Summary: 1. BEPS: VAT on inbound digital supplies • Change to “destination principle” by three countries – South Africa (effective 1 June 2014) – Korea (effective 1 July 2015) – Japan (effective 1 October 2015) • For information: Suzanne Van der Merwe (Johannesburg): suzvandermerwe@deloitte.co.za Young Pil Kim (Seoul): youngpkim@deloitte.com Jun Takahara (Tokyo): jun.takahara@tohmatsu.co.jp 2. BEPS: Transfer Pricing public consultation 2.1 Revisions to chapter I of the Transfer Pricing Guidelines • Identification of the actual transaction • Risk • Non-recognition • Special measures 2.2 Profit splits in the context of global value chains 2.3 Low value-adding intra-group services 2.4 Cross-border commodity transactions For information: John Henshall (London): jhenshall@deloitte.co.uk Alan Shapiro (Tokyo): alan.shapiro@tohmatsu.co.jp Philippe Penelle (Los Angeles): ppenelle@deloitte.com 3. Other BEPS developments 3.1 UK: diverted profits tax • For a copy of the diverted profits tax legislation, and our Tax Alert on the same topic, visit www.deloitte.com/bepscentral • For information: Bill Dodwell (London): bdodwell@deloitte.co.uk Ben Pickford (Singapore): bpickford@DELOITTE.com David Fallon (Hong Kong): dafallon@deloitte.com 3.2 UK PAC: Westminster grilling • For a copy of the transcript of the hearing, visit www.deloitte.com/bepscentral 3.3 BEPS-compliant tax incentives • For information: Carlo Hassan (Milan): cahassan@sts.deloitte.it Zeki Kurtcu (Istanbul): zkurtcu@deloitte.com 3.4 Action 5: EU State Aid • For information: Maria Trakadi (Athens): mtrakadi@deloitte.gr 4. China: Bulletin 16 • For a copy of Bulletin 16 (in Chinese language), visit www.deloitte.com/ap/dbriefs/bytes • For information: Vicky Wang (Shanghai): vicwang@deloitte.com.cn Ye Hong (Shanghai): hoyeqinli@qinlilawfirm.com 5. In brief 5.1 Hong Kong: offshore funds • For a copy of the bill, visit www.deloitte.com/ap/dbriefs/bytes, and our Tax Alert on the same topic, visit www.deloitte.com/ap/dbriefs/bytes • For information: Anthony Lau (Hong Kong): antlau@deloitte.com.hk 5.2 South Africa: “reportable transactions” • For a copy of the new rules, visit www.deloitte.com/ap/dbriefs/bytes • For information: Louise Vosloo (Johannesburg): lvosloo@deloitte.co.za
