The COVID-19 pandemic caused significant changes in tax matters in different regions around the world. Most countries were forced to implement tax policies such as the extension of deadlines and deferral of tax payments or subsidies and incentives, among others.
Concerning transfer pricing, these are the new developments:
Latin America and US region
These regions focus on tax equity and tax policies to increase tax revenues or tax collection. In this regard, the focus is on implementing transfer pricing requirements.
Asia – Pacific region
Governments in this region are trying to improve the taxation system for local and multinational companies. They are also implementing provisions on tax base erosion and profit shifting. A sample thereof is Hong Kong, being the most advanced country in this area. Conversely, South Korea and Japan have introduced new transfer pricing documentation rules and Country-by-Country Report.
Fuente: Bloomberg Tax 18/08/22
