Tax News Update    Email this document    Print this document  

May 28, 2020
2020-1400

EY COVID-19 Response Tracker | Transfer Pricing

The COVID-19 pandemic is intensifying the uncertain environment for transfer pricing. Many jurisdictions are therefore adopting new measures designed to help taxpayers meet their compliance-related obligations. These include postponing deadlines for transfer pricing declarations, forms and filings, including Country-by-Country (CbC) notification and CbC Report filing deadlines.

At the same time, the COVID-19 pandemic is impacting existing tax authority processes, including the issuance of rulings, advance pricing agreements (APAs) and the Mutual Agreement Procedure (MAP). When coupled with the temporary suspension of transfer pricing-specific audits and litigation, this all adds up to the need for many multinational groups to adapt group transfer pricing policy and operations to facilitate intragroup liquidity, manage risk, and ensure their global compliance obligations are met.

Such changes to transfer pricing policy and procedures around the world are being proposed and implemented on a daily basis. The EY COVID-19 Transfer Pricing Tracker, attached below, provides a snapshot of changes that have been announced in countries around the world in response to the ongoing crisis. This Tracker currently includes 51 jurisdictions.

We have also developed additional trackers to help you follow the effects on the pandemic on tax. These include a Global Fiscal Stimulus tracker, as well as monitoring changes in Labor and Employment Law, Tax Collections and Controversy, Global Mobility, Immigration Policy, Global Trade, and State and Local Tax issues. EY Tax professionals are updating these trackers regularly as the situation continues to develop.

While this document is updated on a regular basis, it has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice.

———————————————
ATTACHMENT

EY COVID-19 Transfer Pricing Response Tracker

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement