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November 20, 2020
2020-5803

Updated! 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.

A significantly expanded and updated version of the Transfer Pricing COVID-19 Tracker is now available. The Tracker has been extended to now incorporate 53 jurisdictions, with 19 receiving updates since the previous edition. 

We have also developed additional trackers to help you follow the impacts on the pandemic on tax. These include:

Force Majeure | Global Mobility | Global Trade Considerations | Immigration Policy | Labor and Employment Law | Tax Controversy | US State and Local Taxes

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.

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ATTACHMENT

EY COVID-19 Transfer Pricing Response Tracker as of 18 November 2020

 
 

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.

 

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