New data shows the amount of money spent on tax litigation by UK FTSE 100 companies has increased by 62% in 2016. Multinationals are also willing to spend more on compliance and court settlements to avoid reputational damage and lengthy court battles, advisers say.
Independent transfer pricing advisory firm Quantera Global has launched a TP practice in Frankfurt, Germany, strengthening its position in the German and Austrian markets.
UK multinationals are starting to feel the impact of HMRC’s focus on the diverted profits tax, as recent figures reveal the controversial tax has brought in £312 million ($415 million) since 2015/16, exceeding anticipations. Taxpayers are now devoting more time and resources than ever to avoid falling victim to the tax.
French bank BNP Paribas has lost a £35 million tax avoidance case against the UK’s tax authority, HMRC, after accusations that the bank had engaged in dividend stripping, making it the latest European financial institution to be involved in such a scandal.
Indian tax advisory and tax consulting firm Nangia & Co is expanding its direct tax and transfer pricing team with the hiring of Nitin Narang and Neetu Singh.
India has become known as a trailblazer in the area of advance pricing agreements in the past few years, with the scheme having received more than 800 applications since 2012. The IT and financial services sectors have benefited the most with half of concluded APAs coming from these sectors.
