We are an international consulting firm specialized in Transfer Pricing and Company Valuation. We have advised companies worldwide, in the most important audits on the subject in accordance with OECD guidelines and the BEPS Action Plan. We have a multidisciplinary and multicultural team, with a solid theoretical knowledge and extensive practical experience in each of the countries in which we have a presence. Continuously, we provide seminars and trainings at corporative and university
level.
As part of our services, we provide advice for the preparation of Transfer Pricing Reports requested by the Tax Administration in each jurisdiction in which we are present. These reports are called in most countries, as Local Report, Master Report and Country by Country Report, and have been developed according to the guidelines of the Organization for Economic Cooperation and Development (OECD) and the BEPS Plan.
On the other hand, we also provide our clients with advice for the preparation of Technical Studies of Market Value and / or Valuations, Technical Studies of Profit Test, Transfer Pricing Planning, Technical Studies of Income Attributions and Occasional Profits, Advice on Contentious processes or related audits and Advance Transfer Pricing Agreements (APAs).
Currently, we have offices in 14 countries where we have advised more than 3,000 companies in the agriculture, fishing, mining, industry, construction, trade, services and financial sectors. These countries are the following: Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Panama, Peru, United States.
The subject of transfer pricing in Jamaica has been marked by several relevant facts:
- 2003: The Jamaican Income Tax Act is amended to include provisions related to transfer pricing. The amendments allow the tax authority to adjust prices and profits between related parties if they are not consistent with arm's length pricing.
- 2006: The Jamaican Tax Administration Act is amended to establish a Transfer Pricing Unit within the tax authority to manage transfer pricing issues.
- 2011: The Jamaican government establishes a Transfer Pricing Committee to provide guidance and recommendations on transfer pricing issues.
- 2014: The Tax Administration Jamaica (TAJ) issued Transfer Pricing Guidelines to provide guidance on the application of transfer pricing rules in Jamaica.
- 2015: The Jamaican Ministry of Finance and Planning issues Transfer Pricing Regulations, which provide detailed guidance on transfer pricing requirements and documentation.
- 2016: The TAJ issued a Practice Note on Transfer Pricing Documentation, which outlines the documentation requirements for taxpayers in Jamaica.
- 2016: The Jamaican tax authority begins to conduct transfer pricing audits and enforce the Transfer Pricing Regulations.
- 2019: The Jamaican tax authority issues guidance on the use of the transactional net margin method (TNMM) for transfer pricing.
- 2020: The TAJ updated its Transfer Pricing Guidelines to reflect changes to the Organization for Economic Cooperation and Development (OECD) Transfer Pricing Guidelines.
The Schedule 8 form for Connected Persons has been included in the Jamaican tax regulations since the 2015/2016 fiscal year.
This means that taxpayers who have engaged in transactions with connected persons during the tax year must file the Schedule 8 form for Connected Persons along with their annual income tax return starting from the 2015/2016 fiscal year.
It is important to note that failure to file the Schedule 8 form for Connected Persons, or filing an incomplete or inaccurate form, can result in penalties and additional taxes in Jamaica.
Regarding the Local File and Master File, the due date in Jamaica is not specificall provided for in the country’s tax legislation or regulations. However, multinational corporations that conduct business in Jamaica are required to maintain transfer pricing documentation, including a Local File, in accordance with local transfer pricing rules.
The beginnings of TP Consulting go back to the year 2004, in which the Firm began to offer the service of elaboration of Technical Studies of Transfer Prices in Peru.
Later in 2006, the offices in Ecuador are opened through an alliance with Dr. Rodrigo Garcés, partner of the Ecuadorian Law Firm DRET, thus creating the company TP Consulting – DRET Association.
As of 2012, the firm began operating in Colombia as a TP Consulting Group, Colombia branch, and subsequently established a partnership alliance with Karina Becerra through the firm K & amp; B Corporate Consulting SAS.
As of 2013 the firm starts operating in Ecuador as TP Consulting Ecuador S.A. In the same year, offices are opened in Chile through the company TP Consulting Chile or PT Consultores, in coordination with Chilean partners.
In 2014, the firm began operating in Panama in partnership with Raúl Hurtado and Olmedo Gómez, who provide services through the Panamanian firm Hurtado Asociados. That same year in Costa Rica, in partnership with Steven Barker and Carlos Rodríguez, the Firm began its operations through the Costa Rican firm C&A Consultores Estra strategicos, S.A.
In 2015, the firm expanded to El Salvador and Guatemala, Honduras, Nicaragua and Brazil; along with its business partners Otto Guzmán, Estudio Novales Abogados, Sociedad Asociados Profesionales, Thédulo Báenz, Diego Marchant, respectively.
In 2019, operations begin in Bolivia hand in hand with Partner Inés Rodriguez Paz, and in the Middle East with Adel El Hawary. With the latter company, the firm will begin operations in Saudi Arabia and the United Arab Emirates.
TP Consulting has based its success on Transfer Pricing in mixing a solid international experience with excellent local practice.
Vision
To be recognized as the leading consulting firm specialized in Transfer Pricing and Valuation in each country in which we have a presence.
Mission
Offer our clients comprehensive Transfer Pricing and Valuation services that contribute to the fulfillment of all the obligations that the corresponding tax administration requests.
Values
– Teamwork, multidisciplinary and multicultural.
– Excellence in work.
– Commitment and with the highest ethical standards.