Malta is one of 49 countries which have been included in the latest innovative development at international audit and consulting group Mazars: two online databases providing unique platforms to assist multinational enterprises in identifying and comparing the transfer pricing requirements of different countries, as well as Country by Country Regulation (CbCR).

Mazars Malta Tax Partner Paul Giglio said that these transfer pricing and CbCR platforms “provide an important tool for the rapid, online identification and comparison of regulations in 49 countries”.

He added that the continuously expanding databases now provide stakeholders with up-to-date information about transfer pricing in 47 countries and CbCR requirements in 49 countries, ranging from Argentina to Thailand, including Malta and most European countries. Mr Giglio went on to explain that “with these new innovative platforms, Mazars now provides an important solution for the use of tax professionals, especially since transfer pricing is an essential part of the OECD’s BEPS plan to tackle tax avoidance, and improve transparency and the international exchange of information”.

The absence of coordination presents major challenges to multinational enterprises in terms of compliance with both current and future tax liabilities, although efforts have been made to improve the situation. Mazars has taken these efforts one step further, as users can now very easily compare the selected countries and preferred parameters on the online platforms.

This means that once lengthy processes, such as comparing ownership thresholds or penalties in different tax jurisdictions, now take only a few clicks. Thanks to the new Mazars platforms, users can find practical details about different implementation statuses and summaries of CbC reporting, transfer pricing reporting details, as well as country-specific information, such as deadlines and penalties.

“This is a concrete answer to the OECD’s desire to increase transparency on transfer pricing documentations,” concluded Mr Giglio.