Transfer Pricing: Rules and Practice in Selected Countries (J-L) (Portfolio 6960)
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This Portfolio presents the rules and practice related to transfer pricing in Japan, Korea, and Luxembourg.
Description
Chapter 90, “Transfer Pricing Rules and Practice in Japan,” presents the substantive Japanese transfer pricing rules and describes in detail the conduct of a transfer pricing examination. The chapter also analyzes appeals procedures, the availability and process for competent authority relief, and the operation of the Pre–Confirmation System in transfer pricing cases.
Chapter 95, “Transfer Pricing Rules and Practice in Korea,” describes the sources and scope of Korean transfer pricing rules, the approved transfer pricing methodologies and priorities, and the documentation required to support transfer prices under those rules. The chapter also analyzes the procedures and strategies available in dealing with the Korean tax authorities on transfer pricing issues and discusses the availability of and experience with joint U.S.-Korean action in connection with the mutual assistance provision of the U.S.-Korea Income Tax Treaty and in connection with bilateral advance pricing agreements.
Chapter 100, “Transfer Pricing Rules and Practice in Luxembourg,” provides an overview of the current transfer pricing environment in Luxembourg. With the absence of strict transfer pricing rules and a fiscally friendly climate, Luxembourg can be considered an attractive country for international business. The main transfer pricing references in the Luxembourg Income Tax Law date back to 1967, and some general tax provisions even date back to the 1940s. The provisions referring to the arm’s-length principle, however, are very broad, and no recent transfer pricing rules or documentation requirements have been implemented in Luxembourg.
Table of Contents
CHAPTER 90: TRANSFER PRICING RULES AND PRACTICE IN JAPAN by Gary M. Thomas White&Case Tokyo, Japan and Akira Akamatsu Licensed Tax Attorney Tokyo, Japan
90:I. Background
90:II. Sources of Transfer Pricing Law in Japan
90:III. Substantive Transfer Pricing Rules
90:IV. The Transfer Pricing Examination
90:V. Advance Pricing Arrangements
90:VI. Competent Authority
90:VII. Domestic Appeals Procedures
CHAPTER 95: TRANSFER PRICING RULES AND PRACTICE IN KOREA by Woo Taik Kim, Dong Jun Yeo, Stefan L. Moller and Tae Yeon Nam, Kim & Chang Seoul, Korea
95:I. Overview of Korean Tax System and Administration
95:II. Basic Korean Transfer Pricing Rules
95:III. Penalties, Waivers, and Interest on Additional Corporation Tax Due Based on Transfer Pricing Adjustments
95:IV. Dealing with the Korean Tax Administration on Transfer Pricing Issues
95:V. Practical Aspects of the Competent Authority Process
95:VI. Information Reporting and Recordkeeping
D. Defenses Against Information Requests by Foreign Governments
95:VII. Coordination of Transfer Pricing with Korean Customs Declarations
CHAPTER 100: TRANSFER PRICING RULES AND PRACTICE IN LUXEMBOURG
100:I. Introduction
100:II. Overview of Luxembourg’s Tax System
100:III. Overview of Luxembourg’s Corporate Income Tax System
100:IV. History of Luxembourg’s Transfer Pricing Rules
100:V. The Transfer Pricing Rules of Luxembourg
100:VI. How the Transfer Pricing Rules of Luxembourg Differ from the OECD Transfer Pricing Guidelines
100:VII. Reporting and Documentation Requirements
100:VIII. Penalties
100:IX. Transfer Pricing Audits in Luxembourg
100:X. Appeals of Transfer Pricing Adjustments
100:XI. Resolving Conflicts with Other Countries
100:XII. Adjustments to Be Made in the Wake of a Transfer Pricing Adjustment
100:XIII. Advance Pricing Agreements
Tax Partner
Kim & Chang
Partner
Law Offices of Gary M. Thomas
Transfer Pricing Partner
PwC Société Coopérative
Tax Partner
Kim & Chang (Korea)
Attorney, Tax
Kim & Chang
Tax Attorney
Kim & Chang