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Brazil identifies a clear pathway for aligning its transfer pricing framework with the OECD standard

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Brazil has identified a clear pathway for bringing its existing transfer pricing framework into alignment with the international consensus, and is weighing two options – immediate or gradual implementation, according to a new joint report by the OECD and Receita Federal, Brazil’s federal revenue authority (RFB).

Transfer Pricing in Brazil: Towards Convergence with the OECD Standard assesses the similarities and differences between Brazil’s transfer pricing rules and the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, which is the international consensus on transfer pricing.

The report, released today in Brasília, identifies two options for Brazil to converge with the OECD standard, while enhancing the positive attributes of its existing transfer pricing framework. Both options contemplate full adherence to the arm’s length principle, which is at the core of the OECD standard, while seeking to preserve simplification, maintain ease of compliance and effectiveness of tax administration, as well as cross-border tax certainty.

The report is the outcome of a 15-month joint transfer pricing project launched in February 2018 between the OECD and Brazil’s federal revenue authority (RFB). The project, supported by the United Kingdom Foreign and Commonwealth Office (FCO), is now in the second phase with the objective of preparing a blueprint and a roadmap that will outline the implementation process.

Grace Perez-Navarro, Deputy Director of the OECD Centre for Tax Policy and Administration, told participants in a launch event hosted by RFB that the OECD would continue to support authorities during whichever implementation plan is chosen. “Aligning Brazil’s transfer pricing rules with the OECD standard will reduce the barriers to investment stemming from the existing risk of double taxation,” Ms Perez-Navarro said. “Convergence will also reduce the revenue losses resulting from the specific features of the current system. The OECD is committed to provide further assistance and support RFB in this process.”

Special Secretary of Brazil’s Federal Revenue, José Barroso Tostes Neto, also expressed support for bringing Brazil closer to the OECD standard. “The report outlines the direction of our next efforts, which is the full alignment with the OECD transfer pricing standard”, said Mr Tostes Neto. “This is because our vision for the future aims at increasing integration and openness of Brazil. We are counting on all the stakeholders as well as on the OECD and the countries who provided their generous assistance and support to achieve the goal of implementing a system that will be appropriate and work for Brazil, and become an inspiration for other countries to follow.”

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Global solution to COVID-19 in sight, ‘we sink or we swim together’

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COVID-19 is an “unprecedented global crisis that demands an unprecedented global response”, the chief of the UN health agency said on Monday, unveiling a plan to have two billion doses of coronavirus vaccine available by the end of 2021. 

Roughly 64 per cent of the global population lives in a nation that has either committed to, or is eligible to join, the coronavirus Vaccines Global Access Facility, or COVAX, which enables participating Governments to spread the risk and costs of vaccine development and provide their populations with early access to vaccines. 

Working together through the COVAX Facility “is not charity, it’s in every country’s best interest. We sink or we swim together”, said Tedros Adhanom Ghebreyesus, head of the World Health Organization (WHO).

‘Vaccine nationalism’ will prolong pandemic

Speaking at a press briefing with the international vaccine alliance GAVI, and the Coalition for Epidemic Preparedness Innovations (CEPI), the WHO chief said that commitment agreements have been secured and the COVAX Facility would begin signing contracts with vaccine manufacturers and developers.

The overarching goal of the COVAX Facility is to ensure that all countries have access to vaccines at the same time, and that priority is given to those most at risk, according to the WHO chief.

“The COVAX Facility will help to bring the pandemic under control, “save lives, accelerate the economic recovery and ensure that the race for vaccines is a shared endeavour, not a contest that only the rich can win”, he upheld. “Vaccine nationalism will only perpetuate the disease and prolong the global recovery”.

More commitment needed

So far, $3 billion have been invested in the ACT Accelerator – only a tenth of the required $35 for scale-up and impact.

Tedros stressed that $5 billion is needed “immediately to maintain momentum and stay on track for our ambitious timelines”.

“Our challenge now is to take the tremendous promise of the ACT Accelerator and COVAX to scale”, he said, adding, “we are at a critical point and we need a significant increase in countries’ political and financial commitment”.  

The WHO chief cited estimates suggesting that once an effective vaccine has been distributed, and international travel and trade is fully restored, “the economic gains will far outweigh” the $38 billion investment required for the Accelerator.

“This isn’t just the right thing to do, it’s the smart thing to do”, he spelled out.

COVAX realized

 “COVAX is now in business”, said Gavi CEO Seth Berkley. “Governments from every continent have chosen to work together, not only to secure vaccines for their own populations, but also to help ensure that vaccines are available to the most vulnerable everywhere”. 

“With the commitments we’re announcing today for the COVAX Facility, as well as the historic partnership we are forging with industry, we now stand a far better chance of ending the acute phase of this pandemic, once safe, effective vaccines become available”.

‘Great leap’ forward

Meanwhile, CEPI CEO Richard Hatchett called the international community’s coming together to tackle the pandemic “a landmark moment in the history of public health”. 

“The global spread of COVID-19 means that it is only through equitable and simultaneous access to new lifesaving COVID-19 vaccines that we can hope to end this pandemic,” he said. “Countries coming together in this way shows a unity of purpose and resolve to end the acute phase of this pandemic. Today, we have taken a great leap towards that goal, for the benefit of all”.

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Reimagining Economies: The Move Towards a Digital, Sustainable and Resilient Future

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Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, The Annual Investment Meeting, organized by theUAE Ministry of Economy, scheduled to be held from 20th to 22nd October 2020, under the theme “ Reimagining Economies: The Move Towards a Digital, Sustainable and Resilient Future.”

As the very first digital edition of the Annual Investment Meeting, AIM Digital will be the first mega digital event in the region to surmount the COVID -19 pandemic that will set a new benchmark for future virtual events in the UAE. It will utilize digital technology to create, showcase, and facilitate new investment opportunities for investors from different parts of the world, providing boundless possibilities across diverse sectors leading towards economic recovery, transformation, and sustainability.

To continue AIM’s mission of creating a roadmap to build a resilient future for the global economy despite the current pandemic, the three-day digital event will support and strengthen the investment environment and generate the most attractive and secure investment projects and opportunities for investors.

In this regard, His Excellency Abdullah bin Touq Al Marri, Minister of Economy, said: “The Annual Investment Meeting is an important global platform that brings together officials, experts, investors and major local, regional and international companies to exchange ideas and experiences and work together to develop the investment climate and link stakeholders to enhance development opportunities and come up with innovative solutions. The UAE has managed over the past years to consolidate its position as a pioneering and attractive investment destination for value-added projects, especially in the new economy sectors, and the country has also succeeded in developing its capabilities in planning and anticipating the future, and developing proactive solutions to enhance the resilience of its national economy in the face of global economic changes.

His Excellency added that the UAE government launched a comprehensive plan of 33 initiatives to support all economic sectors in the country and create a more flexible economic environment capable of generating diverse and sustainable opportunities, and encouraging investment in future sectors, especially digital transformation, advanced industries, applications of modern technology, research, development and innovation.” He said that the development of a digital model for a global platform for dialogue, such as the annual investment forum, is gaining great importance under the current circumstances and strengthens the country’s ability to review its future vision and promote the opportunities offered in its priority sectors to attract and attract investments to it through innovative means.

His Excellency Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, said: “The UAE continues its pioneering role as a hub for trade, investment development and business activities, whether in its local markets or at the regional and global levels, and is confirmed today by launching the first digital version of the Investment Forum. Its ability to adapt to the changes in the economic landscape and find innovative solutions to various challenges, such as those that we are witnessing today as a result of the spread of the Covid-19 pandemic, which highlighted the importance of adopting new methods in economic activity, stressing that the establishment of the forum hypothetically at this huge level with the participation of 170 countries represents a new success story that reflects the readiness of the country’s economic and trade system to rapidly shift towards digital activities and adopt a more competitive, resilient and sustainable economic model.

Al Falasi added that the Annual Investment Meeting has provided over the past years a pioneering platform to support emerging companies and small and medium enterprises. His Excellency explained by saying: “We will work through this year’s edition of AIM to continue supporting and encouraging entrepreneurs and owners of small and medium enterprises by providing them with vital channels for communication with their counterparts in other participating countries to acquire new ideas and knowledge, exchange experiences and attend relevant exhibitions, as well as to establish partnerships and open new markets for their products and services, and this would immediately reflect on their commercial success and their ability to continue and expand. ”stressing that the transition to the digital model this year It will allow for wider participation from different countries of the world and will thus increase opportunities for cooperation and growth for entrepreneurs.

“This year’s Annual Investment Meeting, in its first digital edtion of its kind, is being held under unusual circumstances that the global economy is going through that requires intensifying dialogue and creating new links that support commercial and investment activities in various world markets.”He explained thatthe event will focus on discussing the countries and institutions efforts to provide new solutions and measures that support sustainability, business continuity and flexibility in facing various challenges. said His Excellency Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.

His Excellency added: “Through this year’s edition of AIM, we will make sure to allow businessmen and capital owners to meet and conclude strategic agreements and partnerships, and to open new and vital channels for work in various investment fields, explaining that the forum’s agenda for this year will be rich in sessions, dialogues and digital exhibitions. Over the course of three days, and expressing optimism that the outcomes of this session will contribute to creating more creative ideas, initiatives and qualitative projects that represent an added value to international efforts in enhancing the global economic climate and preparing it for the post-Covid-19 phase.

AIM’s unique digital exhibition will be participated by Ministries and Government Departments, International and Regional Organisations, Investment Promotion Agencies, Special Economic Zones, Private Equities, Angel Investors, Venture Capitalists, Banking & Financial Institutions, International Investment Institutions, Startups, Incubators and Special Programmes, SME Financing Institutions, Smart City Solution Providers, and Technology Providers, among others, from more than 170 countries, which means even more abundant opportunities for economic productivity and expansion.

“We are all aware that the global economy has been severely affected by the COVID-19 pandemic. However, this global outbreak must not cause economic paralysis and impede recovery but must serve as a stimulus to persistently look for opportunities to surmount the challenges. Technology is one of the tools available to us that we need to take advantage of to fight the impact of pandemic, which is why AIM Digital was conceived. It is indeed a major initiative that brings innovation and investment opportunities together in one virtual platform for investors to fuel economic resilience and transformation” said Mr. Dawood Al Shezawi, the Head of the Organizing Committee of the Annual Investment Meeting.


Diverse topics have been meticulously discussed such as Economic Fallout of Covid 19 on Female Founders, Accelerating Technologies during Time of Crisis, Ensuring Food Security & Sustainability against Pandemic: Innovation and Business Opportunities of Agriculture in SMEs, Strengthening the Global Partnership in International Trade during Pandemic Crisis, Post-Pandemic Cities: What Will They Look Like, Business Opportunities of Agriculture in SMEs, The Vision From Investors in The Middle East, Urban Mobility: Road To Recovery And The Effectiveness Of Attracting FDI in The Times Of Crisis, Smart Cities Of The Future Workshop, Challenges For Agribusiness in Latin America And The Vision From Investors in The Middle East. Additionally, AIM Digital continues to offer interactive investment activities 365 days of the year to support the global investment community.

AIM Digital Features

Placing the spotlight on AIM’s six pillars – Foreign Direct Investment, Foreign Portfolio Investment, Small and Medium-sized Enterprises, Startups, Future Cities, and One Belt, One Road, AIM Digital will showcase different features that will extensively boost investment opportunities in various sectors.

Pre-Conference Workshop: Conducted by renowned industry experts from across the globe, this series of interactive professional coaching sessions have been tailor-made to enrich the experience of its participants and prepare them in finding lucrative opportunities for investment.

Conference: A platform where expert insights, best practices, and ideal investment policies are shared with participants. Leaders and specialists from the investment community will lead the virtual discussions to explore relevant topics about each of the six pillars of AIM.

Exhibition: Participated by the best local and international exhibitors across the globe, the Exhibition features different countries, smart city solution providers, startup companies, and SMEs, with the ultimate goal of achieving economic growth for their respective country and region.

Digital Country Presentation: It unveils the world’s best investment destinations by featuring every country’s key economic and investment environment features digitally. A platform for municipalities, cities, and countries to promote investment opportunities at their location and highlight the potential of their sector to prospective investors.

Startups Virtual Pitch Competition: An opportunity to present business ideas to a diverse array of global investors on the lookout for the next big thing. The winners of the start-up virtual pitch competition will compete for the National Champions League. Individual startups may register for the Global Technopreneurs.

Conglomerate Presentations: A virtual line up of Large Multi-Industry Groups keen on showcasing their investment roadmaps and key sectors of interest to an impressive panel of AIM investment promotion agencies, SMEs and government officials enthusiastic about making sustainable investments in their respective countries.

Awards: Recognizing the outstanding contributions of Investment Promotion Agencies, SMEs and Start-ups in bolstering and securing investment for a particular location. Awards will be presented to various investments made to regions and countries that have resulted in significant economic growth.

Investors’ Hub: Held within a digitally secured environment, a virtual meeting where top investors will have an audience with official government representatives to cultivate the formation of investment partnerships and collaboration.

Regional Focus Sessions: Centered on three regional conversations that examine the economic landscapes of Africa, Asia and Latin America, the discussions will be an informed exploration of the regions’ risks, challenges and opportunities for growth that are waiting to be harnessed through regional cooperation.

Made in Series: This viable digital feature is open to all SMEs who wish to showcase their local products and services to an international platform. Being a part of the series could help the participating country to promote their locally manufactured products or services, present value proposition to a focus global audience, and network with potential global partners for future collaboration.

Investment Roundtables:The investment roundtable feature of AIM 2020 is a gathering of Ministers, Deputy Ministers and Heads of Investment Promotion Agencies (IPAs), Investors and Decision Makers. The main objective of this feature is to facilitate a platform for government decision makers to discuss with investment companies to create a feasible investment model matching government and investor requirements. At the end of the sessions, a feasible investment model shall be developed.

Networking Features: A medium to strengthen business relationships and serve to the expansion of business portfolios. Vast features are conveniently available and accessible for ease of communication and networking on the platform.

The Annual Investment Meeting also plans to expand its footprint across the economic landscape as it gears up for its upcoming hybrid edition which will take place on March 21 – 23 followed by its Mega edition during EXPO2020, the World’s Greatest Show. The Hybrid Edition will be primed to feature massive investment opportunities from more than 170 countries, securing the highest return of investments for investors across the globe.

Furthermore, the Annual Investment Meeting is also delighted to launch its official e-magazine, Global Catalyst, which will serve as the global investment community’s no.1 digital source of the latest news, feature articles on trending topics, and critical analysis on fundamental issues affecting the investment environment, serving as a powerful catalyst for global economic growth. The Global Catalyst, is a quarterly digital publication that provides a captivating blend of news and features about the investment environment, as well as thorough analyses and research studies on major issues concerning the global economy. It also features success stories and in-depth interviews from prominent personalities in the global investment community to offer invaluable insights. In its first issue, Global Catalyst will give emphasis on its theme, “Rebooting the Future of Global Economy” which sparks the revitalising idea of starting anew, finding innovative methods and strategies, and building new perspectives in relation to the global economy.

Acknowledging the shift to the digital landscape and integrating technological advancements assists in developing smart, digital and sustainable nations as AIM Digital generates boundless possibilities towards economic recovery, transformation, and sustainability. 

For more information on AIM Digital, visit www.aimcongress.com

About the Annual Investment Meeting

The Annual Investment Meeting (AIM) is an initiative of the UAE Ministry of Economy, held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai. AIM is the world’s leading investment platform with over 16,000 participants coming from more than 140 countries. Over 400 exhibitors and co-exhibitors, 60+ high-level dignitaries, 150+ investment specialists and experts have participated in AIM 2019.

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Green Deal: €1 billion investment to boost the green and digital transition

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The European Commission has decided to launch a €1 billion call for research and innovation projects that respond to the climate crisis and help protect Europe’s unique ecosystems and biodiversity. The Horizon 2020-funded European Green Deal Call, which will open tomorrow for registration, will spur Europe’s recovery from the coronavirus crisis by turning green challenges into innovation opportunities.

Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth said: “The €1 billion European Green Deal call is the last and biggest call under Horizon 2020. With innovation at its heart, this investment will accelerate a just and sustainable transition to a climate-neutral Europe by 2050. As we do not want anyone left behind in this systemic transformation, we call for specific actions to engage with citizens in novel ways and improve societal relevance and impact.

This Green Deal Call differs in important aspects from previous Horizon 2020 calls. Given the urgency of the challenges it addresses, it aims for clear, discernible results in the short to medium-term, but with a perspective of long-term change. There are fewer, but more targeted, larger and visible actions, with a focus on rapid scalability, dissemination and uptake.

The projects funded under this call are expected to deliver results with tangible benefits in ten areas:

Eight thematic areas reflecting the key work streams of the European Green Deal:

  1. Increasing climate ambition
  2. Clean, affordable and secure energy
  3. Industry for a clean and circular economy
  4. Energy and resource efficient buildings
  5. Sustainable and smart mobility
  6. Farm to fork
  7. Biodiversity and ecosystems
  8. Zero-pollution, toxic-free environments

And two horizontal areasstrengthening knowledge and empowering citizens, which offer a longer-term perspective in achieving the transformations set out in the European Green Deal.

The €1 billion investment will continue building Europe’s knowledge systems and infrastructures. The call includes opportunities for international cooperation in addressing the needs of less-developed nations, particularly in Africa, in the context of the Paris Agreement as well as the Sustainable Development Goals (SDGs).

The deadline for submissions is 26 January 2021, with selected projects expected to start in autumn 2021.

A Horizon 2020 Green Deal Call Info Day & Brokerage event will take place as part of the virtual European Research & Innovation Days that will take place from 22-24 September 2020.

Background

The European Green Deal is the European Commission’s blueprint and roadmap to make Europe the first climate neutral continent by 2050, with a sustainable economy that leaves no one behind. 

To reach this 2050 goal, action will be required by all sectors of our economy, including:

  • investing in environmentally-friendly technologies;
  • supporting industry to innovate;
  • rolling out cleaner, cheaper and healthier forms of private and public transport;
  • decarbonising the energy sector;
  • ensuring buildings are more energy efficient;
  • working with international partners to improve global environmental standards.

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