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By Nicolas GILET, Partner, Tax Francesca MICHIELIN, Senior Manager | ITTS - Financial Services Transfer Pricing, EY Luxembourg
The financial services industry in the last year has been heavily impacted by two main transfer pricing challenges: the COVID-19 pandemic and the Interbank Offered Rates (IBORs) transition. Those changes could impact the tax position of multinationals in the financial industry since they are likely to drive tax controversy across jurisdictions in the next years.
IBOR reform
The financial services industry is facing an unprecedented contract review and repapering exercise due to the regulatory mandate to transition away from Interbank Offered Rates (IBORs) to alternative Risk...
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