The 98th tax seminar has been held in Seoul from December 5th to 10th in 2016. This event has aimed at discussing the new guidance on transfer pricing documentation and country-by-country reporting as well as the revised guidance on safe harbours, in the context of Action 13 of the BEPS Action Plan, which aims to increase transparency and facilitate the assessment of risks by tax audits.
The new guidance on transfer pricing documentation and country-by-country reporting finds a balance between transparency for tax administrations by providing them adequate information to conduct transfer pricing risk assessments and examinations and compliance costs for business.
Due to its importance, these new standards and their use for risk assessment purposes have been discussed in-depth during the event. The revised guidance on safe harbours has provided opportunities for countries, especially developing countries, to design a transfer pricing compliance environment that makes optimal use of the limited resources available.
The objective of this series of events is to
– Raise awareness on the new international standard on transfer pricing documentation and country by country reporting
– Facilitate a swift and consistent implementation of the new rules in partner countries
– Discuss the challenges and opportunities for each country put forward by the new global standard
– Facilitate further integration of partner economies in the Inclusive Framework for BEPS implementation
– Facilitate an open dialogue with MNEs and the local business community
– Develop best practices in tax administrations of partner countries
Tax Programme, OECD Korea Policy Centre