Westpac takes leading stance ahead of transfer pricing reforms

Global transfer pricing (TP) reforms have dominated discussions around tax policy and tax transparency – and a lot of change is yet to come.

As one of Australia's 'Big Four', Westpac is at the forefront of preparation for TP reforms; something which Michael Barbour, General Manager of Taxation, will discuss at the upcoming Corporate Tax Reform & Transfer Pricing Summit taking place on 18-19 November at Novotel Sydney Central.

"Apart from just making sure that technical requirements are met, The Corporate Tax and Transfer Pricing Summit will provide an ongoing understanding and dialogue with the businesses, to make sure that transfer pricing is being dealt with appropriately," he says.

The Organisation of Economic Co-operation and Development's (OECD) base erosion and profit shifting (BEPS) action plan has proposed some of the most significant changes to date, highlighting the need for greater transparency of transactions.

"What we've done is taken to the opportunity to review and – where appropriate – refresh the processes and procedures previously adopted. It's an activity we perform on an annual basis to ensure they're consistent with the tax legislative requirements," adds Mr Barbour.

While Barbour believes disclosure of taxable income and tax payments will be a significant event at the end of the year, he also notes that country by country reporting will be equally important to address.

"Country by country reporting has been adopted by Australia as part of the OECD process, and it needs to be formalised and managed, so that the information can be packaged in the appropriate way. There is quite a lot of transparency work that we'll need to do over the next 12 months."

At the Corporate Tax Reform & Transfer Pricing Summit, Mr Barbour will go into greater depth on operating in an environment of increased scrutiny and change to manage global tax risk.

The Summit will bring together top industry experts from a number of leading organisations, including the ATO, NAB, Tabcorp Holdings and Sunrice, to discuss the challenges and opportunities of incoming TP reforms.

For more information, please visit www.corporatetax-transferpricing.com.au.

To request the full article featuring Mr Michael Barbour, or for any media enquiries about the event, please contact:

Ryan Maher, Marketing Manager at IQPC:

Tel. +61 (2) 9229 2422

Email: ryan.maher@iqpc.com.au

If you'd like to use material from the article with Michael Barbour, please make reference to the Summit and website.