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Companies want and need to take action to deal with the uncertainty caused by COVID-19, or to take measures to enable their operations to weather possible outbreaks or similar events in the future. Those actions have transfer pricing implications, and if companies have an Advance Pricing Arrangement (APA), or are pursuing an APA, the uncertainty created by COVID-19 heightens the need for careful scrutiny of a company’s transfer pricing policy.

This article, part of Baker McKenzie and Bloomberg Tax’s Special Report, provides insight into current considerations, pertinent experience from similar economic events in the past, and critical assumptions regarding APAs.

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Montse Campmajo is an Associate in Baker McKenzie's Barcelona office.

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Salim Rahim is the chair of the Firm's Global Transfer Pricing Group. He has extensive experience in transfer pricing matters, including transfer pricing planning, compliance, and tax controversy. He has represented clients in all administrative phases of a controversy. Salim has also represented companies in various alternative dispute resolution forums, particularly the Advance Pricing & Mutual Agreement Program. Salim is a frequent speaker on transfer pricing matters in seminars sponsored by various organizations and universities. He also participates in programs sponsored by Bloomberg BNA, Alliance for Tax, Legal and Accounting Seminars (ATLAS), Tax Executives Institute (TEI), International Tax Review, Organization for International Investment and the American Bar Association.

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Bruno Dominguez is a partner and head of theTax practice in Barcelona and Chair of our Wealth Management Practice in Europe, Middle East and Africa. Bruno has been coordinator of the Master of Laws in Taxation at the University of Barcelona, and associate professor at ESADE Business School. He has written several articles and regularly speaks at conferences and seminars on business restructuring, transfer pricing, wealth management and taxation of family businesses.

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Christopher (Chris) S. Raybould is the Canadian Transfer Pricing Practice Leader and Director of Economics for Baker McKenzie in Toronto and previously served as a member of the firm’s North American Transfer Pricing Steering Committee. Mr. Raybould handles transfer pricing advisory work in various capacities. He advises on and assists in negotiating advance pricing arrangements, pursuing competent authority assistance, provides audit defense representation, appeals support, and Transfer Pricing Review Committee representation. He also advises on a variety of other types of transfer pricing projects, including BEPS related advice, risk identification and assessment, planning and compliance studies, and assists with the transfer pricing aspects of business conversions and restructurings, acquisition due diligence and integration. Mr. Raybould has extensive experience in a number of industry sectors including automotive, pharmaceutical, food, financial investments and products, manufacturing, consumer businesses, technology, and commodity-based businesses. Mr. Raybould is an author on transfer pricing issues and a frequent speaker.

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Rodolfo Garcia-Aguirre is an associate in Baker McKenzie's Tax Practice Group in Mexico City.

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Dr. Stephan Schnorberger helps businesses on the tax challenges of running or changing their international supply chain. He devotes his experience in international tax, transfer pricing and business restructuring to solve issues in tax planning, audit defense, APAs and disputes with tax authorities. He also works heavily in valuations and regulatory economics. Stephan has for numerous years been recognized in the Euromoney Expert Guide survey among "The Best of the Best" Global Tax Advisors and Global Transfer Pricing Advisors.

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Amanda Worcester Martin is a partner within the Firm’s Global Tax Practice. She routinely advises companies on a variety of corporate and international tax matters, particularly in the areas of transfer pricing, tax controversy involving international tax issues, and corporate M&A matters.

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Donna McComber is a director of economics for Baker McKenzie Consulting LLC in Washington, DC. She is a seasoned transfer pricing advisor with deep technical insight into complex transfer pricing issues. Prior to rejoining Baker McKenzie, Ms. McComber was assistant director of the Advance Pricing and Mutual Agreement Program (APMA) under the US Internal Revenue Service's Large Business & International Division. She managed teams that were responsible for cases in the following countries: Argentina, Caribbean countries, China, Denmark, Eastern European countries, Germany, India, Ireland, Israel, Mexico, Portugal, Norway, Spain, Sweden, Switzerland, UK and Venezuela. Prior to becoming assistant director, she was the deputy director (technical) and reviewed US positions and negotiated APA MAP cases with treaty partners including Australia, Canada, China, Denmark, Germany, Japan, Mexico, Korea, Switzerland, and the UK. Prior to the IRS, Ms. McComber was a senior economist with Baker McKenzie.

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Shanwu Yuan assists large multinational enterprises with operations in China and elsewhere on various transfer pricing issues, in particular advance pricing arrangements (APAs) and mutual agreement procedures (MAPs). He also works on other Chinese tax issues, including interfacing with the Chinese tax authorities on behalf of taxpayers.