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The Attribution of Profits to Permanent Establishments: Transfer Pricing



Thursday, June 30, 2011
Product Code - TMA29
Speaker(s): Danny Beeton, Head of Transfer Pricing, Freshfields Bruckhaus Deringer, (UK); Murray Clayson , Tax Partner, Freshfields Bruckhaus Deringer, London, (UK); Rahul Mitra, Partner & Head of Transfer Pricing, PricewaterhouseCoopers, India; Len Schneidman, Managing Director, WTAS (US)
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What are the latest Transfer Pricing rules (and approaches which could be taken) in the UK, US and India regarding the attribution of profits to Permanent Establishments?

This webinar offered up-to-date and authoritative insight on this topic from leading transfer pricing experts. This exclusive webinar gave attendees the opportunity to hear the views from Danny Beeton, Murray Clayson, Rahul Mitra and Len Schneidman on the attribution of profits to Permanent Establishments from the perspectives of the UK, the US and India.

These experienced transfer pricing professionals know the challenges you face on a daily basis. Don’t miss their views and opinions on an important transfer pricing topic. Purchase your CD copy and benefit from this comprehensive update.

This insightful webinar examined the following key issues from the Indian, UK and US perspectives:

  • In its report on the Attribution of Profits to Permanent Establishments the OECD specified the "Authorised OECD Approach". To what extent is the suggested reference to the functions, assets and risks of the permanent establishment reflected in local tax legislation and guidance?
  • In the same report the OECD proposed reference to any "significant people functions" performed by the permanent establishment in order to determine the profit which should be attributed to it. To what extent has this approach been adopted by each tax administration for the attribution of profits to "dependent agent" permanent establishments, as might be created by sales and marketing subsidiaries for example?
  • The revised Article 7 of the OECD Model Convention implies that interest and royalty expense should be recognized in the attribution of profit to a permanent establishment. Do local legislation and guidance now reflect this approach?
  • How is capital attributed to a permanent establishment, both as a matter of domestic law and tax treaty practice? What is the approach specifically to financial institutions?
  • How are profits attributed to a foreign permanent establishment of a locally resident company for double tax relief purposes?
  • Certain transfer pricing methods, such as the Berry Ratio, can suggest a very high profit for a permanent establishment. Which methods are favored for the attribution of profits to permanent establishments and does this vary between fixed.

Danny Beeton, Head of Transfer Pricing, Freshfields Bruckhaus Deringer, (UK); Murray Clayson , Tax Partner, Freshfields Bruckhaus Deringer, London, (UK); Rahul Mitra, Partner & Head of Transfer Pricing, PricewaterhouseCoopers, India; Len Schneidman, Managing Director, WTAS (US)

Danny Beeton, Head of Transfer Pricing, Freshfields Bruckhaus Deringer, (UK)
Danny was previously a partner and global head of transfer pricing in an international accounting firm. He is head of transfer pricing economics and advises on the pricing of all types of transactions and the valuation of intangible assets, with a particular focus on international tax planning and transfer pricing dispute resolution. He is well known as an international speaker and author on transfer pricing.

Danny is on the editorial board for BNA International's Transfer Pricing Forum. He is also a member of the CBI’s International Direct Taxes Sub-Committee and HMRC's Transfer Pricing Practitioner Group. Danny received his PhD in economics from Queen Mary College in 1985 and joined Freshfields as a Consultant in August 2009

Murray Clayson, Tax Partner, Freshfields Bruckhaus Deringer, London, (UK)
Murray Clayson is a partner in Freshfields’ tax practice group and is based in London. He specializes in international tax, finance and capital markets taxation, corporate structuring, transfer pricing, banking and securities tax, asset and project finance, derivatives and financial products, particularly cross-border.

Murray is listed in Chambers Europe, Chambers UK, The Legal 500 UK, Who’s Who Legal, PLC Which Lawyer? Yearbook, Tax Directors Handbook, Legal Experts and International Tax Review’s World Tax. He is on the editorial board for BNA International's Transfer Pricing Forum. Murray is also a fellow of the Chartered Institute of Taxation, past-Chairman of the British branch of the International Fiscal Association (IFA) and a member of the CBI’s Taxation Committee and International Direct Taxes Sub-Committee.

Murray is a graduate of Sidney Sussex College, Cambridge. He joined the firm in 1983 and has been a partner since 1993.

Rahul Mitra, Partner & Head of Transfer Pricing, PricewaterhouseCoopers, India
Rahul has been a partner in the tax & regulatory services practice of PricewaterhouseCoopers, India since April, 1999. He is the leader of the national transfer pricing practice of PricewaterhouseCoopers, India. Rahul has 17 years of experience in handling taxation & regulatory matters in India. He specializes in transfer pricing, particularly inbound & outbound planning assignments; advise on profit/cash repatriation planning; value chain transformation or supply chain management projects; profit attribution to permanent establishments, etc. He is also on the editorial board for BNA International's Transfer Pricing Forum.

Len Schneidman, Managing Director, WTAS (US)
Len has over 40 years of experience in international taxation. His work includes counseling clients on structuring and operation of private investment funds, advising high net worth foreign investors on U.S. investments and activities, and helping U.S. and non-U.S. corporate clients with tax-efficient structuring of their business operations.
Len has had significant involvement with issues of U.S. international tax policy and tax reform, including chairmanship of the ABA’s U.S. Activities of Foreigners and Tax Treaties Committee and co-chairmanship of the ABA’s Task Force on International Tax Reform.
Len is a frequent speaker, presenting annually at the NYU Federal Tax Institute and at private equity and hedge fund tax programs. A prolific writer on tax matters, Len is author of the treatise, “U.S. Taxation of Foreign Portfolio Investors: A Practical Guide to Taxation in the U.S. Capital Markets.” Before joining WTAS, Len practiced with several large law firms, including a position as tax department Chair