaiPRNetwork.com

Home >> Government, Legal & Humanity

Deloitte: Transfer Pricing lands in the Middle East

Monday, January 14, 2019/ Editor -  

Share

Home >> Government, Legal & Humanity
  • Deloitte Middle East launches Volume 1 of its Transfer Pricing Whitepaper Series: Preparing for Transfer Pricing Legislation in the Middle East82% of respondents of the Deloitte survey agree that transfer pricing structures are under critical evaluation in the MENA region
Dubai, UAE, January 14, 2019:  Deloitte Middle East has launched the first volume of its whitepaper series to help businesses best prepare for Transfer Pricing (TP) Legislation in the Middle East. The first volume of the series covers the results of a Transfer Pricing client survey of businesses operating in the region. The whitepaper also provides key guidelines that businesses need to take into consideration when assessing the risks and opportunities arising from new transfer pricing regulations.
 
Transfer Pricing (TP) is a practice that allows for pricing transactions internally within businesses and between companies that operate under common control or ownership, including cross border transactions. A number of Gulf Cooperation Council (GCC) countries have started adopting transfer pricing regulations. Authorities from GGC countries have already signed the Base Erosion and Profit Shifting (BEPS) Inclusive Framework (IF) and have committed to applying four minimum standards. Other IF Signatories for the Middle East include Egypt and Tunisia with Kuwait signing the Multilateral Convention (MC) and Lebanon expected to sign soon. 
 
“With 82% of respondents of the Deloitte survey agreeing that transfer pricing structures are under critical evaluation in the MENA region, the opportunities are endless for businesses investing in the region. At Deloitte, we have an efficient transfer pricing structure that can assist companies manage risks and provide solutions to support their transfer pricing practices to achieve their tax objectives,” said Shiv Mahalingham, Deloitte Middle East Transfer Pricing Leader. 
 
Key findings from the survey 
 
The Deloitte survey was conducted with CFOs and key tax leaders in the region and the main findings included the following:
  • Transfer pricing compliance was a concern for 65% of respondents
  • 25% of respondents actually changed the group transfer pricing policy/structure within their firm in response to recent legislative developments in the region
  • 82% of respondents agree that transfer pricing are under greater scrutiny in the region
  • 50% of respondents noted that C-suite and board of directors have changed their views on tax planning since the adoption of regulations in the region; and,
  • 54% of respondents are concerned about increased media, political and activist group interest in corporate taxation
“With a number of transfer pricing regulations going to be introduced in MENA over the next few years, this should be viewed as opportunity to introduce a structured intra-group pricing framework to align with investment strategies and overcoming risks by implementing technology solutions that align with existing business systems,” said Nauman Ahmed, Deloitte Middle East Tax Leader.

Previous in Government, Legal & Humanity

Next in Government, Legal & Humanity


Home >> Government, Legal & Humanity Section

Latest Press Release

Seasonal Offers from THT to keep you Pampered to Perfection this Ramadan

Emirates expands its A380 network with the introduction of scheduled service to ...

Ajman University Students Triumph in P&T Group “Giving Back To The Community” Ch ...

'Cityscape Abu Dhabi 2019 Charts Path for Future of UAE Capital's Property Secto ...

Rising obesity rates in the UAE cause of concern for doctors

Premium Ramadan Treats from Marks & Spencer

OPPO unveils Reno Series with 10x Zoom and Pivot Rising Camera

Agricultural startup, Agrownet, wins Beyond the Pitch; a youth program aimed at ...

BMW Group sales up 2.8% in March, beating market trends in several major markets

The essence Prep-list for a Regret-free Prom

EU Approves Liberty Bid for Arcelormittal European Steel Assets

Ravi Shastri appointed as RAKEZ Corporate Ambassador to the Indian business comm ...

Joyalukkas announces ‘Gold Fortune' on the exclusive occasion of Akshaya Tritiya ...

Ralph Lauren Unveils the Earth Polo, Made Completely From Recycled Materials

16th Week of Show Jumping Season Sees Young Horses Final Hosted in Sharjah

Dubai Investments distributes 10% cash dividend

KPMG Consumer Loss Barometer highlights disconnect in the event of a data breach

Buying a Used Car, Worth It or Not?

5 Rules to Keep your cryptocurrency safe in 2019

Longchamp LGP a Very Modern Monogram