2016 saw a lot of changes, not only within ktMINE, but the world of intellectual property and innovation. As the year comes to a close, we reflect on these changes and provide insights into what to expect in 2017.
Base Erosion and Profit Shifting (BEPS)
The implementation of the OECD’s BEPS initiative has had immediate and far reaching effects for transfer pricing professionals across the globe. 2016 saw a lot of progress on this front, with further guidance being issued just this month. In fact, several countries have introduced rules requiring MNE groups to file Country by Country reports starting December 31 of this year. As for the rest of the world, reporting deadlines will approach in the first half of 2017.
Based on these deadlines, as we head into the new year professionals will begin to settle into a routine, and finish working through any outstanding issues. At the same time, professionals must not lose sight of any further issues that may arise as time progresses.
ktMINE’s analyst and technology teams are hard at work ensuring our products are available and allow Transfer Pricing professionals to easily comply with the guidelines. Namely to provide solid evidence for how third parties would behave given the tested transactions’ facts and circumstances.
To further assist the Transfer Pricing community, ktMINE will soon announce the launch of our TP Essentials Suite. Stay tuned for updates.
Market Approach Withstands Daubert Challenge in Court Rulings
The ruling in the StoneEagle Services Inc. v. Pay-Plus Solutions, Inc. case in Florida this past year validated what many damages experts already know. That the most effective way to survive a Daubert Challenge is the collection of sound data to defend your analysis.
In this case, the court ruled that testimony based upon the Market Approach would be allowed, as the plaintiff’s damages expert had utilized available data, analyzing over 106,000 license agreements.
This ruling furthers the need for easily accessible market comparables, which are readily available in products such as ktMINE. Practitioners will longer be able to ignore the availability of such data, and will need to utilize it now more than ever.
ktMINE has the data and analytics you need to hit the ground running in 2017. Take a look at our resources for Economics, Financial, Tax and Accounting professionals and contact us to discuss access options.