EY Azerbaijan sponsors transfer pricing conference
Baku, 26 September 2017
EY Azerbaijan sponsored a conference entitled Transfer Pricing: its Implementation and International Practice on 26 September 2017. The event was organized by the American Chamber of Commerce in Azerbaijan (AmCham) jointly with Big Four companies.
The speakers of the conference from EY were Ulvi Yusifov, EY Tax Senior Manager, and Igor Chufarov, EY Ukraine Transfer Pricing Partner.
The presentations and discussions provided insights into the principles of transfer pricing and the application of transfer prices throughout the world in general and the CIS in particular.
During the event, Igor Chufarov shared information on comparable transactions for transfer pricing purposes with the participants. Moreover, he provided an overview of common sources and databases, and shared the experience of CIS countries with a particular focus on Ukraine.
Further, Ulvi Yusifov focused on the search for information on comparable transactions for various types of transaction under Azerbaijani transfer pricing regulations. He continued with a focus on the comparable uncontrolled price and transactional profit methods.
Arzu Hajiyeva, Tax and Law Partner, said: “This was a very useful and timely event which provided a great opportunity for all participants to learn about the experiences of other countries in implementing transfer pricing (TP) regulations. TP remains one of this year’s most important topics in the area of taxation and, as we get closer to the end of the first reporting period after the adoption of the TP legislation, it is becoming of even greater importance. Taking into account that the challenges faced by all countries that have just adopted TP regulations are more or less the same, it was useful to hear the comments of specialists from those countries which have already been through the same process. Mr. Mishin from the State Fiscal Service of Ukraine was very kind to visit Baku at the invitation of AmCham to present the Ukrainian perspective on transfer pricing audits and share his valuable experience. As a result, participants gained the great opportunity to hear the views of both government officials and the Big Four.”
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EY works together with companies across the CIS and assists them in realizing their business goals. 4,500 professionals work at 20 CIS offices (in Moscow, St. Petersburg, Novosibirsk, Kazan, Krasnodar, Rostov-on-Don, Togliatti, Vladivostok, Almaty, Astana, Bishkek, Baku, Kyiv, Tashkent, Tbilisi, Minsk, and other locations).
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EY in Azerbaijan
EY made a major commitment to the development of Azerbaijan and the region by opening the office in Baku 22 years ago. Today, in addition to being the leading audit and consulting firm in Azerbaijan, we are the leading firm in the region. As a result of our experience and competence, we have been able to assist both domestic and international companies as well as state-owned entities to develop and manage the challenges of the international economy.
There are currently 170 people working in our Baku office that serve our clients in Azerbaijan. EY's strength in the Caspian Region and the firm's commitment of resources are important to the entities operating in the region. It means that as we grow, EY will continue to demonstrate a tradition of hiring and training local professionals to be leaders in our practice.