Australia is becoming increasingly prominent when it comes to transfer pricing, thanks in part to a huge amount of foreign investment. In recent years the Australian Tax Office, the nation’s tax authority, has taken multinationals to court over transfer pricing disagreements in high-profile cases involving Singtel—a win for the government—and Glencore—a government loss.
Bloomberg Tax spoke with Paul McNab, a tax partner at the law firm DLA Piper in Sydney, about the Australian transfer-pricing atmosphere. Before joining DLA Piper, he was a partner at PricewaterhouseCoopers and spent almost eight years working for the ATO.
Bloomberg Tax: Why is transfer ...