Commissioner's appeal in FCT v Glencore Investment Pty Ltd
Source: Taxation In Australia Journal Article
Published Date: 1 Feb 2021
The decision of the Full Federal Court in FCT v Glencore Investment Pty Ltd reinforces the importance of facts and evidence, including lay and expert witnesses, for both taxpayers and the Commissioner in transfer pricing cases. The opportunity for the Commissioner to reconstruct international agreements to support transfer pricing adjustments appears to have been narrowed. However, it will be necessary to see how far that extends to transactions to which Subdiv 815-B ITAA97 could apply. The reduced reliance on the OECD guidelines is also of interest. A clear message is that transfer pricing is not an exact science and that there
will not generally be one perfect price. Rather, there will be an acceptable range. Regardless, the need for taxpayers to document and validate their positions remains unchanged and cannot be overstated.
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- Published By: Sue Williamson CTA-Life
- Published On:1 Feb 2021
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