The guest speakers for the seminar hosted by PwC Namibia in Windhoek is JP Borman, PwC South Africa Partner in Transfer Pricing and Thulani Shongwe, Head of Domestic Resource Mobilisation from Africa Tax Administration Forum (“ATAF”). In addition, the keynote address will be made by the Commissioner of
Inland Revenue Department (“IRD”) from the Ministry of Finance, Mr Justus Mwafongwe.
Mr. Borman is an admitted Attorney and Conveyancer in South Africa. JP earned a Bachelor of Commerce (Law), Bachelor of Commerce (Informatics), Bachelor of Law and a Higher Diploma (International Tax) from the University of Johannesburg; as well as a Master of Laws (Tax) from the University of the Witwatersrand.
He has been with PwC since 2006 and has also worked in the PwC London office where he has assisted on complex transfer pricing assignments. He has been involved in various operating model/value chain transformation assignments, transfer pricing audits and disputes (negotiation, mediation and litigation) in
various territories as well as leading numerous Pan-African tax and transfer pricing assignments.
Mr. Thulani Shongwe is responsible for managing international taxes at the ATAF. He also heads ATAF’s project on Base Erosion and Profit Shifting (BEPS) as well as the ATAF Technical Committee on Cross Border Taxation (CBT). He is a member of the Illicit Financial Flows Working Group, the ATAF delegate to
The Organisation of Economic Co-operation and Development (“OECD”) Committee on Fiscal Affairs and a delegate to the OECD Working Party 6 on the Taxation of Multinational Enterprises. Mr Shongwe is also involved on engagements with international multilateral organisations such as the United Nations Economic Commission for Africa, International Monetary Fund, the OECD, African Development Bank and African Union.
Transfer pricing legislation in Namibia (Section 95A of the Namibian Income Tax Act) is aimed at enforcing the arm’s length principle in cross-border transactions between connected persons. On 5 September 2006, the Directorate of Inland Revenue issued a Practice Note (PN 2/2006) containing guidance on the application of the transfer pricing legislation.
Section 95A is aimed at ensuring that cross-border transactions between connected entities are fairly priced. This will ensure that tax profits are not stripped out of Namibia and moved to lower tax jurisdictions. Section 95A achieves this by giving the Minister of Finance the power to adjust tax returns and to tax Namibian entities as if these transactions were done at market-related prices.
Tax considerations has become a strategic subject for multinational groups operating on the African continent. Changes in the global landscape in terms of commerce and the way businesses are conducted is a key factor; as this also dictates how taxes affect various transactions.
With increasing demands from stakeholders for more transparency and accountability from multinational groups on paying their taxes, implementation and adhering to requirements on transfer pricing is increasingly becoming of utmost importance.
Over the years, PwC has performed a wide variety of transfer pricing assignments which has aided taxpayers to comply with the relevant regulatory requirements. These type of assignments ranged from developing processes, documentation as well as providing advice in this area of specialism.
PwC has the technical capacity and experience to assist in providing guidance on any transfer pricing related topics, uncertainties and requirements.
